Airbnb has struck a nine-year partnership with the International Olympic Committee that covers five summer/winter Games from 2020 to 2028.
The home-sharing brand will be a worldwide Olympic partner in the exclusive category of unique accommodation products and unique experiences services.
Airbnb will use the status to intensify its push into marketing experiences and allow athletes to earn money by hosting or running events through the launch of Airbnb Olympian Experiences.
Airbnb and the IOC will provide support and training to athletes interested in becoming a host on the Experiences platform.
The IOC said the agreement includes the provision of about $28m worth of Airbnb accommodation to athletes over the life of the sponsorship. It also claimed that it would promote sustainability by minimising the need for construction of new accommodation infrastructure for the Games period and generate direct revenue for local hosts and communities.
A recent World Economic Forum study found that during the 2016 Rio Games, the additional capacity provided to visitors to the city through Airbnb’s platform was equivalent to 257 hotels.
Airbnb co-founder Joe Gebbia said: "Airbnb and the IOC have a strong track record in creating and accommodating the world’s greatest events. Our Olympic partnership will ensure that the Games are the most inclusive, accessible and sustainable yet, and leave a lasting positive legacy for athletes and host communities."
IOC president Thomas Bach said: "This innovative partnership underpins our strategy to ensure that the efficient staging of the Olympic Games is sustainable and leaves a legacy for the host community."
The sponsorship covers the Tokyo 2020 Summer Olympics, the Beijing 2022 Winter Games, the Paris 2024 Summer Games, the Milano Cortina 2026 Winter Games and the Los Angeles 2028 Summer Games.
Other current worldwide Olympic partners include Alibaba, Coca-Cola, Procter & Gamble, Samsung, Toyota and Visa.