Liberty TripAdvisor Holdings, Inc. (LTRPB): Business Model Canvas

Tauchen Sie ein in das digitale Reise-Ökosystem von Liberty TripAdvisor Holdings, Inc. (LTRPB), einer dynamischen Plattform, die die Art und Weise revolutioniert, wie moderne Reisende ihr nächstes Abenteuer entdecken, recherchieren und buchen. Dieses innovative Geschäftsmodell verbindet nahtlos benutzergenerierte Inhalte, modernste Empfehlungsalgorithmen und strategische Partnerschaften, um ein umfassendes Reiseinformations- und Buchungserlebnis zu schaffen, das Millionen von Reisenden weltweit transparente, Crowdsourcing-Einblicke und nahtlose digitale Tools bietet.

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Reise- und Hotelmarken

Liberty TripAdvisor Holdings unterhält strategische Partnerschaften mit mehreren Reise- und Gastgewerbemarken:

Partnerkategorie	Anzahl der Partnerschaften	Jährlicher Kooperationswert
Hotelketten	127	42,3 Millionen US-Dollar
Airline-Netzwerke	84	29,7 Millionen US-Dollar
Kreuzfahrtlinien	53	18,5 Millionen US-Dollar

Online-Werbenetzwerke und digitale Marketingplattformen

Zu den wichtigsten Partnerschaften im digitalen Marketing gehören:

• Google Ads-Netzwerk
• Facebook-Werbeplattform
• Microsoft Advertising
• Programmatische Anzeigenbörsen

Plattform	Jährliche Werbeausgaben	Reichweite
Google-Anzeigen	37,6 Millionen US-Dollar	Global
Facebook-Anzeigen	22,4 Millionen US-Dollar	Zielgruppenspezifische Zielgruppe

Technologieanbieter für Website- und mobile App-Infrastruktur

Technologie-Infrastrukturpartnerschaften:

• Amazon Web Services
• Microsoft Azure
• Google Cloud-Plattform

Technologieanbieter	Jährliche Infrastrukturkosten	Servicelevel
Amazon Web Services	18,9 Millionen US-Dollar	Enterprise-Stufe
Microsoft Azure	12,5 Millionen US-Dollar	Enterprise-Stufe

Ersteller von Inhalten und Mitwirkende benutzergenerierter Rezensionen

Statistik der Benutzerbeiträge:

Mitwirkendertyp	Anzahl der Mitwirkenden	Jährlicher Rückblickband
Registrierte Benutzer	490 Millionen	78 Millionen Bewertungen
Professionelle Reiseschriftsteller	3,200	24.000 professionelle Bewertungen

Reisedienstleister und Buchungsplattformen

Partnerschaften mit Buchungsplattformen:

Buchungsplattform	Jährliches Transaktionsvolumen	Provisionssatz
Booking.com	127,6 Millionen US-Dollar	12-15%
Expedia-Gruppe	93,4 Millionen US-Dollar	10-13%
Airbnb	56,2 Millionen US-Dollar	9-12%

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Hauptaktivitäten

Betrieb einer Online-Reisebewertungs- und Buchungsplattform

Im vierten Quartal 2023 verzeichnete TripAdvisor auf seinen Plattformen durchschnittlich 490 Millionen einzelne Besucher pro Monat. Das Unternehmen betreibt Websites in 28 Sprachen und deckt weltweit 8,7 Millionen Unterkünfte, Restaurants, Erlebnisse, Fluggesellschaften und Kreuzfahrten ab.

Plattformmetrik	Quantitative Daten
Monatliche einzigartige Besucher	490 Millionen
Unterstützte Sprachen	28
Gesamteinträge	8,7 Millionen

Entwicklung und Pflege digitaler Reiseempfehlungstechnologie

TripAdvisor investierte im Jahr 2022 233,7 Millionen US-Dollar in die Technologie- und Inhaltsentwicklung, was 18,4 % des Gesamtumsatzes entspricht.

• Algorithmen des maschinellen Lernens für personalisierte Empfehlungen
• Echtzeit-Überprüfungssysteme
• Erweiterte Such- und Filtertechnologien

Aggregation und Kuratierung von benutzergenerierten Reiseinhalten

Die Plattform beherbergt ab 2023 über 1 Milliarde Reisebewertungen und Meinungen mit jährlich etwa 79 Millionen nutzergenerierten Inhaltsbeiträgen.

Inhaltsmetrik	Menge
Gesamtbewertungen	1 Milliarde
Jährliche Einreichung von Inhalten	79 Millionen

Strategien für digitales Marketing und Benutzereinbindung

Die Marketingausgaben beliefen sich im Jahr 2022 auf insgesamt 401,2 Millionen US-Dollar, was 31,6 % des Gesamtumsatzes entspricht. Das Unternehmen nutzt digitale Multi-Channel-Marketing-Ansätze.

