|20160909||Mary Ann Sieghart on how hotel, music and car companies are fighting off the competition.|
From its simple roots, the sharing economy has become big business.
Hoteliers, car manufacturers, retailers and the music industry are all being hit by its astonishing success.
Mary Ann Sieghart heads out to discover how businesses are responding to the formidable competition.
Uber says it will be the largest indirect car purchaser in the world by the end of 2016, and 17 year olds in cities across Europe are just not interested in sitting a driving test, never mind owning a car. As the sharing economy changes our values and behaviour, Mary Ann hears how BMW and Land Rover are varying their business models, creating their own sharing economy companies, partnering with and enabling bright start-ups.
In the face of young and flexible new businesses, she hears how venerable and traditional companies are having to take risks and think creatively.
She visits clothing brand Patagonia who are embracing the values of the sharing economy, finds Barclays getting hip, collaborating with Fintech in East London and at the opening of a chic new hotel, she hears how the CitizenM chain are taking on competition from Airbnb.
Wondering where the next new sharing economy business might hit, Mary Ann asks if industries will be ready to react to defend themselves.
Producer: Sarah Bowen.