TripAdvisor, Inc. (Trip): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des voyages en ligne, TripAdvisor a révolutionné comment des millions de voyageurs découvrent, comparent et réservent leurs voyages. En transformant ingénieusement le contenu généré par les utilisateurs en une puissante plate-forme mondiale, la société a créé un modèle commercial unique qui relie les voyageurs, les hôtels et les fournisseurs de services via un écosystème complexe de critiques, de recommandations et de services de réservation. Cette plongée profonde dans la toile du modèle commercial de TripAdvisor révèle l'éclat stratégique derrière leur 1,49 milliard de dollars Machine de revenus annuelle, offrant des informations sans précédent sur la façon dont un site Web de révision simple est devenu une puissance de l'industrie du voyage.

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: partenariats clés

Agences de voyage en ligne (OTA)

TripAdvisor s'associe aux grandes agences de voyage en ligne pour faciliter la réservation et la génération de revenus:

Partenaire	Détails du partenariat	2023 Volume de réservation
Réservation.com	Plateforme de réservation de référence et de commission	1,2 milliard de dollars de réservations brutes
Expedia	Réservation intégrée et partage de contenu	980 millions de dollars de réservations brutes

Provideurs d'hôtel et d'hébergement

Le réseau mondial d'hébergement comprend:

• Plus de 8,5 millions de propriétés énumérées dans le monde
• Partenariats avec des hôtels indépendants
• Réseaux hôteliers de la chaîne dans 220 pays

Compagnies aériennes et transport

Partenaire de transport	Type de partenariat	Volume de transaction annuel
Delta Airlines	Intégration de réservation	350 millions de dollars en réservations de vols
United Airlines	Contenu et collaboration de réservation	275 millions de dollars en réservations de vols

Boards touristiques locaux

• Partenariats actifs avec plus de 150 organisations de marketing de destination
• Accords de marketing collaboratif dans 45 pays
• Partage de contenu et initiatives promotionnelles

Partenaires de la technologie et de l'analyse des données

Partenaire technologique	Focus de partenariat	Investissement annuel
Google Cloud	Infrastructure et analyse de données	22 millions de dollars
Services Web Amazon	Cloud Computing et évolutivité	18 millions de dollars

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: Activités clés

Gestion de la plate-forme de contenu et de révision générée par les utilisateurs

Depuis le quatrième trimestre 2023, TripAdvisor gère:

• Plus d'un milliard de revues et d'opinions
• Environ 8,4 millions d'hébergement, de restaurants, d'expériences, de compagnies aériennes et de listes de croisières
• Plateformes disponibles en 43 langues et 49 marchés dans le monde

Métrique de la plate-forme	Volume total
Total des avis des utilisateurs	1,045,000,000
Visiteurs uniques mensuels	460,000,000

Services de réservation et de réservation de voyage

Performance de la plate-forme de réservation de TripAdvisor en 2023:

• 1,49 milliard de dollars en valeur de réservation brute
• 17,1 millions de propriétés et d'expériences réservables
• Taux de commission basé sur le clic: 35-40%

Publicité et marketing numériques

Métriques marketing et publicitaire pour 2023:

Catégorie	Données financières
Total des dépenses de marketing	308,4 millions de dollars
Revenus publicitaires numériques	213,7 millions de dollars

Développement d'applications de site Web et de mobile

• Téléchargements totaux d'applications mobiles: 75,3 millions
• Trafic mobile: 57% du trafic total de la plate-forme
• Investissement technologique annuel: 92,6 millions de dollars

Création et conservation du contenu de voyage

Métriques de génération de contenu:

Type de contenu	Volume
Guides de voyage totaux	4,200
Descriptions de destination	32,000

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: Ressources clés

Grande base de données d'utilisateurs globale et revue l'écosystème

Au quatrième trimestre 2023, TripAdvisor a rapporté:

• Visiteurs uniques mensuels totaux: 460 millions
• Revues et opinions cumulatives: plus de 1,5 milliard
• Nombre d'utilisateurs enregistrés: environ 490 millions

Métriques de la base de données des utilisateurs	Quantité
Total des utilisateurs enregistrés	490 millions
Visiteurs uniques mensuels	460 millions
Revues cumulatives	1,5 milliard

Algorithmes de recommandation et de notation avancés

L'infrastructure technologique de TripAdvisor comprend:

• Les algorithmes d'apprentissage automatique traitent plus de 500 millions d'interactions par utilisateur mensuelles
• Moteur de recommandation en temps réel analysant plus de 20 points de données par utilisateur

Solide reconnaissance de la marque dans le secteur des voyages

Métriques d'évaluation de la marque:

