Liberty TripAdvisor Holdings, Inc. (LTRPB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no ecossistema de viagens digitais da Liberty TripAdvisor Holdings, Inc. (LTRPB), uma plataforma dinâmica que revoluciona como os viajantes modernos descobrem, pesquisam e reservam sua próxima aventura. Esse modelo inovador de negócios combina perfeitamente conteúdo gerado pelo usuário, algoritmos de recomendação de ponta e parcerias estratégicas para criar uma informação de viagem abrangente e uma experiência de reserva que capacite milhões de viajantes globais com insights transparentes e de origem da multidão e ferramentas digitais.

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: Parcerias -chave

Aliança estratégica com marcas de viagem e hospitalidade

Liberty TripAdvisor Holdings mantém parcerias estratégicas com várias marcas de viagens e hospitalidade:

Categoria de parceiro	Número de parcerias	Valor anual de colaboração
Correntes de hotéis	127	US $ 42,3 milhões
Redes de companhias aéreas	84	US $ 29,7 milhões
Linhas de cruzeiro	53	US $ 18,5 milhões

Redes de publicidade on -line e plataformas de marketing digital

As principais parcerias de marketing digital incluem:

• Google Ads Network
• Plataforma de publicidade do Facebook
• Publicidade da Microsoft
• Trocas programáticas de anúncios

Plataforma	Gasto anual de anúncios	Alcançar
Google anúncios	US $ 37,6 milhões	Global
Anúncios do Facebook	US $ 22,4 milhões	Demografia segmentada

Provedores de tecnologia para o site e infraestrutura de aplicativos móveis

Parcerias de infraestrutura de tecnologia:

• Amazon Web Services
• Microsoft Azure
• Plataforma do Google Cloud

Provedor de tecnologia	Custo anual de infraestrutura	Nível de serviço
Amazon Web Services	US $ 18,9 milhões	Enterprise Nível
Microsoft Azure	US $ 12,5 milhões	Enterprise Nível

Criadores de conteúdo e colaboradores de revisão gerados pelo usuário

Estatísticas de contribuição do usuário:

Tipo de colaborador	Número de colaboradores	Volume de revisão anual
Usuários registrados	490 milhões	78 milhões de críticas
Escritores de viagens profissionais	3,200	24.000 revisões profissionais

Provedores de serviços de viagem e plataformas de reserva

Reservando parcerias da plataforma:

Plataforma de reserva	Volume anual de transações	Taxa de comissão
Booking.com	US $ 127,6 milhões	12-15%
Grupo Expedia	US $ 93,4 milhões	10-13%
Airbnb	US $ 56,2 milhões	9-12%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: Atividades -chave

Plataforma de revisão e reserva on -line de viagem on -line

A partir do quarto trimestre de 2023, o TripAdvisor manteve 490 milhões de visitantes únicos mensais médios em suas plataformas. A empresa opera sites em 28 idiomas e abrange 8,7 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Métrica da plataforma	Dados quantitativos
Visitantes únicos mensais	490 milhões
Idiomas suportados	28
Listagens totais	8,7 milhões

Desenvolvendo e mantendo a tecnologia de recomendação de viagens digitais

A TripAdvisor investiu US $ 233,7 milhões em tecnologia e desenvolvimento de conteúdo em 2022, representando 18,4% da receita total.

• Algoritmos de aprendizado de máquina para recomendações personalizadas
• Sistemas de verificação de revisão em tempo real
• Tecnologias avançadas de pesquisa e filtragem

Agregando e curadoria de conteúdo de viagem gerado pelo usuário

A plataforma hospeda mais de 1 bilhão de análises e opiniões de viajantes a partir de 2023, com aproximadamente 79 milhões de envios de conteúdo gerados pelo usuário anualmente.

Métrica de conteúdo	Quantidade
Total de revisões	1 bilhão
Envios anuais de conteúdo	79 milhões

Estratégias de marketing digital e envolvimento do usuário

As despesas de marketing totalizaram US $ 401,2 milhões em 2022, representando 31,6% da receita total. A empresa utiliza abordagens de marketing digital multicanal.