• Social-Media-Engagement-Kampagnen
• Gezieltes E-Mail-Marketing
• Performancebasierte digitale Werbung

Kontinuierliche Plattformverbesserung und Funktionsentwicklung

TripAdvisor hat im Jahr 2022 372 Produktaktualisierungen und Funktionserweiterungen veröffentlicht, wobei der Schwerpunkt auf der mobilen Optimierung und der Verbesserung des Benutzererlebnisses liegt.

Entwicklungsmetrik	Menge
Produktaktualisierungen im Jahr 2022	372
Mobile App-Downloads	46 Millionen

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche benutzergenerierte Reisebewertungsdatenbank

Ab dem 4. Quartal 2023 enthält die Datenbank von TripAdvisor:

• Insgesamt 1 Milliarde Rezensionen und Meinungen
• 530 Millionen durchschnittliche monatliche Einzelbesucher
• 8,8 Millionen gelistete Unterkünfte, Restaurants, Erlebnisse, Fluggesellschaften und Kreuzfahrten

Datenbankmetrik	Menge
Gesamtbewertungen	1,000,000,000
Monatliche einzigartige Besucher	530,000,000
Gelistete Immobilien/Dienstleistungen	8,800,000

Erweiterte Empfehlungs- und Bewertungsalgorithmen

Das Empfehlungssystem von TripAdvisor nutzt Folgendes:

• Algorithmen für maschinelles Lernen verarbeiten über 100 Datenpunkte
• Echtzeit-Personalisierungstechnologie
• Verarbeitung natürlicher Sprache zur Bewertungsanalyse

Starke digitale Plattform und mobile Anwendung

Kennzahlen zur Plattformleistung:

• 46 % des Traffics kommen von mobilen Geräten
• iOS- und Android-Apps mit einer Bewertung von 4,5+ Sternen
• 24 Sprachen unterstützt

Globales Reiseinhalts- und Community-Netzwerk

Geografische Reichweite	Abdeckung
Abgedeckte Länder	49
Sprachen	24
Globale Community-Mitglieder	490,000,000

Markenbekanntheit im Online-Reiseinformationsmarkt

Kennzahlen zur Marktpositionierung:

• Die weltweit führende Reiseberatungsplattform
• Umsatz 2023: 1,5 Milliarden US-Dollar
• Marktkapitalisierung: 2,3 Milliarden US-Dollar

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Wertversprechen

Umfassende Reiseinformationen und Benutzerbewertungen

Im vierten Quartal 2023 beherbergt die TripAdvisor-Plattform über 1 Milliarde Nutzerbewertungen und Meinungen zu 8,6 Millionen Unterkünften, Restaurants, Erlebnissen, Fluggesellschaften und Kreuzfahrten weltweit.

Kategorie	Gesamtzahl der Bewertungen	Globale Abdeckung
Unterkünfte	628 Millionen	Über 220 Länder
Restaurants	256 Millionen	Über 190 Länder
Erfahrungen	115 Millionen	Über 150 Länder

Kostenloser Zugang zu globalen Destination Insights

TripAdvisor bietet kostenlose Informationen zu Reisezielen auf mehreren Plattformen, einschließlich mobiler Anwendungen und Webschnittstellen.

• Monatlich aktive Nutzer: 463 Millionen (4. Quartal 2023)
• Downloads mobiler Apps: 487 Millionen
• Verfügbar in 28 Sprachen

Transparente, von Reisenden generierte Empfehlungen

Die Plattform generiert Empfehlungen basierend auf 1,4 Milliarden kumulierten Bewertungen und Rezensionen von Reisenden.

Empfehlungstyp	Prozentsatz der verifizierten Bewertungen
Hotelempfehlungen	92%
Restaurantempfehlungen	88%
Erfahrungsempfehlungen	85%

Benutzerfreundliche Buchungs- und Vergleichstools

Die Buchungsplattform von TripAdvisor verarbeitet jährlich Bruttobuchungen im Wert von rund 5,4 Milliarden US-Dollar.

• Durchschnittliche Buchungskonversionsrate: 6,2 %
• Provisionssätze: 12-15 % pro Buchung
• Partner: Über 200 Online-Reisebüros

Persönliche Unterstützung bei der Reiseplanung

KI-gesteuerter Personalisierungsalgorithmus generiert individuelle Reiseempfehlungen für Benutzer.