Métrique de la marque	Valeur
Valeur de marque	2,1 milliards de dollars
Classement mondial des marques (secteur des voyages)	Top 3

Contenu de voyage étendu et avis générés par les utilisateurs

Statistiques du volume de contenu:

• Aménageux répertorié: 8,6 millions
• Restaurants répertoriés: 6,2 millions
• Attractions répertoriées: 4,8 millions

Infrastructure technologique propriétaire

Détails de l'investissement technologique:

Catégorie d'investissement technologique	Dépenses annuelles
Recherche et développement	187 millions de dollars
Infrastructure technologique	92 millions de dollars

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: propositions de valeur

Informations et avis sur les voyages complets gratuits

Depuis le quatrième trimestre 2023, TripAdvisor accueille plus de 1,5 milliard de revues de voyageurs et d'opinions couvrant plus de 8,6 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières dans le monde.

Catégorie de contenu	Listes totales	Pourcentage de couverture mondiale
Logements	5,2 millions	60.5%
Restaurants	2,3 millions	26.7%
Expériences / visites	880,000	10.2%
Autres services de voyage	220,000	2.6%

Système de notation transparent des voyageurs

Le système de notation de TripAdvisor traite environ 290 millions de revues mensuelles des visiteurs uniques avec une moyenne de 265 nouvelles avis soumis à chaque minute.

• Longueur moyenne de la revue: 325 mots
• Taux de vérification: avis authentiques à 92%
• Revoir les langues prises en charge: 28

Comparaison des prix sur plusieurs services de voyage

En 2023, TripAdvisor a comparé les prix sur plus de 700 sites de réservation avec un potentiel d'épargne moyen de 15,6% pour les voyageurs.

Catégorie de réservation	Sites de comparaison des prix moyens	Pourcentage d'épargne moyen
Hôtels	325 sites	17.3%
Vols	215 sites	12.9%
Location de vacances	160 sites	14.2%

Outils de réservation et de planification conviviaux

La plate-forme de réservation de TripAdvisor a traité 31,4 millions de réservations en 2023, avec un taux de réservation mobile de 62% du total des transactions.

• Temps d'achèvement moyen de réservation: 4,2 minutes
• Téléchargements d'applications mobiles: 78 millions
• Durée moyenne de la session utilisateur: 7,6 minutes

Recommandations de voyage personnalisées

Algorithmes d'apprentissage automatique Processus 1,9 milliard d'interactions utilisateur mensuellement pour générer des suggestions de voyage personnalisées.

Type de recommandation	Interactions mensuelles	Précision de la personnalisation
Recommandations de l'hôtel	850 millions	73.4%
Suggestions de restaurants	620 millions	68.7%
Expérience de correspondance	430 millions	65.2%

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

Plateforme d'examen et de notation axée sur la communauté

Au quatrième trimestre 2023, TripAdvisor accueille 1,08 milliard de critiques et d'opinions au total couvrant 8,8 millions d'hébergement, restaurants, expériences, compagnies aériennes et croisières dans le monde.

Métriques de la plate-forme	2023 données
Total des avis des utilisateurs	1,08 milliard
Catégories de voyage couvertes	8,8 millions
Utilisateurs actifs mensuels	463 millions

Engagement de contenu généré par l'utilisateur

La stratégie de contenu générée par l'utilisateur de TripAdvisor implique:

• Vérifié les revues du processus d'authentification
• Téléchargements de contenu photo et vidéo
• Système de classement des contributions des utilisateurs

Algorithmes de recommandation de voyage personnalisés

Les algorithmes d'apprentissage automatique analysent 463 millions de préférences par les utilisateurs actifs mensuels, générant des recommandations de voyage personnalisées.

Mécanismes de support client et de rétroaction

Canal de support	Métriques de réponse
Assistance par e-mail	Réponse garantie de 72 heures
Centre d'aide en ligne	Disponibilité 24/7
Forums communautaires	Interactions utilisateur en temps réel

Programmes de fidélité et incitations des utilisateurs

Les stratégies d'engagement des utilisateurs de TripAdvisor comprennent:

• Badges contributeurs et systèmes de classement
• Accumulation de points pour les examinateurs actifs
• Crédits de voyage pour les soumissions de contenu de haute qualité

En 2023, TripAdvisor a rapporté que 85% des utilisateurs s'appuient sur des examens de plate-forme pour la prise de décision de voyage, démontrant une forte efficacité de la relation client.

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: canaux

Applications mobiles

Téléchargements d'applications mobiles de TripAdvisor au cours du troisième trimestre 2023: 460 millions de téléchargements totaux d'applications à l'échelle mondiale.

