Liberty TripAdvisor Holdings, Inc. (LTRPB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el ecosistema de viajes digitales de Liberty TripAdvisor Holdings, Inc. (LTRPB), una plataforma dinámica que revoluciona cómo los viajeros modernos descubren, investigan y reservan su próxima aventura. Este innovador modelo de negocio combina sin problemas contenido generado por los usuarios, algoritmos de recomendación de vanguardia y asociaciones estratégicas para crear una información integral de viajes y una experiencia de reserva que capacite a millones de viajeros mundiales con ideas transparentes y de origen público y herramientas digitales sin problemas.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocios: asociaciones clave

Alianza estratégica con marcas de viajes y hospitalidad

Liberty TripAdvisor Holdings mantiene asociaciones estratégicas con múltiples marcas de viajes y hospitalidad:

Categoría de socio	Número de asociaciones	Valor de colaboración anual
Cadenas de hotel	127	$ 42.3 millones
Redes aéreas	84	$ 29.7 millones
Líneas de crucero	53	$ 18.5 millones

Redes publicitarias en línea y plataformas de marketing digital

Las asociaciones clave de marketing digital incluyen:

• Red de anuncios de Google
• Plataforma de publicidad de Facebook
• Publicidad de Microsoft
• Intercambios de anuncios programáticos

Plataforma	Gasto publicitario anual	Alcanzar
Ads de Google	$ 37.6 millones	Global
Anuncios de Facebook	$ 22.4 millones	Demográfico objetivo

Proveedores de tecnología para el sitio web y la infraestructura de aplicaciones móviles

Asociaciones de infraestructura tecnológica:

• Servicios web de Amazon
• Microsoft Azure
• Plataforma en la nube de Google

Proveedor de tecnología	Costo de infraestructura anual	Nivel de servicio
Servicios web de Amazon	$ 18.9 millones	Nivel empresarial
Microsoft Azure	$ 12.5 millones	Nivel empresarial

Creadores de contenido y contribuyentes de revisión generada por el usuario

Estadísticas de contribución del usuario:

Tipo de contribuyente	Número de contribuyentes	Volumen de revisión anual
Usuarios registrados	490 millones	78 millones de revisiones
Escritores de viajes profesionales	3,200	24,000 revisiones profesionales

Proveedores de servicios de viaje y plataformas de reserva

Asociaciones de la plataforma de reserva:

Plataforma de reserva	Volumen de transacción anual	Tarifa de comisión
Booking.com	$ 127.6 millones	12-15%
Grupo de Expedia	$ 93.4 millones	10-13%
Airbnb	$ 56.2 millones	9-12%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocio: actividades clave

Operación de la plataforma de revisión y reserva de viajes en línea

A partir del cuarto trimestre de 2023, TripAdvisor mantuvo 490 millones de visitantes únicos mensuales promedio en sus plataformas. La compañía opera sitios web en 28 idiomas y cubre 8,7 millones de alojamientos, restaurantes, experiencias, aerolíneas y cruceros a nivel mundial.

Métrica de plataforma	Datos cuantitativos
Visitantes únicos mensuales	490 millones
Idiomas compatibles	28
Listados totales	8.7 millones

Desarrollo y mantenimiento de la tecnología de recomendación de viajes digitales

TripAdvisor invirtió $ 233.7 millones en tecnología y desarrollo de contenido en 2022, lo que representa el 18.4% de los ingresos totales.

• Algoritmos de aprendizaje automático para recomendaciones personalizadas
• Sistemas de verificación de revisión en tiempo real
• Tecnologías avanzadas de búsqueda y filtrado

Agregando y curando contenido de viaje generado por los usuarios

La plataforma alberga más de mil millones de revisiones y opiniones de viajeros a partir de 2023, con aproximadamente 79 millones de envíos de contenido generados por el usuario anualmente.

Métrico de contenido	Cantidad
Revisiones totales	1 mil millones
Envíos de contenido anual	79 millones

Estrategias de marketing digital y participación del usuario

Los gastos de marketing totalizaron $ 401.2 millones en 2022, lo que representa el 31.6% de los ingresos totales. La compañía utiliza enfoques de marketing digital multicanal.

