Liberty TripAdvisor Holdings, Inc. (LTRPB): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans l'écosystème de voyage numérique de Liberty TripAdvisor Holdings, Inc. (LTRPB), une plate-forme dynamique révolutionnant comment les voyageurs modernes découvrent, recherchent et réservent leur prochaine aventure. Ce modèle commercial innovant mélange de manière transparente du contenu généré par les utilisateurs, des algorithmes de recommandation de pointe et des partenariats stratégiques pour créer une expérience complète d'informations et de réservation de voyage qui rend des millions de voyageurs mondiaux avec des informations transparentes et issues de la foule et des outils numériques transparents.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les marques de voyage et d'hospitalité

Liberty TripAdvisor Holdings maintient des partenariats stratégiques avec de multiples marques de voyage et d'hôtellerie:

Catégorie de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Chaînes d'hôtel	127	42,3 millions de dollars
Réseaux aériens	84	29,7 millions de dollars
Conduites de croisière	53	18,5 millions de dollars

Réseaux de publicité en ligne et plateformes de marketing numérique

Les principaux partenariats de marketing numérique comprennent:

• Réseau Google Ads
• Plateforme de publicité Facebook
• Publicité Microsoft
• Échanges d'annonces programmatiques

Plate-forme	Dépenses publicitaires annuelles	Atteindre
Publicités Google	37,6 millions de dollars	Mondial
Publicités Facebook	22,4 millions de dollars	Démographique ciblé

Fournisseurs de technologie pour l'infrastructure d'applications sur le site Web et les applications mobiles

Partenariats sur les infrastructures technologiques:

• Services Web Amazon
• Microsoft Azure
• Google Cloud Platform

Fournisseur de technologie	Coût annuel d'infrastructure	Niveau de service
Services Web Amazon	18,9 millions de dollars	Niveau d'entreprise
Microsoft Azure	12,5 millions de dollars	Niveau d'entreprise

Créateurs de contenu et contributeurs de révision générés par les utilisateurs

Statistiques de contribution des utilisateurs:

Type de contributeur	Nombre de contributeurs	Volume d'examen annuel
Utilisateurs enregistrés	490 millions	78 millions d'avis
Écrivains de voyage professionnels	3,200	24 000 avis professionnels

Fournisseurs de services de voyage et plateformes de réservation

Partagership de plate-forme de réservation:

Plate-forme de réservation	Volume de transaction annuel	Taux de commission
Réservation.com	127,6 millions de dollars	12-15%
Groupe Expedia	93,4 millions de dollars	10-13%
Airbnb	56,2 millions de dollars	9-12%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: Activités clés

Exploitation de la plateforme de révision et de réservation de voyage en ligne

Au quatrième trimestre 2023, TripAdvisor a maintenu 490 millions de visiteurs uniques mensuels moyens sur ses plateformes. La société exploite des sites Web en 28 langues et couvre 8,7 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières dans le monde.

Métrique de la plate-forme	Données quantitatives
Visiteurs uniques mensuels	490 millions
Langues prises en charge	28
Listes totales	8,7 millions

Développer et maintenir une technologie de recommandation de voyage numérique

TripAdvisor a investi 233,7 millions de dollars dans le développement de la technologie et du contenu en 2022, ce qui représente 18,4% des revenus totaux.

• Algorithmes d'apprentissage automatique pour les recommandations personnalisées
• Systèmes de vérification d'examen en temps réel
• Technologies de recherche et filtrage avancées

Agréger et conserver le contenu de voyage généré par l'utilisateur

La plate-forme accueille plus d'un milliard de revues et d'opinions de voyageurs à partir de 2023, avec environ 79 millions de soumissions de contenu générées par les utilisateurs par an.

Métrique de contenu	Quantité
Examen total	1 milliard
Soumissions de contenu annuelles	79 millions

Marketing numérique et stratégies d'engagement des utilisateurs

Les dépenses de marketing ont totalisé 401,2 millions de dollars en 2022, ce qui représente 31,6% des revenus totaux. L'entreprise utilise des approches de marketing numérique multicanal.