Plate-forme	Utilisateurs actifs mensuels	Cote d'application
IOS App Store	38,2 millions	4.7/5
Google Play Store	42,5 millions	4.5/5

Plateformes de site Web

Tripadvisor.com Trafic de site Web en 2023: 490 millions de visiteurs uniques mensuels.

• Disponible en 28 langues
• Fonctionne sur 49 marchés mondiaux
• Plus d'un milliard de critiques et d'opinions générées par les utilisateurs

E-mail marketing

Email Base d'abonné en 2023: 84,3 millions d'utilisateurs enregistrés.

Email Campagne Métrique	Valeur
Taux d'ouverture moyen	22.4%
Taux de clics	3.7%

Réseaux de médias sociaux

Les suiveurs des médias sociaux comptent en décembre 2023:

Plate-forme	Abonnés
Facebook	6,2 millions
Gazouillement	1,9 million
Instagram	3,6 millions

Réseaux de marketing d'affiliation

Performance du réseau d'affiliation en 2023:

• Partenaires totaux d'affiliation: 702
• Revenus affiliés: 328 millions de dollars
• Taux de conversion: 4,6%

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

TripAdvisor cible les voyageurs de loisirs avec 456 millions de visiteurs uniques mensuels dans le monde au quatrième trimestre 2023. La plate-forme dessert environ 171 pays avec du contenu lié aux voyages.

Caractéristiques du segment	Données statistiques
Tranche d'âge	25-54 ans (68% de la base d'utilisateurs)
Dépenses de voyage annuelles	3 154 $ par voyageur
Utilisateurs d'applications mobiles	62 millions d'utilisateurs actifs mensuels

Voyageurs d'affaires

TripAdvisor capture 22% du segment du marché des voyages d'affaires avec des outils de voyage commerciaux spécialisés.

• Valeur de réservation moyenne des voyageurs d'affaires: 752 $
• Soumissions d'examen des voyages d'entreprise: 1,3 million par an
• Engagement de la plate-forme des voyageurs d'affaires: 43 minutes par session

Touristes soucieux du budget

Le segment budgétaire représente 37% de la base d'utilisateurs de TripAdvisor avec des modèles de recherche spécifiques.

Métriques de voyage à petit budget	Valeur
Remise de réservation moyenne	17.6%
Recherches d'hôtel à petit budget	124 millions par mois
Clics de garantie de prix le plus bas	8,3 millions par trimestre

Passionnés de voyage de luxe

Le segment de voyage de luxe génère 1,2 milliard de dollars de revenus de réservation annuelle pour TripAdvisor.

• Réservation moyenne de voyage de luxe: 3 450 $
• Avis sur l'hôtel de luxe: 2,1 millions par an
• Recherches de destination haut de gamme: 16% du trafic total de la plate-forme

Voyageurs internationaux fréquents

Les voyageurs internationaux représentent 29% de la base d'utilisateurs totale de TripAdvisor.

Métriques de voyage internationales	Données statistiques
Réservations transfrontalières	2,7 milliards de dollars par an
Planificateurs de voyage à plusieurs pays	38% des utilisateurs internationaux
Langues de revue internationale	28 langues prises en charge

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût annuel de technologie et d'infrastructure pour TripAdvisor en 2022: 178,3 millions de dollars

Catégorie de coûts	Montant des dépenses (2022)
Services de cloud computing	62,4 millions de dollars
Maintenance du serveur	41,6 millions de dollars
Infrastructure réseau	35,2 millions de dollars
Cybersécurité	39,1 millions de dollars

Marketing et acquisition de clients

Total des dépenses de marketing en 2022: 340,5 millions de dollars

• Dépenses publicitaires numériques: 187,2 millions de dollars
• Marketing de performance: 93,6 millions de dollars
• Campagnes de marketing de marque: 59,7 millions de dollars

Modération du contenu et gestion des plateformes

Coûts annuels de modération du contenu: 45,8 millions de dollars

Activité de modération	Coût
Équipe d'examen manuel	22,3 millions de dollars
Outils de modération automatisés	15,6 millions de dollars
Conformité légale	7,9 millions de dollars

Recherche et développement

Dépenses de R&D en 2022: 112,6 millions de dollars

• Développement de produits: 67,4 millions de dollars
• IA et apprentissage automatique: 28,9 millions de dollars
• Amélioration de l'expérience utilisateur: 16,3 millions de dollars

Salaires des employés et dépenses opérationnelles

Total des dépenses opérationnelles en 2022: 512,7 millions de dollars

Catégorie de dépenses	Montant
Salaires des employés	342,8 millions de dollars
Avantages et compensation	89,4 millions de dollars
Frais de fonctionnement de bureau	80,5 millions de dollars

TripAdvisor, Inc. (Trip) - Modèle d'entreprise: sources de revenus

Commission des réservations de voyage

En 2022, TripAdvisor a généré 1,49 milliard de dollars de revenus totaux, avec une partie importante des commissions de réservations de voyage. L'entreprise gagne environ 3 à 5% de commission sur les réservations hôtelières via sa plate-forme.