• Campañas de compromiso de las redes sociales
• Marketing por correo electrónico dirigido
• Publicidad digital basada en el rendimiento

Mejora de la plataforma continua y desarrollo de características

TripAdvisor lanzó 372 actualizaciones de productos y mejoras de características en 2022, centrándose en la optimización móvil y las mejoras de la experiencia del usuario.

Métrico de desarrollo	Cantidad
Actualizaciones de productos en 2022	372
Descargas de aplicaciones móviles	46 millones

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocio: recursos clave

Extensa base de datos de revisión de viajes generada por el usuario

A partir del cuarto trimestre de 2023, la base de datos de TripAdvisor contiene:

• 1 mil millones de revisiones y opiniones totales
• 530 millones de visitantes únicos mensuales promedio
• 8.8 millones de alojamientos, restaurantes, experiencias, aerolíneas y cruceros listados

Métrico de base de datos	Cantidad
Revisiones totales	1,000,000,000
Visitantes únicos mensuales	530,000,000
Propiedades/servicios enumerados	8,800,000

Algoritmos avanzados de recomendación y calificación

Apalancamiento del sistema de recomendación de TripAdvisor:

• Algoritmos de aprendizaje automático Procesamiento de más de 100 puntos de datos
• Tecnología de personalización en tiempo real
• Procesamiento del lenguaje natural para el análisis de revisión

Plataforma digital sólida y aplicación móvil

Métricas de rendimiento de la plataforma:

• 46% del tráfico de dispositivos móviles
• Aplicaciones de iOS y Android con calificaciones de 4.5+ estrellas
• 24 idiomas compatibles

Contenido global de viajes y red comunitaria

Alcance geográfico	Cobertura
Países cubiertos	49
Lenguas	24
Miembros de la comunidad global	490,000,000

Reconocimiento de marca en el mercado de información de viajes en línea

Métricas de posicionamiento del mercado:

• Plataforma de orientación de viaje #1 en el puesto global
• 2023 Ingresos: $ 1.5 mil millones
• Capitalización de mercado: $ 2.3 mil millones

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocio: propuestas de valor

Información integral de viaje y revisiones de usuarios

A partir del cuarto trimestre de 2023, TripAdvisor Platform alberga más de mil millones de revisiones de usuarios y opiniones que cubren 8,6 millones de alojamientos, restaurantes, experiencias, aerolíneas y cruceros a nivel mundial.

Categoría	Número total de revisiones	Cobertura global
Alojamiento	628 millones	Más de 220 países
Restaurantes	256 millones	Más de 190 países
Experiencias	115 millones	Más de 150 países

Acceso gratuito a las ideas de destino global

TripAdvisor proporciona información de destino gratuita en múltiples plataformas, incluidas aplicaciones móviles e interfaces web.

• Usuarios activos mensuales: 463 millones (cuarto trimestre 2023)
• Descargas de aplicaciones móviles: 487 millones
• Disponible en 28 idiomas

Recomendaciones generadas por viajero transparente

La plataforma genera recomendaciones basadas en 1.400 millones de calificaciones y revisiones acumuladas de viajero.

Tipo de recomendación	Porcentaje de revisiones verificadas
Recomendaciones de hotel	92%
Recomendaciones de restaurantes	88%
Recomendaciones de experiencia	85%

Herramientas de comparación y reserva fáciles de usar

La plataforma de reserva de TripAdvisor procesa aproximadamente $ 5.4 mil millones en reservas brutas anualmente.

• Tasa de conversión promedio de reserva: 6.2%
• Tasas de comisión: 12-15% por reserva
• Socios: más de 200 agencias de viajes en línea

Asistencia personalizada de planificación de viajes

El algoritmo de personalización impulsado por la IA genera recomendaciones de viaje personalizadas para los usuarios.

Métrico de personalización	Actuación
Tasa de participación del usuario	73%
Precisión de recomendación	85%
Repita la tasa de usuario	62%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, Liberty TripAdvisor Holdings reportó 463 millones de usuarios mensuales únicos en sus plataformas digitales. La plataforma permite a los usuarios reservar independientemente 1,4 millones de alojamientos y 5,2 millones de experiencias de viaje sin intervención humana directa.