• Campagnes d'engagement des médias sociaux
• Marketing par e-mail ciblé
• Publicité numérique basée sur les performances

Amélioration continue de la plate-forme et développement de fonctionnalités

TripAdvisor a publié 372 mises à jour de produit et amélioration des fonctionnalités en 2022, en se concentrant sur l'optimisation mobile et les améliorations de l'expérience utilisateur.

Métrique de développement	Quantité
Mises à jour du produit en 2022	372
Téléchargements d'applications mobiles	46 millions

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: Ressources clés

Base de données d'examen des voyages générées par l'utilisateur

Au Q4 2023, la base de données de TripAdvisor contient:

• 1 milliard de revues et d'opinions totales
• 530 millions de visiteurs uniques mensuels moyens
• 8,8 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières énumérées

Métrique de la base de données	Quantité
Examen total	1,000,000,000
Visiteurs uniques mensuels	530,000,000
Propriétés / services répertoriés	8,800,000

Algorithmes de recommandation et de notation avancés

Le système de recommandation de TripAdvisor exploite:

• Algorithmes d'apprentissage automatique Traitement de plus de 100 points de données
• Technologie de personnalisation en temps réel
• Traitement du langage naturel pour l'analyse de la revue

Plateforme numérique forte et application mobile

Métriques de performance de la plate-forme:

• 46% du trafic des appareils mobiles
• Applications iOS et Android avec plus de 4,5 notes d'étoiles
• 24 langues prises en charge

Contenu de voyage mondial et réseau communautaire

Portée géographique	Couverture
Les pays couverts	49
Langues	24
Membres de la communauté mondiale	490,000,000

Reconnaissance de la marque sur le marché des informations de voyage en ligne

Métriques de positionnement du marché:

• Classé Plateforme de guidage de voyage n ° 1 à l'échelle mondiale
• 2023 Revenus: 1,5 milliard de dollars
• Capitalisation boursière: 2,3 milliards de dollars

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: propositions de valeur

Informations complètes de voyage et avis des utilisateurs

Depuis le quatrième trimestre 2023, la plate-forme TripAdvisor accueille plus d'un milliard de critiques et d'opinions d'utilisateurs couvrant 8,6 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières dans le monde.

Catégorie	Nombre total d'examens	Couverture mondiale
Logements	628 millions	220+ pays
Restaurants	256 millions	190+ pays
Expériences	115 millions	150+ pays

Accès gratuit aux informations de destination mondiales

TripAdvisor fournit des informations de destination gratuites sur plusieurs plates-formes, y compris les applications mobiles et les interfaces Web.

• Utilisateurs actifs mensuels: 463 millions (Q4 2023)
• Téléchargements d'applications mobiles: 487 millions
• Disponible en 28 langues

Recommandations transparentes générées par les voyageurs

La plate-forme génère des recommandations basées sur des cotes et des avis de voyageurs cumulatifs de 1,4 milliard.

Type de recommandation	Pourcentage des critiques vérifiées
Recommandations de l'hôtel	92%
Recommandations du restaurant	88%
Découvrez des recommandations	85%

Outils de réservation et de comparaison faciles à utiliser

La plate-forme de réservation de TripAdvisor traite environ 5,4 milliards de dollars de réservations brutes par an.

• Taux de conversion de réservation moyenne: 6,2%
• Tarifs de commission: 12-15% par réservation
• Partenaires: 200+ agences de voyage en ligne

Aide à la planification des voyages personnalisée

L'algorithme de personnalisation axé sur l'IA génère des recommandations de voyage personnalisées pour les utilisateurs.

Métrique de personnalisation	Performance
Taux d'engagement des utilisateurs	73%
Précision de recommandation	85%
Répéter le taux d'utilisateur	62%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Au quatrième trimestre 2023, Liberty TripAdvisor Holdings a rapporté 463 millions d'utilisateurs mensuels uniques sur leurs plateformes numériques. La plateforme permet aux utilisateurs de réserver indépendamment 1,4 million d'hébergement et 5,2 millions d'expériences de voyage sans intervention humaine directe.