Type de réservation	Taux de commission	Revenus annuels estimés
Réservations d'hôtel	3-5%	450 à 750 millions de dollars
Réservations de restaurants	5-7%	100 à 200 millions de dollars
Réservations d'expérience / visites	10-15%	200 $ - 300 millions de dollars

Revenus publicitaires

La publicité constitue une source de revenus substantielle pour TripAdvisor. En 2022, les revenus publicitaires ont atteint environ 831 millions de dollars.

• Afficher la publicité sur le site Web et les plateformes mobiles
• Solutions de marketing ciblées pour les entreprises de voyage
• Modèle publicitaire coût par clic

Listes parrainées et placements premium

TripAdvisor offre une visibilité des entreprises à des entreprises grâce à des listes parrainées, générant environ 250 à 300 millions de dollars par an.

Type de placement	Coût mensuel	Revenus annuels estimés
Hôtels de placement supérieurs	$500-$2,000	150 à 200 millions de dollars
Projecteur du restaurant	$200-$800	50 à 75 millions de dollars

Services basés sur l'abonnement

La plate-forme commerciale TripAdvisor génère des revenus grâce à des services d'abonnement aux entreprises de l'hôtellerie et du tourisme.

• Avantage commercial TripAdvisor: 199 $ - 349 $ par mois
• Liste des entreprises premium: 299 $ - 499 $ par mois
• Revenus d'abonnement annuel estimé: 50 à 100 millions de dollars

Licence et idées de données

TripAdvisor monétise ses vastes données de voyage grâce à des services de licence et d'informations, générant environ 30 à 50 millions de dollars par an.

Produit de données	Prix	Marché cible
Rapports de tendance de voyage	$5,000-$25,000	Agences de voyage
Insistance au comportement des consommateurs	$10,000-$50,000	Conseils touristiques

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Value Propositions

You're looking at the core value Tripadvisor, Inc. (TRIP) delivers across its different customer groups as of late 2025. It's a mix of massive content scale and targeted transaction platforms.

For Travelers: Trusted, comprehensive user-generated content for planning

The primary value proposition remains the sheer volume and depth of traveler-generated insights. The platform crossed over one billion user reviews and ratings in 2024, which is a massive data moat. In 2024 alone, travelers shared nearly 80 million contributions, which included 31.1 million reviews and 38.1 million photos and videos. This content directly influences decisions; for instance, 79% of travelers read 6-12 reviews before booking a hotel, and 58% do the same for a restaurant choice. Furthermore, 76% of Tripadvisor users stated that traveler-submitted images impacted their booking decision the most. The content base is global, with Europe contributing 51.86% of reviews and North America contributing 25.21%. Still, maintaining trust is key; the estimated percentage of fake reviews in 2023 stood at about 8.8%. The platform supports this content with over eight million listings globally.

Here's a quick look at the content scale:

Metric	Value	Context/Date
Total User Reviews & Ratings	Over 1 billion	As of 2024
Total Traveler Contributions (2024)	Nearly 80 million	Includes reviews, photos, and videos
Reviews Submitted (2024)	31.1 million	Part of 2024 contributions
Photos/Videos Submitted (2024)	38.1 million	Part of 2024 contributions
Fake Reviews Estimated Percentage	8.8%	As of 2023

For Travelers: Seamless booking for experiences via Viator

Tripadvisor is heavily pivoting toward transaction-based revenue, with Viator leading the charge in the experiences category. For the second quarter of 2025, Viator reported revenue of $270 million, marking an 11% increase year-over-year. This growth translated into significant booking activity; experience booking volumes increased 15% in Q2 2025, reaching 6.2 million. The total Gross Bookings Value (GBV) for experiences hit $1.3 billion in the quarter, up 13%. The profitability of this segment is also improving, with Q2 2025 Adjusted EBITDA reaching $32 million, or approximately 12% of revenue, a margin improvement of nearly 800 basis points compared to the prior year period. Experiences and dining, as a combined segment, now represent nearly 60% of group revenue when paired with TheFork.