• Campanhas de engajamento de mídia social
• Marketing por e -mail direcionado
• Publicidade digital baseada em desempenho

Aprimoramento contínuo da plataforma e desenvolvimento de recursos

O TripAdvisor lançou 372 atualizações de produtos e aprimoramentos de recursos em 2022, concentrando -se na otimização móvel e nas melhorias na experiência do usuário.

Métrica de Desenvolvimento	Quantidade
Atualizações do produto em 2022	372
Downloads de aplicativos móveis	46 milhões

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: Recursos -chave

Extenso banco de dados de revisão de viagem gerado pelo usuário

A partir do quarto trimestre 2023, o banco de dados do TripAdvisor contém:

• 1 bilhão de revisões e opiniões totais
• 530 milhões de visitantes únicos mensais médios
• 8,8 milhões de acomodações listadas, restaurantes, experiências, companhias aéreas e cruzeiros

Métrica do banco de dados	Quantidade
Total de revisões	1,000,000,000
Visitantes únicos mensais	530,000,000
Propriedades/serviços listados	8,800,000

Algoritmos avançados de recomendação e classificação

O sistema de recomendação do TripAdvisor alavanca:

• Algoritmos de aprendizado de máquina Processando mais de 100 pontos de dados
• Tecnologia de personalização em tempo real
• Processamento de linguagem natural para análise de revisão

Plataforma digital forte e aplicativo móvel

Métricas de desempenho da plataforma:

• 46% do tráfego de dispositivos móveis
• Aplicativos iOS e Android com mais de 4,5 classificações de estrelas
• 24 idiomas suportados

Conteúdo global de viagens e rede comunitária

Alcance geográfico	Cobertura
Países cobertos	49
Idiomas	24
Membros globais da comunidade	490,000,000

Reconhecimento da marca no mercado de informações sobre viagens on -line

Métricas de posicionamento de mercado:

• Plataforma de orientação de viagem nº 1 classificada globalmente
• 2023 Receita: US $ 1,5 bilhão
• Capitalização de mercado: US $ 2,3 bilhões

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: proposições de valor

Informações abrangentes sobre viagens e revisões de usuários

A partir do quarto trimestre 2023, a Plataforma TripAdvisor hospeda mais de 1 bilhão de análises e opiniões de usuários, cobrindo 8,6 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Categoria	Número total de revisões	Cobertura global
Acomodações	628 milhões	220 mais de países
Restaurantes	256 milhões	Mais de 190 países
Experiências	115 milhões	Mais de 150 países

Acesso gratuito a insights de destino global

O TripAdvisor fornece informações de destino gratuitas em várias plataformas, incluindo aplicativos móveis e interfaces da Web.

• Usuários ativos mensais: 463 milhões (quarto trimestre 2023)
• Downloads de aplicativos móveis: 487 milhões
• Disponível em 28 idiomas

Recomendações transparentes geradas por viajantes

A plataforma gera recomendações com base em 1,4 bilhão de classificações e revisões cumulativas de viajantes.

Tipo de recomendação	Porcentagem de revisões verificadas
Recomendações de hotéis	92%
Recomendações de restaurantes	88%
Recomendações de experiência	85%

Ferramentas de reserva e comparação fáceis de usar

A plataforma de reserva do TripAdvisor processa aproximadamente US $ 5,4 bilhões em reservas brutas anualmente.

• Taxa média de conversão de reservas: 6,2%
• Taxas de comissão: 12-15% por reserva
• Parceiros: mais de 200 agências de viagens on -line

Assistência personalizada de planejamento de viagens

O algoritmo de personalização orientado a IA gera recomendações de viagem personalizadas para os usuários.

Métrica de personalização	Desempenho
Taxa de envolvimento do usuário	73%
Precisão da recomendação	85%
Repita a taxa de usuário	62%

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: Relacionamentos do cliente

Plataforma digital de autoatendimento

A partir do quarto trimestre de 2023, a Liberty TripAdvisor Holdings registrou 463 milhões de usuários mensais únicos em suas plataformas digitais. A plataforma permite que os usuários façam 1,4 milhão de acomodações de forma independente e 5,2 milhões de experiências de viagem sem intervenção humana direta.

