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

No mundo dinâmico das viagens on -line, o TripAdvisor revolucionou como milhões de viajantes descobrem, comparam e reservam suas jornadas. Ao transformar engenhosamente o conteúdo gerado pelo usuário em uma poderosa plataforma global, a empresa criou um modelo de negócios exclusivo que conecta viajantes, hotéis e provedores de serviços através de um intrincado ecossistema de revisões, recomendações e serviços de reserva. Este mergulho profundo na tela de modelo de negócios do TripAdvisor revela o brilho estratégico por trás de seu US $ 1,49 bilhão Máquina de receita anual, oferecendo informações sem precedentes sobre como um site simples de revisão evoluiu para uma potência da indústria de viagens.

TripAdvisor, Inc. (Trip) - Modelo de Negócios: Parcerias -chave

Agências de viagens on -line (OTAs)

O TripAdvisor faz parceria com as principais agências de viagens on -line para facilitar a reserva e a geração de receita:

Parceiro	Detalhes da parceria	2023 Volume de reserva
Booking.com	Plataforma de reserva baseada em referência e comissão	US $ 1,2 bilhão em reservas brutas
Expedia	Reserva integrada e compartilhamento de conteúdo	US $ 980 milhões em reservas brutas

Provedores de hotéis e acomodações

A Rede Global de Acomodações Inclui:

• Mais de 8,5 milhões de propriedades listadas em todo o mundo
• Parcerias com hotéis independentes
• Redes de hotéis em 220 países

Companhias aéreas e empresas de transporte

Parceiro de transporte	Tipo de parceria	Volume anual de transações
Delta Airlines	Integração de reserva	US $ 350 milhões em reservas de vôo
United Airlines	Conteúdo e colaboração de reserva	US $ 275 milhões em reservas de vôo

Conselhos de turismo locais

• Parcerias ativas com mais de 150 organizações de marketing de destino
• Acordos de marketing colaborativo em 45 países
• Compartilhamento de conteúdo e iniciativas promocionais

Parceiros de tecnologia e análise de dados

Parceiro de tecnologia	Foco em parceria	Investimento anual
Google Cloud	Infraestrutura e análise de dados	US $ 22 milhões
Amazon Web Services	Computação em nuvem e escalabilidade	US $ 18 milhões

TripAdvisor, Inc. (Trip) - Modelo de Negócios: Atividades -chave

Conteúdo gerado pelo usuário e gerenciamento de plataforma de revisão

A partir do quarto trimestre 2023, o TripAdvisor gerencia:

• Mais de 1 bilhão de críticas e opiniões
• Aproximadamente 8,4 milhões de acomodações, restaurantes, experiências, companhias aéreas e listagens de cruzeiros
• Plataformas disponíveis em 43 idiomas e 49 mercados em todo o mundo

Métrica da plataforma	Volume total
Total de comentários de usuários	1,045,000,000
Visitantes únicos mensais	460,000,000

Serviços de reserva e reserva de viagem

Desempenho da plataforma de reserva do TripAdvisor em 2023:

• US $ 1,49 bilhão em valor bruto de reserva
• 17,1 milhões de propriedades e experiências contábeis
• Taxa de comissão baseada em cliques: 35-40%

Publicidade digital e marketing

Métricas de marketing e publicidade para 2023:

Categoria	Dados financeiros
Total de despesas de marketing	US $ 308,4 milhões
Receita de publicidade digital	US $ 213,7 milhões

Site e desenvolvimento de aplicativos móveis

• Downloads de aplicativos móveis totais: 75,3 milhões
• Tráfego móvel: 57% do tráfego total da plataforma
• Investimento de tecnologia anual: US $ 92,6 milhões

Criação de conteúdo de viagem e curadoria

Métricas de geração de conteúdo:

Tipo de conteúdo	Volume
Guias de viagem totais	4,200
Descrições de destino	32,000

TripAdvisor, Inc. (TRIP) - Modelo de negócios: Recursos -chave

Banco de dados global de usuários globais e ecossistema de revisão

A partir do quarto trimestre 2023, o TripAdvisor relatou:

• Visitantes únicos mensais totais: 460 milhões
• Revisões e opiniões cumulativas: mais de 1,5 bilhão
• Número de usuários registrados: aproximadamente 490 milhões

Métricas de banco de dados do usuário	Quantidade
Total de usuários registrados	490 milhões
Visitantes únicos mensais	460 milhões
Revisões cumulativas	1,5 bilhão

Algoritmos avançados de recomendação e classificação

A infraestrutura tecnológica do TripAdvisor inclui:

• Algoritmos de aprendizado de máquina processando mais de 500 milhões de interações mensais de usuário
• Motor de recomendação em tempo real Analisando mais de 20 pontos de dados por usuário

Forte reconhecimento de marca no setor de viagens

Métricas de avaliação da marca:

Métrica da marca	Valor
Valor da marca	US $ 2,1 bilhões
Classificação global da marca (setor de viagens)	Top 3

Extenso conteúdo de viagem e críticas geradas pelo usuário

Estatísticas de volume de conteúdo:

• Acomodações listadas: 8,6 milhões
• Restaurantes listados: 6,2 milhões
• Atrações listadas: 4,8 milhões

Infraestrutura de tecnologia proprietária

Detalhes de investimento em tecnologia:

Categoria de investimento em tecnologia	Despesas anuais
Pesquisa e desenvolvimento	US $ 187 milhões
Infraestrutura de tecnologia	US $ 92 milhões

TripAdvisor, Inc. (Trip) - Modelo de Negócios: Proposições de Valor

Informações e críticas abrangentes de viagem gratuitas

A partir do quarto trimestre de 2023, o TripAdvisor abriga mais de 1,5 bilhão de análises e opiniões de viajantes, cobrindo mais de 8,6 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Categoria de conteúdo	Listagens totais	Porcentagem de cobertura global
Acomodações	5,2 milhões	60.5%
Restaurantes	2,3 milhões	26.7%
Experiências/passeios	880,000	10.2%
Outros serviços de viagem	220,000	2.6%

Sistema de classificação transparente de viajantes

O sistema de classificação do TripAdvisor processa aproximadamente 290 milhões de revisões mensais de visitantes exclusivas, com uma média de 265 novas revisões enviadas a cada minuto.