For Businesses: Targeted advertising and direct customer access

For businesses, the value is in visibility and direct customer connection, though the traditional advertising model faces headwinds. The core Brand Tripadvisor segment generated $242 million in revenue in Q2 2025, despite a 3% year-over-year decline. Within this, the media and advertising revenue component saw a sharp 13% year-over-year decline in Q2 2025, reflecting market dynamics. However, the segment remains a significant profit center, posting an Adjusted EBITDA of $66 million, which is 27% of revenue. Businesses use this platform to gain credibility; for example, properties that respond to 40% to 65% of reviews maintain an average rating of 4.05. Advertising still constitutes about 60% of Tripadvisor's total revenue.

For Restaurants: Reservation software and diner acquisition through TheFork

TheFork provides restaurants with a dedicated channel for diner acquisition and reservation management. In Q2 2025, TheFork delivered strong growth, with revenue rising 28% year-over-year to $54 million. This growth is supported by strong adoption of its B2B subscription plans, which drive about 10% of the group's total revenue from subscriptions. The operational efficiency is clear: TheFork's Adjusted EBITDA margin improved by 900 basis points to reach 16% in Q2 2025, with its Adjusted EBITDA showing a 184% improvement year-over-year. Overall bookings volume for TheFork's branded channel grew 13% in the quarter.

TheFork's Q2 2025 performance metrics:

• Revenue: $54 million (28% growth YoY)
• Adjusted EBITDA Margin: 16% (900 bps improvement)
• B2B Subscription Revenue: Contributes to about 10% of total group revenue

For Investors: A simplified capital structure post-Liberty merger (April 2025)

For investors, the value proposition centers on corporate simplification and enhanced strategic flexibility. Tripadvisor finalized its merger with Liberty TripAdvisor on April 29, 2025. This transaction simplified the capital structure into a single class of shares outstanding with no controlling stockholder. The deal resulted in a net reduction of its share count outstanding of approximately 23.8 million shares. The total transaction value was approximately $430 million based on the April 28, 2025 closing price. Preferred shareholders received a mix of approximately $42.5 million in cash and 3,037,959 common shares, while Series A and B common stockholders received about $20 million in cash in aggregate. Approximately $326 million of Exchangeable Senior Debentures were repaid. Operationally, the group posted consolidated Q2 2025 revenue of $529 million and Adjusted EBITDA of $107 million (a 20% margin). Free Cash Flow for Q2 2025 reached $177 million, and total Cash and Cash Equivalents stood at $1.21 billion as of June 30, 2025. Finance: draft 13-week cash view by Friday.

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Customer Relationships

You're looking at how Tripadvisor, Inc. (TRIP) manages its interactions with the millions of travelers and thousands of partners that form its ecosystem as of late 2025. The relationships are increasingly bifurcated, moving away from the legacy self-service model toward managed, high-growth marketplaces.

Self-service platform for travelers (reviews, price comparison)

The core Tripadvisor platform remains a massive self-service resource, though its revenue contribution is shrinking relative to experiences. The platform's sheer scale defines the relationship here; it's a destination for research, not just booking. For instance, Tripadvisor.com saw approximately 120 million visits in February 2025, cementing its place as a top-tier travel site. The relationship is built on trust in user-generated content, where travelers rely heavily on peer feedback before committing funds. To illustrate this reliance, 79% of travelers report reading between 6 to 12 reviews before choosing a hotel. Furthermore, properties that actively engage by responding to reviews see better outcomes; those responding to 40% to 65% of reviews maintain an average rating of 4.05. However, maintaining trust is an ongoing battle, as the percentage of fake reviews carried out in 2023 rose to 8.8% of all reviews that year. This segment's direct financial relationship with the traveler, primarily through hotel price comparison referrals, saw its revenue decline in the third quarter of 2025, reporting $235 million, an 8% year-over-year drop.

Automated, digital relationship management for Viator/TheFork partners

For Viator and TheFork, the relationship shifts to a more managed, transactional one, leveraging digital automation for scale. Viator, the experiences marketplace, maintains direct relationships with over 65,000 operators. This platform is expanding its offerings, now featuring approximately 400,000 bookable experiences. The digital management is reflected in the strong growth of these segments; Viator's revenue in the third quarter of 2025 reached $295 million, marking a 9% increase year-over-year, with bookings up approximately 15%. The profitability of this relationship is improving significantly, as Viator's adjusted EBITDA for Q3 2025 hit $50 million, a 63% jump from the prior year. TheFork, focusing on restaurant reservations, showed even more explosive growth, with Q2 2025 revenue increasing 28.6% to $54 million. These two marketplaces are now central to the company's financial health, generating around 60% of Tripadvisor's total revenue in the year leading up to Q3 2025. TheFork is expected to continue achieving mid-teens revenue growth going forward.