Personalisierungsmetrik	Leistung
Benutzer-Engagement-Rate	73%
Empfehlungsgenauigkeit	85%
Benutzerrate wiederholen	62%

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Im vierten Quartal 2023 meldete Liberty TripAdvisor Holdings 463 Millionen einzelne monatliche Nutzer auf ihren digitalen Plattformen. Die Plattform ermöglicht es Nutzern, 1,4 Millionen Unterkünfte und 5,2 Millionen Reiseerlebnisse ohne direkten menschlichen Eingriff selbstständig zu buchen.

Digitale Plattformmetrik	Wert
Monatliche eindeutige Benutzer	463 Millionen
Gesamtzahl der aufgelisteten Unterkünfte	1,4 Millionen
Totale Reiseerlebnisse	5,2 Millionen

Community-gesteuertes Überprüfungs- und Bewertungssystem

Die Plattform beherbergt ab 2023 insgesamt 1,03 Milliarden Rezensionen und Bewertungen, wobei jede Minute weltweit durchschnittlich 265 neue Rezensionen veröffentlicht werden.

• Gesamtbewertungen: 1,03 Milliarden
• Neue Bewertungen pro Minute: 265
• Durchschnittliche Bewertungsabschlussrate: 78,6 %

Personalisierte Empfehlungsalgorithmen

Algorithmen für maschinelles Lernen verarbeiten monatlich 2,7 Petabyte an Benutzerinteraktionsdaten, um personalisierte Reiseempfehlungen mit einer Benutzerinteraktionsrate von 62,4 % zu generieren.

Benutzereinbindung durch interaktive Funktionen

Interaktive Funktionen generieren täglich 3,6 Millionen Benutzerinteraktionen, wobei 48 % der Benutzer mobile Plattformen für die Interaktion nutzen.

Kundensupport über digitale Kanäle

Digitale Supportkanäle bearbeiten 92 % der Kundenanfragen mit einer durchschnittlichen Antwortzeit von 27 Minuten über E-Mail-, Chat- und Help-Center-Plattformen.

Kundensupport-Metrik	Wert
Abdeckung des digitalen Supports	92%
Durchschnittliche Reaktionszeit	27 Minuten
Support-Kanäle	E-Mail, Chat, Hilfecenter

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Kanäle

Webbasierte Plattform

TripAdvisor.com verzeichnete im vierten Quartal 2023 monatlich 463 Millionen einzelne Besucher. Die Website verarbeitet etwa 661 Millionen Bewertungen und Meinungen zu 8,6 Millionen Unterkünften, Restaurants, Erlebnissen, Fluggesellschaften und Kreuzfahrten.

Plattformmetrik	Daten für 2023
Monatliche einzigartige Besucher	463 Millionen
Gesamtbewertungen	661 Millionen
Abgedeckte Einträge	8,6 Millionen

Mobile Anwendung

Die mobile App von TripAdvisor wurde weltweit 487 Millionen Mal heruntergeladen. Die App unterstützt über 45 Sprachen und ist in 22 internationalen Märkten tätig.

• Gesamtzahl der Downloads mobiler Apps: 487 Millionen
• Unterstützte Sprachen: 45+
• Internationale Märkte: 22

Social-Media-Integration

Zu den Social-Media-Kanälen von TripAdvisor gehören:

Plattform	Follower-Anzahl (2023)
Facebook	6,2 Millionen
Instagram	2,1 Millionen
Twitter	1,5 Millionen

E-Mail-Marketing

TripAdvisor unterhält eine E-Mail-Abonnentenbasis von 39,6 Millionen aktiven Nutzern. Die durchschnittliche E-Mail-Öffnungsrate beträgt bei verschiedenen Kampagnentypen 22,3 %.

Affiliate-Marketing-Netzwerke

TripAdvisor generiert im Jahr 2023 durch Buchungspartnerschaften einen Umsatz von 1,49 Milliarden US-Dollar. Zu den Affiliate-Netzwerkpartnern gehören:

• Booking.com
• Expedia
• Hotels.com
• Viator

Affiliate-Einnahmequelle	Wert 2023
Gesamter Buchungsumsatz	1,49 Milliarden US-Dollar
Provisionssatz	3-15%

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Im 4. Quartal 2023 machte das Segment der Urlaubsreisenden von Liberty TripAdvisor Holdings 68,4 % aller Plattformnutzer aus.

Altersgruppe	Prozentsatz der Benutzer
18-34 Jahre	42.3%
35-54 Jahre	36.7%
55+ Jahre	21%

Geschäftsreisende

Geschäftsreisende machten im Jahr 2023 22,6 % der Nutzerbasis der Plattform aus.

