Over the past year, we published company deep dives on Expedia, TripAdvisor, and Ctrip. We also produced extensive research on the metasearch industry and hotel direct booking trends. We build on those findings in our latest Priceline report, which serves as an online travel capstone.
We drill into Priceline’s OTA behemoth, Booking.com, along with Kayak (and its latest Momondo acquisition), Agoda, Priceline.com, OpenTable, and Rentalcars.com, providing brand-level economics and strategic insights. The report analyzes Priceline’s revenue trajectory and the drivers behind it including gross bookings, daily rates, and take rates. We also provide our outlook on corporate expenses and the company’s future margin path. Priceline’s massive digital advertising budget is both a competitive moat and a margin headwind. We discuss digital advertising trends both for Priceline and the industry as a whole, focusing on how much the top players spend on traditional versus digital ads and on search versus meta. Finally, we provide industry analysis comparing Priceline with the leading OTAs in Expedia and Ctrip and metasearch companies in TripAdvisor and Trivago.
Given Priceline’s importance to the industry, this report serves multiple audiences. We offer hotels and vacation rental suppliers insights into the global leader in online travel. Online and offline travel distributors and advertisers will have a better understanding of a key competitor and potential partner. Investors will get a clear picture of the inner workings of Priceline and the online travel industry. They will also have access to U.S. online travel agency (OTA) market share estimates from our data partnership with Hitwise.