Métrica de plataforma digital	Valor
Usuarios únicos mensuales	463 millones
Alojamiento total enumerados	1.4 millones
Experiencias totales de viaje	5.2 millones

Sistema de revisión y calificación impulsada por la comunidad

La plataforma alberga 1.03 mil millones de revisiones y calificaciones totales a partir de 2023, con un promedio de 265 nuevas revisiones publicadas cada minuto a nivel mundial.

• Revisiones totales: 1.03 mil millones
• Nuevas reseñas por minuto: 265
• Tasa de finalización de revisión promedio: 78.6%

Algoritmos de recomendación personalizados

Algoritmos de aprendizaje automático Proceso 2.7 petabytes de datos de interacción del usuario mensualmente para generar recomendaciones de viaje personalizadas con una tasa de participación del usuario del 62.4%.

Participación del usuario a través de características interactivas

Las características interactivas generan 3,6 millones de interacciones diarias de usuario, con el 48% de los usuarios que utilizan plataformas móviles para la participación.

Atención al cliente a través de canales digitales

Los canales de soporte digital manejan el 92% de las consultas de los clientes, con un tiempo de respuesta promedio de 27 minutos a través del correo electrónico, el chat y las plataformas de centro de ayuda.

Métrica de soporte al cliente	Valor
Cobertura de soporte digital	92%
Tiempo de respuesta promedio	27 minutos
Canales de soporte	Correo electrónico, chat, centro de ayuda

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocios: canales

Plataforma basada en la web

TripAdvisor.com recibe 463 millones de visitantes mensuales únicos a partir del cuarto trimestre de 2023. El sitio web procesa aproximadamente 661 millones de revisiones y opiniones que cubren 8,6 millones de alojamientos, restaurantes, experiencias, aerolíneas y cruceros.

Métrica de plataforma	2023 datos
Visitantes únicos mensuales	463 millones
Revisiones totales	661 millones
Listados cubiertos	8.6 millones

Aplicación móvil

La aplicación móvil de TripAdvisor se ha descargado 487 millones de veces a nivel mundial. La aplicación admite más de 45 idiomas y opera en 22 mercados internacionales.

• Descargas totales de aplicaciones móviles: 487 millones
• Idiomas compatibles: 45+
• Mercados internacionales: 22

Integración de redes sociales

Los canales de redes sociales de TripAdvisor incluyen:

Plataforma	Conteo de seguidores (2023)
Facebook	6.2 millones
Instagram	2.1 millones
Gorjeo	1.5 millones

Marketing por correo electrónico

TripAdvisor mantiene una base de suscriptores de correo electrónico de 39.6 millones de usuarios activos. Las tasas de apertura de correo electrónico promedio son del 22.3% en diferentes tipos de campaña.

Redes de marketing de afiliación

TripAdvisor genera $ 1.49 mil millones en ingresos a través de asociaciones de reserva en 2023. Los socios de la red afiliados incluyen:

• Booking.com
• Expedia
• Hoteles.com
• Viator

Flujo de ingresos de afiliados	Valor 2023
Ingresos totales de reserva	$ 1.49 mil millones
Tarifa de comisión	3-15%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocios: segmentos de clientes

Viajeros de ocio

A partir del cuarto trimestre de 2023, el segmento de viajeros de ocio de Liberty TripAdvisor Holdings representaba el 68.4% del total de usuarios de la plataforma.

Grupo de edad	Porcentaje de usuarios
18-34 años	42.3%
35-54 años	36.7%
55+ años	21%

Viajeros de negocios

Los viajeros de negocios comprendían el 22.6% de la base de usuarios de la plataforma en 2023.