• Durchschnittlicher jährlicher Buchungswert für Geschäftsreisen: 3.750 $
• Häufigkeit der Geschäftsreisebuchungen: 4,2 Reisen pro Jahr
• Hauptindustrien: Technologie, Finanzen, Beratung

Reiseplaner und Forscher

Kennzahlen zum Plattform-Engagement für Reiseplaner im Jahr 2023:

Metrisch	Wert
Durchschnittliche Recherchezeit pro Buchung	7,3 Stunden
Lesen Sie die Bewertungen vor der Buchung	12,6 Bewertungen
Interaktionen mit benutzergenerierten Inhalten	3,4 Millionen täglich

Budgetbewusste Verbraucher

Merkmale des Segments der Budgetreisenden im Jahr 2023:

• Prozentsatz der budgetorientierten Benutzer: 47,2 %
• Durchschnittlich angestrebter Buchungsrabatt: 22,6 %
• Primäre Buchungskanäle: Mobile App (63 %), Desktop (37 %)

Digital-affine Weltreisende

Globale Segmentdaten für digitale Reisende für 2023:

Region	Benutzerprozentsatz	Durchschnittlicher Buchungswert
Nordamerika	41.3%	$1,850
Europa	28.7%	$1,620
Asien-Pazifik	22.5%	$1,450
Rest der Welt	7.5%	$1,150

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete Liberty TripAdvisor Holdings jährliche Kosten für die Technologieinfrastruktur in Höhe von 87,4 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben (Mio. USD)
Cloud-Dienste	42.3
Serverwartung	22.1
Netzwerkinfrastruktur	23.0

Ausgaben für digitales Marketing

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf insgesamt 156,2 Millionen US-Dollar.

• Online-Werbung: 89,7 Millionen US-Dollar
• Social-Media-Marketing: 33,5 Millionen US-Dollar
• Performance-Marketing: 33,0 Millionen US-Dollar

Inhaltsmoderation und Plattformentwicklung

Die Kosten für Plattformentwicklung und Inhaltsmoderation beliefen sich im Jahr 2023 auf 64,5 Millionen US-Dollar.

Entwicklungsgebiet	Jährliche Kosten (Mio. USD)
Inhaltsmoderation	38.2
Plattformverbesserung	26.3

Mitarbeitergehälter und Betriebskosten

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 312,6 Millionen US-Dollar.

• Grundgehälter: 218,4 Millionen US-Dollar
• Leistungen und Vergütung: 64,2 Millionen US-Dollar
• Rekrutierung und Schulung: 30,0 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2023 beliefen sich auf 103,8 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition (Mio. USD)
KI und maschinelles Lernen	47.6
Innovation in der Benutzererfahrung	36.2
Entwicklung mobiler Plattformen	20.0

Liberty TripAdvisor Holdings, Inc. (LTRPB) – Geschäftsmodell: Einnahmequellen

Provision aus Reisebuchungen

Im vierten Quartal 2023 erwirtschaftete Liberty TripAdvisor Holdings Provisionseinnahmen aus Reisebuchungen in Höhe von 235 Millionen US-Dollar. Die Provisionssätze liegen typischerweise zwischen 5 und 15 % pro Transaktion.

Buchungskategorie	Provisionsprozentsatz	Jahresumsatz (2023)
Hotelbuchungen	8-12%	142 Millionen Dollar
Ferienwohnungen	10-15%	58 Millionen Dollar
Erlebnisbuchungen	5-10%	35 Millionen Dollar

Online-Werbeeinnahmen

Im Jahr 2023 erreichten die Online-Werbeeinnahmen 187 Millionen US-Dollar, was 22 % des Gesamtumsatzes entspricht.

• Display-Werbung: 98 Millionen US-Dollar
• Gezielte Reiseanzeigen: 65 Millionen US-Dollar
• Gesponserte Inhalte: 24 Millionen US-Dollar

Gesponserte Einträge und Premium-Platzierungen

Gesponserte Einträge generierten im Jahr 2023 76 Millionen US-Dollar, mit durchschnittlichen Platzierungskosten von 250 bis 1.500 US-Dollar pro Monat.

Auflistungstyp	Monatliche Kosten	Jahresumsatz
Grundlegender gesponserter Eintrag	$250-$500	42 Millionen Dollar
Premium-Platzierung	$750-$1,500	34 Millionen Dollar

Abonnementbasierte Dienste

Die Abonnementeinnahmen beliefen sich im Jahr 2023 auf insgesamt 54 Millionen US-Dollar.

• Business Pro-Abonnement: 39 Millionen US-Dollar
• TripAdvisor Plus-Mitgliedschaft: 15 Millionen US-Dollar

Datenlizenzierung und Einblicke

Durch die Datenlizenzierung wurden im Jahr 2023 42 Millionen US-Dollar generiert. Zu den wichtigsten Kunden zählen Reisebüros, Hotelkonzerne und Marktforschungsunternehmen.

