The State of Online Travel Agencies — 2020

The calm before the storm. Full year 2019 results and key takeaways for 10 publicly traded online travel companies: Booking, Expedia, Trip.com, eDreams Odigeo, Despegar, On The Beach, Lastminute, MakeMyTrip, TripAdvisor, Trivago

1. 2019 results

1.1. Revenues

Note: eDreams and MakeMyTrip fiscal year ends March of the following year. eDreams and MakeMyTrip data shown for 2017 -2019 is calendar year (adding the 4 calendar year quarters). On The Beach fiscal year ends in September. All data comes from companies’ financial statements.
Revenue share of the total revenue of the 8 Online Travel Agencies (Booking, Expedia, Ctrip, eDreams, Lastminute, Despegar, MakeMyTrip, On The Beach). For those OTAs that report in foreign currency, I have converted their yearly revenue at the average conversion rate for each of the years
2013–2019 CAGR except for the following; CAGR for Ctrip is for 2014–2019 period. For Trivago and Lastminute is for 2015–2019. For Despegar and On The Beach is for 2016–2019 period. All euro and pound based OTAs are also in their local currency.

1.2. Marketing

1.3. EBITDA

2.1. Booking Holdings

Source: Booking Holdings 2018 annual report
Source: Booking Holdings 2019 annual report
Source: Booking Holdings 2019 annual report
Source: Booking Holdings 2019 annual report

2.2 Expedia Group

Source: Expedia Group 2019 annual report
Source: Expedia Group 2019 annual report

2.3. Trip.com (previously known as Ctrip)

Trip.com, Revenue by Segment. Trip.com growth rates are based on local currency in order to remove currency rate impact. Source: Trip.com 2019 financial results

2.4. eDreams Odigeo

Fiscal Year ends March of the following year. Elaborated from data in eDreams Odigeo FY 2017 and FY 2018 annual reports
“Classic Supplier Revenue” represents GDS incentives for Bookings mediated by us through GDSs and incentives received from payment service providers. “Diversification Revenue”: revenue earned through vacation products (car rentals, hotels and Dynamic Packages), flight ancillaries (reserved seats, additional checkin luggage, travel insurance and additional service options), travel insurance, as well as certain commissions, over-commissions and incentives directly received from airlines. “Classic Customer Revenue” earned through flight service fees, cancellation and modification fees, tax refunds and mobile application revenue.

2.5. Despegar

2.6. Lastminute Group

Source: Lastminute Group 2019 Annual Report
Source: Lastminute Group 2019 Annual Report
Information from Lastminute Group 2019 Annual Report

2.7. MakeMyTrip

2.8. On The Beach

Information from On The Beach Group annual 2019 annual report

2.9. Tripadvisor

Information from Tripadvisor 2019 annual result

2.10. Trivago

Trivago Revenue Mix per Advertiser. Source: Trivago 2019 annual report

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Mauricio Prieto

Entrepreneur, technology consultant, startup advisor, digital transformation. eDreams cofounder, former CMO