Métrique de la plate-forme numérique	Valeur
Utilisateurs uniques mensuels	463 millions
Total des hébergements répertoriés	1,4 million
Expériences totales de voyage	5,2 millions

Système d'examen et de notation axé sur la communauté

La plate-forme accueille 1,03 milliard de revues et de notes au total en 2023, avec une moyenne de 265 nouvelles avis publiées chaque minute dans le monde.

• Revues totales: 1,03 milliard
• Nouvelles critiques par minute: 265
• Taux d'achèvement de l'examen moyen: 78,6%

Algorithmes de recommandation personnalisés

Algorithmes d'apprentissage automatique Processus 2.7 Petaoctets de données d'interaction utilisateur mensuellement pour générer des recommandations de voyage personnalisées avec un taux d'engagement de l'utilisateur de 62,4%.

Engagement des utilisateurs via des fonctionnalités interactives

Les fonctionnalités interactives génèrent 3,6 millions d'interactions par jour, 48% des utilisateurs utilisant des plateformes mobiles pour l'engagement.

Support client via les canaux numériques

Les canaux de support numériques gèrent 92% des demandes des clients, avec un temps de réponse moyen de 27 minutes entre les plateformes par e-mail, chat et centres d'aide.

Métrique du support client	Valeur
Couverture d'assistance numérique	92%
Temps de réponse moyen	27 minutes
Canaux de support	E-mail, chat, centre d'aide

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: canaux

Plate-forme Web

TripAdvisor.com reçoit 463 millions de visiteurs mensuels uniques au quatrième trimestre 2023. Le site Web traite environ 661 millions d'avis et opinions couvrant 8,6 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières.

Métrique de la plate-forme	2023 données
Visiteurs uniques mensuels	463 millions
Examen total	661 millions
Listes couvertes	8,6 millions

Application mobile

L'application mobile de TripAdvisor a été téléchargée 487 millions de fois dans le monde. L'application prend en charge plus de 45 langues et fonctionne sur 22 marchés internationaux.

• Téléchargements totaux d'applications mobiles: 487 millions
• Langues prises en charge: 45+
• Marchés internationaux: 22

Intégration des médias sociaux

Les réseaux sociaux de TripAdvisor incluent:

Plate-forme	Nombre de suiveurs (2023)
Facebook	6,2 millions
Instagram	2,1 millions
Gazouillement	1,5 million

E-mail marketing

TripAdvisor maintient une base d'abonnés par e-mail de 39,6 millions d'utilisateurs actifs. Les taux d'ouverture des e-mails moyens sont de 22,3% sur différents types de campagnes.

Réseaux de marketing d'affiliation

TripAdvisor génère 1,49 milliard de dollars de revenus grâce à des partenariats de réservation en 2023. Les partenaires du réseau d'affiliation comprennent:

• Réservation.com
• Expedia
• Hotels.com
• Viator

Affilié des revenus	Valeur 2023
Revenus de réservation totale	1,49 milliard de dollars
Taux de commission	3-15%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

Depuis le quatrième trimestre 2023, le segment des voyages de loisirs de Liberty TripAdvisor Holdings représentait 68,4% des utilisateurs totaux de la plate-forme.

Groupe d'âge	Pourcentage d'utilisateurs
18-34 ans	42.3%
35 à 54 ans	36.7%
Plus de 55 ans	21%

Voyageurs d'affaires

Les voyageurs d'affaires représentaient 22,6% de la base d'utilisateurs de la plate-forme en 2023.