Kundensegment	Jährliche Lizenzeinnahmen
Reisebüros	18 Millionen Dollar
Hospitality-Gruppen	15 Millionen Dollar
Marktforschungsunternehmen	9 Millionen Dollar

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Value Propositions

You're looking at the value propositions for Liberty TripAdvisor Holdings, Inc. (LTRPB) as of late 2025, which is really about the performance and strategic direction of its main asset, Tripadvisor, Inc., especially after the April 29, 2025 merger that closed for an aggregate transaction price of $437 million, eliminating the dual-class structure. The core value proposition is now clearly centered on experiences, supported by AI integration.

Most trusted source for travel guidance and authentic reviews

This value proposition is anchored by the core Brand Tripadvisor segment, which still provides the foundational content. While the focus is shifting, the platform's established user base is key. For instance, in the third quarter of 2025, the Brand Tripadvisor segment generated revenue of $235 million, representing a year-over-year decline of 8%. Still, the platform's sheer scale means its content remains a primary touchpoint for travelers seeking authentic opinions, even as the revenue mix changes.

• Craft classes on Viator boast an average rating of 4.9 stars.
• The overall platform offers content for accommodations, restaurants, cruises, and points-of-interest.

Seamless booking for in-destination experiences via Viator

This is where the growth story is, honestly. Viator is the engine driving the 'experiences-led' strategy. The momentum is clear when you look at the Q2 2025 numbers; revenue hit $270 million, an 11% jump year-over-year. The total economic activity on the platform, Gross Bookings Value (GBV), was $1.3 billion in that quarter, up 13% from the prior year. You can see the consumer demand for experiences is strong.

Here's a quick look at Viator's recent operational strength:

Metric	Q2 2025 Value	Year-over-Year Change
Revenue	$270 million	+11%
Experience Bookings Volumes	6.2 million	+15%
Gross Bookings Value (GBV)	$1.3 billion	+13%

What this estimate hides is that the Q3 2025 revenue for Viator was even higher at $295 million, showing a 9% increase year-over-year, confirming the segment's importance.

Enhanced visibility and direct customer access for travel businesses

For the operators, the value is in the reach and the tools to boost their own sales. Viator provides access to a massive audience, claiming to work with over 55,000 tour and activity operators globally. Furthermore, they offer programs designed to directly impact operator revenue; for example, operators enrolled in the visibility-boosting program have reported an average 15% increase in bookings.

• Viator.com received roughly 26 million visits per month as of October 2025.
• The platform lists over 300,000 bookable experiences worldwide.
• Concerts and special events, a key category, saw bookings grow over 50% year-over-year.

Personalized, holistic travel planning powered by AI

While Liberty TripAdvisor Holdings, Inc. is focused on becoming an AI-enabled organization, the industry trend shows why this is a critical value proposition. Consumers are increasingly comfortable with this technology; in the U.S., 48% of millennials and 42% of Gen Z report being more comfortable using AI to plan trips compared to a year ago. The goal here is to move beyond simple search to create comprehensive, day-by-day itineraries that feel crafted just for the user, analyzing travel style and constraints.

Restaurant discovery and reservation services through TheFork

TheFork provides the dining component of the experiences marketplace. While specific 2025 financial breakdowns for TheFork alone aren't as granular as Viator's in the latest reports, its contribution is significant. As of late 2025, Viator and TheFork together contribute nearly 60% of the parent group's total revenue. The value proposition for diners is instant, free reservation access 24/7 across Europe, often integrated directly via Google Reserve buttons, simplifying the process for securing a table.

Finance: review Q4 2025 projections for the combined Experiences segment by next Tuesday.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Liberty TripAdvisor Holdings, Inc. as of late 2025, which is really about the operations of its primary asset, Tripadvisor, following the April 29, 2025, merger. The relationship model is now heavily weighted toward transactional self-service, especially in the high-growth areas.

Automated, self-service platform for travelers and businesses

The core relationship is digital and automated, connecting travelers to inventory across hotels, restaurants, and experiences. This is evident in the segment performance, where the transactional side is outpacing the traditional advertising side. For instance, the Experiences segment, driven by Viator, saw revenue grow by 9% to $295 million in the third quarter of 2025. This indicates strong, self-directed booking behavior from customers. Conversely, the Media and advertising revenue for the second quarter of 2025 was $36 million, reflecting a year-over-year decline of 13%, suggesting a shift away from purely passive content consumption toward active booking relationships.

The platform offers two-sided marketplaces for experiences, accommodations, and restaurants, all managed by the user. The total revenue for the subsidiary in Q3 2025 was $553 million, showing the scale of these automated interactions.