Here's a quick look at the marketplace performance as of the third quarter of 2025:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Revenue Change	Q3 2025 Adjusted EBITDA (Millions USD)
Viator	$295	+9%	$50
Brand Tripadvisor	$235	-8%	-$59 (Loss)

Dedicated sales teams for large hotel and media advertisers

While the self-service model dominates the traveler side, direct sales engagement is necessary for large-scale advertising partners, particularly within the Brand Tripadvisor segment. This relationship focuses on monetizing the platform's traffic through media placements. For context, the full-year media and advertising revenue for the Brand Tripadvisor segment in 2024 reached $150 million. The value proposition for these advertisers is clear: restaurants using TripAdvisor Ads historically captured 5 points higher % incremental revenue compared to those without.

Social media engagement and community building around travel

Tripadvisor, Inc. (TRIP) continues to foster community engagement across social channels to support its brand and drive traffic, especially to its experiences platforms. The strategy involves prioritizing resources to support experiences and data strategies, which inherently relies on digital community interaction. While specific 2025 engagement metrics like follower growth or interaction rates aren't detailed in the latest reports, the overall platform scale suggests a massive underlying community:

• Tripadvisor is nearing 900 million registered users.
• The platform aims to be the world's most trusted source for travel and experiences.
• The company is actively integrating AI-driven tools to enhance personalization, a key element in modern digital relationship management.

Subscription service (Tripadvisor Plus) for premium traveler benefits

The Tripadvisor Plus subscription service is designed to deepen the relationship with high-value, loyal travelers by offering exclusive benefits. This aims to create a stickier customer base, moving them away from purely transactional, comparison-based interactions. While the strategic importance of this premium offering is recognized in the overall pivot toward direct customer relationships, specific 2025 financial metrics, such as subscriber count or revenue contribution from Tripadvisor Plus, are not explicitly detailed in the recent earnings summaries available.

Finance: draft 13-week cash view by Friday.

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Channels

You're looking at how Tripadvisor, Inc. (TRIP) gets its product-travel planning, reviews, and bookings-into the hands of travelers as of late 2025. The channel strategy is clearly bifurcated between the legacy content/meta-search business and the high-growth marketplace businesses.

Core Tripadvisor website and mobile application (primary channel)

The main Tripadvisor website and its associated mobile application still serve as a massive top-of-funnel destination, though its direct revenue contribution is shifting. In October 2025, tripadvisor.com received 98.28 million visits, with users spending an average of 07:04 on the site. Mobile traffic accounted for 62.56% of total website traffic, while desktop accounted for 37.44%. For context, in February 2025, the site saw approximately 120 million visits. The Brand Tripadvisor segment, which encompasses this core platform's hotel meta-search and media revenue, reported revenue of $235 million in Q3 2025, representing an 8% decline year-over-year. Still, the Brand Tripadvisor Adjusted EBITDA margin remained strong at 25% of revenue in Q3 2025, showing profitability focus over growth in this channel.

The platform's reach is substantial:

• Total unique users across app and website in 2024 was 150.2 million.
• The platform hosts over 1 billion reviews.
• Europe contributed 51.86% of user-generated content, with North America at 25.21%.

Viator.com and TheFork.com dedicated marketplace platforms

These two dedicated marketplaces are the primary growth engines for Tripadvisor, Inc. (TRIP). In the last twelve months leading up to Q3 2025, Viator and TheFork together accounted for almost 60% of Group revenue. TheFork, the restaurant booking platform, showed the strongest recent growth, delivering Q3 2025 revenue of $63 million, a 28% increase year-over-year. Viator, the experiences booking platform, generated Q3 2025 revenue of $294 million, up 9% year-over-year, driven by an 18% rise in experience bookings. Gross Booking Value (GBV) for the group was $1.3 billion in Q2 2025.

Here's how the revenue split looked in Q3 2025:

Channel Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth Rate
Viator	$294 million	9%
TheFork	$63 million	28%
Brand Tripadvisor (Meta/Media)	$235 million	-8%

Direct search engine traffic (SEO) and paid marketing channels

Direct traffic, heavily influenced by Search Engine Optimization (SEO) and paid search (SEM), remains a critical component, though the company is actively managing its reliance on it due to structural headwinds. In October 2025, Search Engines accounted for 13.97% of referral web traffic to tripadvisor.com. The Brand Tripadvisor segment experienced revenue decline partly due to traffic volume headwinds affecting both free and paid channels. Marketing costs for the consolidated group were 41% of revenue in Q3 2025. The shift is evident as Viator saw modest leverage from a more efficient marketing channel mix, while Brand Tripadvisor saw deleverage due to traffic pressures.