• Valeur de réservation de voyage commerciale annuelle moyenne: 3 750 $
• Fréquence des réservations de voyages d'affaires: 4,2 voyages par an
• Industries primaires: technologie, finance, conseil

Planificateurs de voyage et chercheurs

Métriques d'engagement de la plate-forme pour les planificateurs de voyage en 2023:

Métrique	Valeur
Temps de recherche moyen par réservation	7,3 heures
Critiques lues avant la réservation	12.6 Avis
Interactions de contenu généré par l'utilisateur	3,4 millions par jour

Consommateurs soucieux du budget

Caractéristiques du segment des voyageurs à petit budget en 2023:

• Pourcentage d'utilisateurs axés sur le budget: 47,2%
• Remise de réservation moyenne recherchée: 22,6%
• Canaux de réservation principaux: application mobile (63%), bureau (37%)

Voyages mondiaux avertis du numérique

Données mondiales du segment des voyageurs numériques pour 2023:

Région	Pourcentage d'utilisateur	Valeur de réservation moyenne
Amérique du Nord	41.3%	$1,850
Europe	28.7%	$1,620
Asie-Pacifique	22.5%	$1,450
Reste du monde	7.5%	$1,150

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, Liberty TripAdvisor Holdings a déclaré des coûts d'infrastructure technologique de 87,4 millions de dollars par an.

Catégorie de coûts	Dépenses annuelles ($ m)
Services cloud	42.3
Maintenance du serveur	22.1
Infrastructure réseau	23.0

Dépenses de marketing numérique

Les dépenses de marketing numérique pour 2023 ont totalisé 156,2 millions de dollars.

• Publicité en ligne: 89,7 millions de dollars
• Marketing des médias sociaux: 33,5 millions de dollars
• Marketing de performance: 33,0 millions de dollars

Modération du contenu et développement de plate-forme

Le développement de la plate-forme et les coûts de modération du contenu ont atteint 64,5 millions de dollars en 2023.

Zone de développement	Coût annuel ($ m)
Modération du contenu	38.2
Amélioration de la plate-forme	26.3

Salaires et frais opérationnels des employés

Les dépenses totales liées aux employés pour 2023 étaient de 312,6 millions de dollars.

• Salaires de base: 218,4 millions de dollars
• Avantages et rémunération: 64,2 millions de dollars
• Recrutement et formation: 30,0 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2023 s'élevaient à 103,8 millions de dollars.

Zone de focus R&D	Investissement ($ m)
IA et apprentissage automatique	47.6
Innovation de l'expérience utilisateur	36.2
Développement de plate-forme mobile	20.0

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modèle d'entreprise: Strots de revenus

Commission des réservations de voyage

Au quatrième trimestre 2023, Liberty TripAdvisor Holdings a généré 235 millions de dollars de revenus de commission des réservations de voyage. Les taux de commission se situent généralement entre 5 et 15% par transaction.

Catégorie de réservation	Pourcentage de commission	Revenus annuels (2023)
Réservations d'hôtel	8-12%	142 millions de dollars
Location de vacances	10-15%	58 millions de dollars
Expérience des réservations	5-10%	35 millions de dollars

Revenus publicitaires en ligne

En 2023, les revenus publicitaires en ligne ont atteint 187 millions de dollars, ce qui représente 22% des revenus totaux.

• Afficher la publicité: 98 millions de dollars
• Annonces de voyage ciblées: 65 millions de dollars
• Contenu sponsorisé: 24 millions de dollars

Listes parrainées et placements premium

Les listes sponsorisées ont généré 76 millions de dollars en 2023, avec un coût de placement moyen de 250 à 1 500 $ par mois.

Type d'inscription	Coût mensuel	Revenus annuels
Liste parrainée de base	$250-$500	42 millions de dollars
Placement premium	$750-$1,500	34 millions de dollars

Services basés sur l'abonnement

Les revenus d'abonnement en 2023 ont totalisé 54 millions de dollars.

• Abonnement Business Pro: 39 millions de dollars
• TripAdvisor Plus Adhésion: 15 millions de dollars

Licence et idées de données

Les licences de données ont généré 42 millions de dollars en 2023, avec des clients clés, notamment des agences de voyage, des groupes d'accueil et des sociétés d'études de marché.

Segment client	Revenus de licence annuelle
Agences de voyage	18 millions de dollars
Groupes d'hospitalité	15 millions de dollars
Sociétés d'études de marché	9 millions de dollars

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.