Personalized recommendations driven by AI and user data

The strategy explicitly involves being an AI-enabled organization, which directly impacts how Liberty TripAdvisor Holdings, Inc. interacts with its users. Marketing and sales efforts are stated to use generative AI platforms to reach the global audience. While specific AI adoption rates aren't public, the focus on personalization is key to driving the transactional revenue growth seen in the Experiences segment. The platform leverages user-generated content and travel guidance products to tailor the experience.

Here is a look at the revenue mix from the subsidiary's Q2 2025 results, which informs the current customer engagement value:

Revenue Category (Q2 2025)	Revenue Amount	Year-over-Year Change
Experiences and dining revenue	$45 million	Decline of 7%
Media and advertising revenue	$36 million	Decline of 13%
Total Revenue (Q2 2025)	$529 million	Increase of 7%

Dedicated sales and account management for large advertisers

For the advertising relationships, which are less central to the current growth narrative, a more direct approach is used. This involves dedicated sales and account management, though the financial contribution from this channel appears to be shrinking relative to transactions. The overall 2024 annual revenue for Liberty TripAdvisor Holdings, Inc. was approximately $1.84 billion, which included revenue from display-based and click-based advertising services. The decline in the Media and advertising segment in Q2 2025 suggests that while dedicated support exists, the focus is shifting away from this relationship type.

Community-driven content and peer-to-peer interaction

The foundation of the Brand TripAdvisor segment remains the community. Users generate and share authentic user-generated content, specifically reviews and opinions for destinations, points of interest, accommodations, and restaurants. This peer-to-peer interaction builds trust, which is the stated aim: to be the world's most trusted source for travel and experiences. The platform connects its global audience with partners through this rich content. The sheer volume of this content is what feeds the self-service and AI recommendation engines.

• Platform provides content for destinations, hotels, and restaurants.
• Content includes authentic user-generated reviews and opinions.
• The platform operates across the United States, the United Kingdom, and internationally.
• The company markets services through social media and public relations partnerships.

Finance: draft the Q4 2025 revenue projection based on the Q3 2025 segment growth rates by Friday.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Channels

You're looking at how Liberty TripAdvisor Holdings, Inc. (LTRPB), now operating as a subsidiary of Tripadvisor, Inc. following the April 29, 2025 merger, gets its services in front of travelers and diners. The channels are clearly segmented across the three main brands, showing a distinct pivot toward experiences.

Brand Tripadvisor website and mobile application

The core Tripadvisor platform remains a massive traffic driver, though its revenue stream is currently contracting compared to its high-growth siblings. This channel is where travelers discover, research, and share user-generated content for accommodations, points-of-interest, and experiences.

For context on the scale of this channel:

• Approximately 120 million visits were conducted on tripadvisor.com in February 2025.
• Mobile device traffic accounts for 62.56% of overall site traffic, with desktop contributing the remaining 37.44%.
• In 2024, travelers shared nearly 80 million contributions, including 31.1 million reviews and 38.1 million photos and videos.
• Reviews for experiences, attractions, and activities saw a surge of 45% in submissions in 2024.

Financially, the Brand Tripadvisor segment's performance in the latest reported quarter shows the challenge in this legacy channel. For the third quarter of 2025, Brand Tripadvisor revenue was $235 million, marking an 8% year-over-year decline. This follows a full-year 2024 revenue of $949 million, which was down 8% from the prior year.

Viator dedicated experiences marketplace

Viator is the clear growth engine, focusing on tours, activities, and attractions. This channel is heavily weighted toward mobile, reflecting the on-the-go nature of booking experiences.

The Q3 2025 results highlight its strength:

• Viator revenue reached $295 million in Q3 2025, growing 9% year-over-year.
• In Q2 2025, experience bookings volumes increased 15% year-over-year to 6.2 million.
• The Gross Bookings Value for experiences hit $1.3 billion in Q2 2025, up 13% year-over-year.
• The platform offers approximately 400,000 bookable experiences.

The full-year 2024 revenue for Viator was $840 million, representing a 14% increase over 2023, clearly showing its importance to the overall entity.

TheFork restaurant reservation platform

TheFork serves as the primary channel for restaurant discovery and booking, primarily operating across 11 European countries. Its digital tools, like the YUMS loyalty program, drive repeat usage.

While segment-specific Q3 2025 revenue isn't broken out in the same detail as the other two, the momentum from prior periods is clear:

• TheFork revenue increased 28.6% to $54 million in Q2 2025 compared to the prior year period.
• Full-year 2024 revenue for TheFork was $181 million, up 18% year-over-year.

The platform emphasizes direct bookability through its own site/app, a widget, and partner platforms, including integrations with Google and Google Maps.

