Many online travel agencies are no longer specialists in one product, instead aiming to become one-stop shops. The platform that a booking site can offer is a key part of its competitive moat and the contours of supply at Booking Holding and Expedia vary widely from each other.
Online travel agencies remain essential to the travel industry as consolidators of and clearinghouses for advertising dollars throughout the space. We do not see OTAs being removed from this position easily, but challenges are growing by the day.
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