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TO 2018 14,527 11,223 CAGR 07-18 24% 14% 1,615 27,365 17% 53% 41% 6% 2018 15% 12% 4% 49 2013 Expedia acquires Trivago 50 Revenues ($MM) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 51 BKNG 1,409 1,885 2,338 3,085 4,356 5,261 6,793 8,442 9,224 10,743 12,681 52 EXPE 2,665 2,937 2,955 3,034 3,449 4,030 4,771 5,763 6,672 8,774 10,060 53 Oww 859 870 738 757 767 779 847 932 Booking acquired OpenTable 54 TRIP 298 352 485 637 763 945 1,246 1,492 1,480 1,556 55 Total* 4,934 5,990 6,384 7,361 9,209 10,833 13,357 16,383 17,388 20,997 24,297 56 *Market excludes Travelocity a major independent player until 2015 when it was acquired by Expedia. Expedia sells TripAdvisor to shareholders in stock distribution 57 58 Market Share 59 BKNG 29% 31% 37% 42% 47% 49% 51% 52% 53% 51% 52% 60 EXPE 54% 49% 46% 41% 37% 37% 36% 35% 38% 42% 41% 61 Oww 17% 15% 12% 10% 8% 7% 6% 6% 62 TRIP 5% 6% 7% 7% 7% 7% 8% 9% 7% 6% 63 64 Revenue Growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 65 BKNG 25% 34% 24% 32% 41% 21% 29% 24% 9% 16% 18% 66 EXPE 19% 10% 1% 3% 14% 17% 18% 21% 16% 31% 15% 67 oww 14% 1% -15% 3% 1% 2% 9% 10% 68 TRIP 18% 38% 31% 20% 24% 32% 20% -1% 5% 69 Average 20% 15% 7% 19% 22% 15% % 20% 22% 15% 16% 13% 70 71 How would you describe the structure of the travel industry? 72 Hint: Examine the market shares above in the context of the definitions in the 'INTRO Strategy Sheet. 73 74 75 76 Let us analyze the strategic levers presented in the 'INTRO Strategy' Sheet that have strategic implications to this travel industry. 77 Which company appears to have had the first mover advantage? 78 79 80 A second competitive change occurred when an innovative offering was launched in Europe to market hotel rooms from small mom-and-pop and independent boutique hotels. 4 81 Most of these hotels were too small to own and manage their own websites at the time this online travel marketplace launched. 02 82 This fostered a boom in demand for independent (non-chain) small and boutique hotels, a heretofore fragmented and underserved market and Disrupted the online travel agencies a second time. 83 Looking at the growth and market share from 2007-2012, which company was the driver of this new competitive change? 84 85 oc 86 From 2007 through 2012 what was happening to market share? 87 88 10% TO 2018 14,527 11,223 CAGR 07-18 24% 14% 1,615 27,365 17% 53% 41% 6% 2018 15% 12% 4% 49 2013 Expedia acquires Trivago 50 Revenues ($MM) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 51 BKNG 1,409 1,885 2,338 3,085 4,356 5,261 6,793 8,442 9,224 10,743 12,681 52 EXPE 2,665 2,937 2,955 3,034 3,449 4,030 4,771 5,763 6,672 8,774 10,060 53 Oww 859 870 738 757 767 779 847 932 Booking acquired OpenTable 54 TRIP 298 352 485 637 763 945 1,246 1,492 1,480 1,556 55 Total* 4,934 5,990 6,384 7,361 9,209 10,833 13,357 16,383 17,388 20,997 24,297 56 *Market excludes Travelocity a major independent player until 2015 when it was acquired by Expedia. Expedia sells TripAdvisor to shareholders in stock distribution 57 58 Market Share 59 BKNG 29% 31% 37% 42% 47% 49% 51% 52% 53% 51% 52% 60 EXPE 54% 49% 46% 41% 37% 37% 36% 35% 38% 42% 41% 61 Oww 17% 15% 12% 10% 8% 7% 6% 6% 62 TRIP 5% 6% 7% 7% 7% 7% 8% 9% 7% 6% 63 64 Revenue Growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 65 BKNG 25% 34% 24% 32% 41% 21% 29% 24% 9% 16% 18% 66 EXPE 19% 10% 1% 3% 14% 17% 18% 21% 16% 31% 15% 67 oww 14% 1% -15% 3% 1% 2% 9% 10% 68 TRIP 18% 38% 31% 20% 24% 32% 20% -1% 5% 69 Average 20% 15% 7% 19% 22% 15% % 20% 22% 15% 16% 13% 70 71 How would you describe the structure of the travel industry? 72 Hint: Examine the market shares above in the context of the definitions in the 'INTRO Strategy Sheet. 73 74 75 76 Let us analyze the strategic levers presented in the 'INTRO Strategy' Sheet that have strategic implications to this travel industry. 77 Which company appears to have had the first mover advantage? 78 79 80 A second competitive change occurred when an innovative offering was launched in Europe to market hotel rooms from small mom-and-pop and independent boutique hotels. 4 81 Most of these hotels were too small to own and manage their own websites at the time this online travel marketplace launched. 02 82 This fostered a boom in demand for independent (non-chain) small and boutique hotels, a heretofore fragmented and underserved market and Disrupted the online travel agencies a second time. 83 Looking at the growth and market share from 2007-2012, which company was the driver of this new competitive change? 84 85 oc 86 From 2007 through 2012 what was happening to market share? 87 88 10%