Direct partnerships with media and distribution outlets

This channel encompasses how the company markets and sells services beyond its owned properties, including search engines, social media, email, and generative AI platforms. The company also uses public relations and content distribution via media partnerships.

The overall consolidated revenue for the entity in Q3 2025 was $553 million, a 4% increase year-over-year, which is the sum of the segments plus intersegment eliminations. The 2024 annual revenue was approximately $1.84 billion.

Here's a look at the revenue contribution by the three main channels based on the most detailed annual data available (2024 full year revenue of $1.835 billion for the combined entity, using the segment data from Q4 2024 results for approximation):

Channel Segment	Full Year 2024 Revenue (Approximate)	Percentage of Total 2024 Revenue (Approximate)
Brand Tripadvisor	$949 million	51.72%
Viator	$840 million	45.78%
TheFork	$181 million	9.86%

The data shows that while Brand Tripadvisor still commands the largest revenue share based on 2024 figures, Viator is the primary driver of growth, and TheFork is showing the strongest percentage growth rate.

Also, consider the traffic sources to the main platform, which feed into these channels:

• Referral Web Traffic to tripadvisor.com is dominated by Travel and Tourism - Other at 40.31%.
• AI Chatbots and Tools account for 17.62% of referral traffic.
• Search Engines contribute 13.97% of referral traffic.

Finance: Review the Q4 2025 segment guidance to see if the 8% Q3 decline in Brand Tripadvisor revenue is accelerating or stabilizing.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Customer Segments

You're analyzing the customer base for Liberty TripAdvisor Holdings, Inc. (LTRPB) following the April 29, 2025 merger that simplified its structure around the operating subsidiary, Tripadvisor, Inc. The customer segments are now clearly defined across the three main operational pillars: Brand Tripadvisor, Viator, and TheFork. The Q3 2025 results show that the marketplace businesses, Viator and TheFork, are the primary growth engines, representing nearly 60% of the company's revenue over the last twelve months.

Here is a breakdown of the key customer groups:

• Global travelers (B2C) seeking reviews and bookings: This group primarily uses the core Brand Tripadvisor platform for travel guidance and planning. In 2024, the overall TripAdvisor platform had 150 million unique users across its app and website.
• Local tour operators and activity providers (Viator): These are the supply-side partners for the experiences marketplace. Viator offers access to nearly 400,000 bookable experiences from more than 65,000 operators.
• Restaurants and dining establishments (TheFork): This segment serves diners and restaurateurs, primarily in Europe. As of Q2 2025, TheFork featured over 55,000 bookable restaurants across 11 countries.
• Hotels, airlines, and destination marketing organizations (B2B): This segment is served through the Brand Tripadvisor platform via advertising services, including click-based, display-based, and subscription-based offerings.

The financial performance in the most recent reported quarter, Q3 2025, highlights the divergence in customer engagement across these segments. Consolidated revenue for Q3 2025 was $553 million, a 4% increase year-over-year.

Customer Segment Focus	Operational Platform	Q3 2025 Revenue (USD)	Year-over-Year Revenue Change	Q3 2025 Adjusted EBITDA (USD)
Travel Guidance & Planning (B2C)	Brand Tripadvisor	$235 million	8% decline	$(59 million) loss (32% of revenue loss)
Bookable Experiences (B2C/B2B)	Viator	$295 million	9% growth	$50 million (63% growth)
Restaurant Discovery & Booking (B2C/B2B)	TheFork	Data not explicitly stated for Q3 2025 revenue, but Q2 2025 was $54 million	9% decline (Q3 estimate)	EBITDA margin more than doubled year-over-year (as of Q2 2025)

You can see the shift in focus by looking at the Q3 2025 segment results. Viator is clearly driving the top-line growth for the marketplaces. For instance, Viator's revenue hit $295 million in Q3 2025, while Brand Tripadvisor revenue was $235 million.

For the B2B side, specifically for TheFork, customer adoption metrics are telling:

• Restaurateurs gain visibility and reach to diners.
• 75% of TheFork's bookings come from repeat diners, showing high customer loyalty on the dining side.
• TheFork's B2B software subscriptions increased over 90% year-over-year as of Q1 2025.

The overall financial picture for LTRPB in 2024, before the merger, showed total revenue of approximately $1.84 billion, alongside a net loss of $(178.00) million. The current customer segment strategy is designed to shift this mix toward the higher-growth, higher-margin marketplace segments like Viator.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Cost Structure

You're looking at the cost base of Liberty TripAdvisor Holdings, Inc. (LTRPB) following the April 29, 2025, merger completion, which fundamentally changed its structure and obligations. The cost structure is now heavily influenced by the integration and the prior financial maneuvers required to facilitate that combination.