Métrica da plataforma digital	Valor
Usuários exclusivos mensais	463 milhões
Total de acomodações listadas	1,4 milhão
Total de experiências de viagem	5,2 milhões

Sistema de revisão e classificação orientado para a comunidade

A plataforma hospeda 1,03 bilhão de críticas e classificações totais a partir de 2023, com uma média de 265 novas críticas publicadas a cada minuto globalmente.

• Total de avaliações: 1,03 bilhão
• Novas resenhas por minuto: 265
• Taxa média de conclusão de revisão: 78,6%

Algoritmos de recomendação personalizados

Algoritmos de aprendizado de máquina Processo 2.7 Petabytes de dados de interação do usuário mensalmente para gerar recomendações de viagem personalizadas com uma taxa de engajamento de 62,4% do usuário.

Engajamento do usuário através de recursos interativos

Recursos interativos geram 3,6 milhões de interações diárias do usuário, com 48% dos usuários utilizando plataformas móveis para engajamento.

Suporte ao cliente através de canais digitais

Os canais de suporte digital lidam com 92% das consultas dos clientes, com um tempo médio de resposta de 27 minutos em e -mail, bate -papo e plataformas de centro de ajuda.

Métrica de suporte ao cliente	Valor
Cobertura de suporte digital	92%
Tempo médio de resposta	27 minutos
Canais de suporte	E -mail, bate -papo, centro de ajuda

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de Negócios: Canais

Plataforma baseada na Web

TripAdvisor.com recebe 463 milhões de visitantes mensais exclusivos a partir do quarto trimestre 2023. O site processa aproximadamente 661 milhões de críticas e opiniões, cobrindo 8,6 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros.

Métrica da plataforma	2023 dados
Visitantes únicos mensais	463 milhões
Total de revisões	661 milhões
Listagens cobertas	8,6 milhões

Aplicativo móvel

O aplicativo móvel do TripAdvisor foi baixado 487 milhões de vezes globalmente. O aplicativo suporta mais de 45 idiomas e opera em 22 mercados internacionais.

• Downloads de aplicativos móveis totais: 487 milhões
• Idiomas suportados: 45+
• Mercados Internacionais: 22

Integração de mídia social

Os canais de mídia social do TripAdvisor incluem:

Plataforma	Contagem de seguidores (2023)
Facebook	6,2 milhões
Instagram	2,1 milhões
Twitter	1,5 milhão

Marketing por e -mail

O TripAdvisor mantém uma base de assinantes de e -mail de 39,6 milhões de usuários ativos. As taxas médias de abertura de e -mail são de 22,3% em diferentes tipos de campanha.

Redes de marketing de afiliados

O TripAdvisor gera US $ 1,49 bilhão em receita através da reserva de parcerias em 2023. Os parceiros de rede afiliados incluem:

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

Fluxo de receita de afiliados	2023 valor
Receita total de reservas	US $ 1,49 bilhão
Taxa de comissão	3-15%

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

Viajantes de lazer

A partir do quarto trimestre 2023, o segmento de viajantes de lazer da Liberty Tripadvisor Holdings representou 68,4% do total de usuários da plataforma.

Faixa etária	Porcentagem de usuários
18-34 anos	42.3%
35-54 anos	36.7%
55 anos ou mais	21%

Viajantes de negócios

Os viajantes de negócios compreenderam 22,6% da base de usuários da plataforma em 2023.