• Valor promedio de reserva de viajes de negocios anuales: $ 3,750
• Frecuencia de reservas de viajes de negocios: 4.2 viajes por año
• Industrias primarias: tecnología, finanzas, consultoría

Planificadores e investigadores de viajes

Métricas de participación de la plataforma para planificadores de viajes en 2023:

Métrico	Valor
Tiempo de investigación promedio por reserva	7.3 horas
Reseñas Leer antes de reservar	12.6 reseñas
Interacciones de contenido generadas por el usuario	3.4 millones diarios

Consumidores conscientes del presupuesto

Características del segmento de viajero presupuestario en 2023:

• Porcentaje de usuarios centrados en presupuesto: 47.2%
• Descuento promedio de reservas buscado: 22.6%
• Canales de reserva primario: aplicación móvil (63%), escritorio (37%)

Viajeros globales expertos en digital

Datos de segmento de viajero digital global para 2023:

Región	Porcentaje de usuario	Valor de reserva promedio
América del norte	41.3%	$1,850
Europa	28.7%	$1,620
Asia-Pacífico	22.5%	$1,450
Resto del mundo	7.5%	$1,150

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

A partir de 2023, Liberty TripAdvisor Holdings informó costos de infraestructura tecnológica de $ 87.4 millones anuales.

Categoría de costos	Gasto anual ($ M)
Servicios en la nube	42.3
Mantenimiento del servidor	22.1
Infraestructura de red	23.0

Gastos de marketing digital

Los gastos de marketing digital para 2023 totalizaron $ 156.2 millones.

• Publicidad en línea: $ 89.7 millones
• Marketing en redes sociales: $ 33.5 millones
• Marketing de rendimiento: $ 33.0 millones

Moderación de contenido y desarrollo de plataforma

El desarrollo de la plataforma y los costos de moderación de contenido alcanzaron los $ 64.5 millones en 2023.

Área de desarrollo	Costo anual ($ M)
Moderación de contenido	38.2
Mejora de la plataforma	26.3

Salarios de empleados y costos operativos

Los gastos totales relacionados con los empleados para 2023 fueron de $ 312.6 millones.

• Salarios base: $ 218.4 millones
• Beneficios y compensación: $ 64.2 millones
• Reclutamiento y capacitación: $ 30.0 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2023 ascendieron a $ 103.8 millones.

Área de enfoque de I + D	Inversión ($ m)
AI y aprendizaje automático	47.6
Innovación de la experiencia del usuario	36.2
Desarrollo de plataforma móvil	20.0

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negocios: flujos de ingresos

Comisión de reservas de viajes

A partir del cuarto trimestre de 2023, Liberty TripAdvisor Holdings generó $ 235 millones en ingresos por comisión de las reservas de viajes. Las tasas de comisión generalmente oscilan entre 5-15% por transacción.

Categoría de reserva	Porcentaje de comisión	Ingresos anuales (2023)
Reservas de hotel	8-12%	$ 142 millones
Alquiler de vacaciones	10-15%	$ 58 millones
Reservas de experiencia	5-10%	$ 35 millones

Ingresos publicitarios en línea

En 2023, los ingresos por publicidad en línea alcanzaron los $ 187 millones, lo que representa el 22% de los ingresos totales.

• Publicidad de exhibición: $ 98 millones
• Anuncios de viaje dirigidos: $ 65 millones
• Contenido patrocinado: $ 24 millones

Listados patrocinados y ubicaciones premium

Los listados patrocinados generaron $ 76 millones en 2023, con un costo de colocación promedio de $ 250- $ 1,500 por mes.

Tipo de listado	Costo mensual	Ingresos anuales
Listado patrocinado básico	$250-$500	$ 42 millones
Colocación premium	$750-$1,500	$ 34 millones

Servicios basados ​​en suscripción

Los ingresos por suscripción en 2023 totalizaron $ 54 millones.

• Suscripción comercial Pro: $ 39 millones
• Membresía de TripAdvisor Plus: $ 15 millones

Licencias de datos e información

La licencia de datos generó $ 42 millones en 2023, con clientes clave que incluyen agencias de viajes, grupos de hospitalidad y firmas de investigación de mercado.

Segmento de clientes	Ingresos anuales de licencia
Agencias de viajes	$ 18 millones
Grupos de hospitalidad	$ 15 millones
Firmas de investigación de mercado	$ 9 millones

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.