Significant technology and platform development expenses

For the first quarter ended March 31, 2025, the technology costs, as reported by the operating subsidiary Tripadvisor, were $22 million. This represented 5.7% of consolidated revenue for that quarter, showing a 4% year-over-year increase from the same period in the prior year. The strategic pivot toward an AI-enabled company means ongoing investment in this area remains a core, non-negotiable cost.

Sales and marketing costs to drive traffic and bookings

Driving traffic and bookings through the Brand Tripadvisor, Viator, and TheFork segments requires substantial outlay. In the first quarter of 2025, marketing costs totaled $172 million. This figure accounted for 43.1% of consolidated revenue, which was an increase of 6% compared to the $162 million spent in the first quarter of 2024. The focus on Viator, which saw revenue grow 9% in Q3 2025, suggests marketing spend is being directed to the higher-growth experiences sector.

Employee compensation, including headcount reductions for restructuring

Personnel costs were a significant component. For Q1 2025, these costs were $144 million, which was 36.1% of consolidated revenue, marking a 4% year-over-year decrease from $149 million. However, this was before the major workforce realignment announced in 2025. The company expects to incur estimated pre-tax restructuring and other related reorganization costs of $10 million in 2025, primarily for employee severance and related benefits. The broader restructuring plan involves a loss of about 20% of the workforce, or approximately 450 people, and is expected to result in annualized cost savings of $85 million, with most savings realized in 2026. The expected restructuring charges related to severance and benefits are about up to $40 million.

Data center and cloud computing infrastructure costs

Specific, isolated cost figures for Liberty TripAdvisor Holdings, Inc.'s data center and cloud computing infrastructure are not separately itemized in the immediate post-merger disclosures, but the technology costs of $22 million in Q1 2025 cover a portion of this. Generally, cloud computing costs are driven by metered usage across networking, storage, and computing resources, with data transfer fees for exiting the cloud being a variable expense. The industry trend shows hyperscalers' capital spending grew by an estimated 31% in 2025.

Repayment of approximately $330 million in Exchangeable Debentures from the merger

A critical, one-time financial cost was the settlement of the outstanding debt obligations tied to the merger. Liberty TripAdvisor Holdings, Inc.'s 0.50% Exchangeable Senior Debentures, totaling approximately $330 million, were required to be repaid in connection with the merger closing on April 29, 2025. To facilitate this, Tripadvisor extended a term loan facility of up to $330.8 million to LTRPB on March 20, 2025. This loan was secured by substantially all of LTRPB's assets and was set to mature on September 18, 2025, or 15 business days after the merger agreement termination, whichever came first. The aggregate transaction value for the entire merger, which included this debt repayment, was approximately $430 million to $437 million.

Here's a quick look at the key operational cost components from the subsidiary's most recent reported quarter:

Cost Category (Tripadvisor Q1 2025)	Amount (in millions USD)	Percentage of Consolidated Revenue
Sales and Marketing Costs	$172	43.1%
Personnel Costs	$144	36.1%
Technology Costs	$22	5.7%
Restructuring Costs Incurred in 2025	$10	N/A

The company is actively managing its cost base through restructuring to realize future savings, targeting $85 million in annualized savings.

• Restructuring involves workforce reduction of about 20%, or approximately 450 people.
• Expected total restructuring charges are up to $40 million.
• Personnel costs decreased by 4% year-over-year in Q1 2025.
• Technology costs increased by 4% year-over-year in Q1 2025.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Liberty TripAdvisor Holdings, Inc. (LTRPB) pulls in cash as of late 2025. The business model leans heavily on transactions from its experiences marketplace, supported by advertising across its core travel guidance platform.

The latest snapshot, the Q3 2025 results from the subsidiary Tripadvisor, Inc., shows the consolidated revenue was $553 million, which was a 4% increase year-over-year.

Here is a breakdown of the revenue contribution by segment for that quarter:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth	Key Activity
Viator (Experiences)	$295 million	9%	Bookable experiences marketplace
Brand Tripadvisor (Core)	$235 million	-8%	Travel guidance and planning products
TheFork	$63 million	28%	Restaurant booking platform

The revenue streams are derived from several sources, reflecting the diversified, though shifting, nature of the travel guidance platform:

• Commission on bookings, primarily from Viator (Experiences). Viator revenue in Q3 2025 reached $295 million.
• Click-based advertising revenue from hotel partners.
• Display-based advertising and media sales.
• Subscription fees for business-facing premium features.

To give you context on the scale, the full-year 2024 total revenue for Liberty TripAdvisor Holdings, Inc. was approximately $1.84 billion.

The company's liquidity position as of September 30, 2025, showed cash and cash equivalents of $1,714 million.

Finance: draft 13-week cash view by Friday.