• Valor médio de reserva de viagem de negócios anual: US $ 3.750
• Frequência de reservas de viagens de negócios: 4,2 viagens por ano
• Indústrias primárias: tecnologia, finanças, consultoria

Planejadores e pesquisadores de viagens

Métricas de engajamento da plataforma para planejadores de viagens em 2023:

Métrica	Valor
Tempo médio de pesquisa por reserva	7,3 horas
Resenhas lidas antes da reserva	12.6 Revisões
Interações de conteúdo geradas pelo usuário	3,4 milhões diariamente

Consumidores conscientes do orçamento

Características do segmento de viajantes do orçamento em 2023:

• Porcentagem de usuários focados no orçamento: 47,2%
• Desconto médio de reserva procurada: 22,6%
• Canais de reserva primária: aplicativo móvel (63%), desktop (37%)

Viajantes globais com conhecimento digital

Dados do segmento de viajantes digitais globais para 2023:

Região	Porcentagem do usuário	Valor médio de reserva
América do Norte	41.3%	$1,850
Europa	28.7%	$1,620
Ásia-Pacífico	22.5%	$1,450
Resto do mundo	7.5%	$1,150

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

A partir de 2023, a Liberty TripAdvisor Holdings registrou custos de infraestrutura de tecnologia de US $ 87,4 milhões anualmente.

Categoria de custo	Despesa anual ($ m)
Serviços em nuvem	42.3
Manutenção do servidor	22.1
Infraestrutura de rede	23.0

Despesas de marketing digital

As despesas de marketing digital para 2023 totalizaram US $ 156,2 milhões.

• Publicidade on -line: US $ 89,7 milhões
• Marketing de mídia social: US $ 33,5 milhões
• Marketing de desempenho: US $ 33,0 milhões

Moderação de conteúdo e desenvolvimento de plataforma

Os custos de desenvolvimento de plataformas e moderação de conteúdo atingiram US $ 64,5 milhões em 2023.

Área de desenvolvimento	Custo anual ($ m)
Moderação do conteúdo	38.2
Aprimoramento da plataforma	26.3

Salários dos funcionários e custos operacionais

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 312,6 milhões.

• Salários base: US $ 218,4 milhões
• Benefícios e compensação: US $ 64,2 milhões
• Recrutamento e treinamento: US $ 30,0 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D em 2023 totalizaram US $ 103,8 milhões.

Área de foco em P&D	Investimento ($ m)
AI e aprendizado de máquina	47.6
Inovação da experiência do usuário	36.2
Desenvolvimento da plataforma móvel	20.0

Liberty TripAdvisor Holdings, Inc. (LTRPB) - Modelo de negócios: fluxos de receita

Comissão de reservas de viagem

A partir do quarto trimestre de 2023, a Liberty TripAdvisor Holdings gerou US $ 235 milhões em receita de comissão de reservas de viagens. As taxas de comissão normalmente variam entre 5-15% por transação.

Categoria de reserva	Porcentagem de comissão	Receita anual (2023)
Reservas de hotéis	8-12%	US $ 142 milhões
Aluguel de férias	10-15%	US $ 58 milhões
Reservas de experiência	5-10%	US $ 35 milhões

Receita de publicidade on -line

Em 2023, a receita de publicidade on -line atingiu US $ 187 milhões, representando 22% da receita total.

• Publicidade de exibição: US $ 98 milhões
• Anúncios de viagem direcionados: US $ 65 milhões
• Conteúdo patrocinado: US $ 24 milhões

Listagens patrocinadas e colocações premium

As listagens patrocinadas geraram US $ 76 milhões em 2023, com um custo médio de colocação de US $ 250 a US $ 1.500 por mês.

Tipo de listagem	Custo mensal	Receita anual
Listagem básica patrocinada	$250-$500	US $ 42 milhões
Posicionamento premium	$750-$1,500	US $ 34 milhões

Serviços baseados em assinatura

A receita de assinatura em 2023 totalizou US $ 54 milhões.

• Assinatura do Business Pro: US $ 39 milhões
• TripAdvisor Plus Associação: US $ 15 milhões

Licenciamento de dados e insights

O licenciamento de dados gerou US $ 42 milhões em 2023, com clientes -chave, incluindo agências de viagens, grupos de hospitalidade e empresas de pesquisa de mercado.

Segmento de cliente	Receita anual de licenciamento
Agências de viagens	US $ 18 milhões
Grupos de hospitalidade	US $ 15 milhões
Empresas de pesquisa de mercado	US $ 9 milhões

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.