Affiliate marketing networks and third-party travel blogs

Traffic from third-party sources, including affiliates and blogs, contributes significantly to the overall ecosystem. In October 2025, Referral Web Traffic categorized as Travel and Tourism - Other made up 40.31% of referrals to tripadvisor.com. Furthermore, growth in third-party points of sale for experiences continued to outpace the overall segment growth in Q3 2025.

Direct integrations with partner sites (e.g., hotel booking engines)

Direct integrations, often related to the hotel meta-search business within the Brand Tripadvisor segment, are a key part of the legacy channel. In Q1 2025, the Brand Supervisor point of sale was noted as being very profitable, with well over half of its revenue coming through direct channels. The company is also leveraging AI integrations, as seen by the testing of conversational AI at TheFork and the integration of Tripadvisor/TheFork into ChatGPT apps. AI Chatbots and Tools accounted for 17.62% of referral web traffic to tripadvisor.com in October 2025.

Finance: draft 13-week cash view by Friday.

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Customer Segments

You're looking at the customer base of Tripadvisor, Inc. (TRIP) as of late 2025, which is clearly bifurcated between the massive, established user base driving the core platform and the high-growth marketplace customers on Viator and TheFork. The platform attracts nearly 400M monthly travelers globally, built upon close to 900 million registered users.

The composition of this massive audience shows a strong mobile preference, with mobile device traffic representing 62.56% of total website traffic. Geographically, the user-generated content is heavily weighted toward Europe, which contributed 51.86% of reviews, followed by North America at 25.21%. For these travelers, trust is paramount; 79% of them report reading between 6 to 12 reviews before choosing a hotel, and 76% say traveler-submitted photos influence their booking decision.

The customer segments can be broken down by how they interact with the platform's revenue-generating arms:

• Global, independent travelers seeking planning and booking tools: This is the core audience for the Brand Tripadvisor segment, which generated $235 million in revenue in Q3 2025, marking an 8% year-over-year decline.
• Hotels, airlines, and large travel advertisers (legacy B2B segment): These businesses pay for visibility, primarily through the Brand Tripadvisor segment. Media and advertising revenue specifically declined by 11% in Q3 2025.
• Local tour operators and activity providers (Viator supply side): This segment is the growth engine, with Viator revenue hitting $294 million in Q3 2025, a 9% year-over-year increase. This platform supports over 400,000+ bookable experiences worldwide.
• Restaurants and dining establishments (TheFork supply side): TheFork is showing the fastest growth, with Q3 2025 revenue of $63 million, up 28% year-over-year. It serves over 55,000 bookable restaurants across 11 countries in Europe.
• Cost-conscious travelers using the price comparison meta-search: These users primarily interact with the hotel meta-search function within the Brand Tripadvisor segment, which is facing SEO headwinds.

The strategic shift is evident in the revenue mix, where Viator and TheFork now represent nearly 60% of the consolidated group revenue as of Q3 2025.

Here's a quick look at the Q3 2025 revenue contribution from the primary operating segments:

Customer Segment Driver	Q3 2025 Revenue ($M)	Year-over-Year Change	Segment Adjusted EBITDA ($M)
Brand Tripadvisor (Hotels/Meta-Search/Ads)	235	-8%	59
Viator (Experiences)	294	+9%	50
TheFork (Restaurants)	63	+28%	14
Consolidated Total	553	+4%	123

The legacy Brand Tripadvisor segment still contributes the largest share of profit, with an Adjusted EBITDA of $59 million (or 25% margin), but Viator's profitability is accelerating, posting $50 million in Adjusted EBITDA with a margin improvement of 550 basis points. TheFork delivered a 22% margin on its $14 million Adjusted EBITDA.

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Cost Structure

The Cost Structure for Tripadvisor, Inc. is heavily weighted toward driving traffic and maintaining its global technology platform. You see a clear pattern of significant investment in customer acquisition, which is a hallmark of a high-volume, ad-supported and marketplace business.

Significant marketing and advertising spend to acquire traffic remains a top cost driver. For the full year ended December 31, 2024, marketing costs totaled $729 million, representing 40% of consolidated revenue. This spend covers traffic acquisition costs like paid online channels, social media, and brand advertising. To be fair, even in the first quarter of 2025, marketing costs rose to $172 million, up 6% year-over-year, showing continued investment despite the strategic pivot.

