Airbnb uses a framework to determine the value of listings for guests, calculating listing lifetime value (LTV). This framework includes baseline, incremental, and marketing-induced incremental LTV. Baseline LTV estimates total bookings over 365 days, using machine learning and listing data. Incremental LTV addresses the challenge of cannibalization, estimating value added by each listing. Marketing-induced LTV measures the impact of Airbnb's initiatives on listing value. Accurate measurement of baseline LTV is crucial, requiring model training and evaluation over time. Accounting for incrementality involves estimating a production function to link supply and demand to bookings. Handling uncertainty, particularly during the pandemic, involved updating LTV estimates with realized bookings. This LTV framework helps Airbnb identify valuable listings, inform supply strategies, and evaluate internal initiatives. The approach can also be extended to other areas such as Airbnb Experiences. The framework's ongoing development aims to improve the experience for both hosts and guests.