Technology development and infrastructure costs are substantial, supporting the platform maintenance and the push toward AI integration. For the full year 2024, technology expenses were $91 million, which was 5% of consolidated revenue, marking a 14% increase from the prior year. This spend includes data center costs, cloud-based solutions, and content localization, all critical for the planned AI-native MVP launch.

Personnel expenses (salaries) for product development and moderation form another major fixed cost base. Full-year 2024 personnel costs were $595 million, or 32% of consolidated revenue. This figure includes stock-based compensation. Following a strategic realignment announced in late 2025, the company is enacting a workforce reduction of about 20%, or approximately 450 people, to create a leaner organization.

Costs of revenue, primarily transaction processing fees for marketplaces, scale directly with the growth of the booking segments like Viator and TheFork. For the full year 2024, Cost of Sales was $131 million, accounting for 7% of consolidated revenue. More recently, in the third quarter of 2025, Cost of Sales was $41 million, or 7.4% of that quarter's consolidated revenue.

The company is actively working to optimize this structure. Tripadvisor, Inc. has confirmed planned annualized gross cost savings of at least $85 million, which is expected to be realized throughout 2026, stemming from the operational realignment and headcount reduction.

Here's a quick math look at the major cost components based on the latest full-year figures:

Cost Category	Full Year 2024 Amount (in millions USD)	Percentage of 2024 Consolidated Revenue
Marketing Costs	$729	40%
Personnel Expenses	$595	32%
Cost of Sales	$131	7%
Technology Costs	$91	5%

You can see the breakdown of the major operating expenses below:

• Full Year 2024 General and Administrative expenses: $91 million.
• Full Year 2024 Depreciation and Amortization: $85 million.
• Q1 2025 Personnel Costs: $144 million.
• Q3 2025 Total Costs and Expenses: $483 million.

Tripadvisor, Inc. (TRIP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Tripadvisor, Inc. makes money as of late 2025. The company is clearly pivoting, with its marketplace businesses driving the bulk of the top line. Honestly, the numbers show a significant shift away from the legacy media model.

Experiences and Dining revenue, primarily from the Viator and TheFork segments, now represent nearly 60% of total revenue over the last twelve months, anchoring the new strategy. For the third quarter ended September 30, 2025, these two segments generated $357 million in revenue ($294 million from Viator and $63 million from TheFork), which was approximately 64.5% of the consolidated quarterly revenue of $553 million.

Here's a quick look at the revenue components we can quantify from the Q3 2025 results, mapping them to the business model elements:

Revenue Stream Component	Segment/Category	Q3 2025 Revenue Amount
Experiences and Dining Marketplaces (Viator/TheFork)	Viator Segment Revenue	$294 million
Experiences and Dining Marketplaces (Viator/TheFork)	TheFork Revenue	$63 million
Click-based Advertising / Hotel Meta-Search (Portion of Brand)	Branded Hotels Revenue (Q2 2025 context)	$152 million (Q2 2025)
Display-based Advertising / Media Solutions (Portion of Brand)	Media and Advertising Revenue (Q3 2025)	Data not isolated from Brand decline

The revenue derived from the core marketplace transactions-which is essentially the commission on bookings through Viator and TheFork marketplaces-is the dominant factor here. Viator revenue grew 9% year-over-year in Q3 2025 to $294 million, while TheFork saw a strong 28% growth to $63 million for the same period. This marketplace focus is where the company is directing its primary investment.

For the legacy Brand Tripadvisor segment, which houses the advertising revenue streams, the performance was more challenging in Q3 2025:

• Click-based advertising revenue from hotel meta-search partners, represented by Branded Hotels revenue, declined 5% year-over-year in Q3 2025.
• Display-based advertising and media solutions for travel brands, represented by Media and advertising revenue, saw a decline of 11% in Q3 2025.

The total Brand Tripadvisor revenue for Q3 2025 was $235 million, reflecting an 8% year-over-year decline. This decline is what management is addressing by narrowing focus and simplifying the portfolio.

Regarding subscription fees from Tripadvisor Plus and TheFork restaurant software, specific 2025 financial amounts aren't explicitly itemized in the latest reports, but the strategy points to their importance. TheFork's growth was partly driven by the adoption of premium reservation software, suggesting this software revenue stream is growing. Tripadvisor Plus is a key part of the strategy to enhance Brand Tripadvisor profitability, but its standalone revenue contribution for 2025 is not detailed separately from the other Brand revenue lines.

Finance: draft 13-week cash view by Friday.