• Comprimento médio da revisão: 325 palavras
• Taxa de verificação: 92% de revisões autênticas
• REVISÃO LUMPOMES SOPRESENDADOS: 28

Comparação de preços em vários serviços de viagem

Em 2023, o TripAdvisor comparou os preços em mais de 700 sites de reservas com um potencial médio de poupança de 15,6% para os viajantes.

Categoria de reserva	Sites de comparação de preços médios	Porcentagem média de economia
Hotéis	325 sites	17.3%
Vôos	215 sites	12.9%
Aluguel de férias	160 sites	14.2%

Ferramentas de reserva e planejamento amigáveis

A plataforma de reserva do TripAdvisor processou 31,4 milhões de reservas em 2023, com uma taxa de reserva móvel de 62% do total de transações.

• Tempo médio de conclusão da reserva: 4,2 minutos
• Downloads de aplicativos móveis: 78 milhões
• Duração média da sessão do usuário: 7,6 minutos

Recomendações de viagem personalizadas

Algoritmos de aprendizado de máquina Processo de 1,9 bilhão de interações do usuário mensalmente para gerar sugestões de viagem personalizadas.

Tipo de recomendação	Interações mensais	Precisão de personalização
Recomendações de hotéis	850 milhões	73.4%
Sugestões de restaurantes	620 milhões	68.7%
Experiência correspondente	430 milhões	65.2%

TripAdvisor, Inc. (Trip) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de revisão e classificação orientada pela comunidade

A partir do quarto trimestre de 2023, o TripAdvisor hospeda 1,08 bilhão de críticas e opiniões totais, cobrindo 8,8 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Métricas de plataforma	2023 dados
Total de comentários de usuários	1,08 bilhão
Categorias de viagem cobertas	8,8 milhões
Usuários ativos mensais	463 milhões

Engajamento de conteúdo gerado pelo usuário

A estratégia de conteúdo gerada pelo usuário do TripAdvisor envolve:

• Processo de autenticação de revisões verificadas
• Uploads de teor de fotos e vídeos
• Sistema de classificação de contribuição do usuário

Algoritmos de recomendação de viagem personalizados

Os algoritmos de aprendizado de máquina analisam 463 milhões de preferências mensais de usuários ativos, gerando recomendações de viagens personalizadas.

Suporte ao cliente e mecanismos de feedback

Canal de suporte	Métricas de resposta
Suporte por e -mail	Resposta garantida de 72 horas
Centro de ajuda online	Disponibilidade 24/7
Fóruns da comunidade	Interações do usuário em tempo real

Programas de fidelidade e incentivos de usuário

As estratégias de engajamento do usuário do TripAdvisor incluem:

• Crachás e sistemas de classificação colaboradores
• Acumulação de pontos para revisores ativos
• Créditos de viagem para envios de conteúdo de alta qualidade

Em 2023, o TripAdvisor relatou 85% dos usuários depender de análises de plataforma para a tomada de decisões de viagem, demonstrando forte eficácia do relacionamento com o cliente.

TripAdvisor, Inc. (Trip) - Modelo de Negócios: Canais

Aplicativos móveis

Downloads de aplicativos móveis do TripAdvisor a partir do terceiro trimestre 2023: 460 milhões de downloads totais de aplicativos globalmente.

Plataforma	Usuários ativos mensais	Classificação de aplicativos
IOS App Store	38,2 milhões	4.7/5
Google Play Store	42,5 milhões	4.5/5

Plataformas de sites

Tráfego do site TripAdvisor.com em 2023: 490 milhões de visitantes únicos mensais.

• Disponível em 28 idiomas
• Opera em 49 mercados globais
• Mais de 1 bilhão de críticas e opiniões geradas pelo usuário

Marketing por e -mail

Base de assinante de email em 2023: 84,3 milhões de usuários registrados.

Métrica de campanha por e -mail	Valor
Taxa de abertura média	22.4%
Taxa de cliques	3.7%

Redes de mídia social

Contagem de seguidores de mídia social em dezembro de 2023:

Plataforma	Seguidores
Facebook	6,2 milhões
Twitter	1,9 milhão
Instagram	3,6 milhões

Redes de marketing de afiliados

Desempenho da rede de afiliados em 2023:

• Total Affiliate Partners: 702
• Receita de afiliados: US $ 328 milhões
• Taxa de conversão: 4,6%

TripAdvisor, Inc. (TRIP) - Modelo de negócios: segmentos de clientes

Viajantes de lazer

O TripAdvisor tem como alvo os viajantes de lazer com 456 milhões de visitantes únicos mensais globalmente a partir do quarto trimestre de 2023. A plataforma serve aproximadamente 171 países com conteúdo relacionado a viagens.

Características do segmento	Dados estatísticos
Faixa etária	25-54 anos (68% da base de usuários)
Gastos anuais de viagem	US $ 3.154 por viajante
Usuários de aplicativos móveis	62 milhões de usuários ativos mensais

Viajantes de negócios

O TripAdvisor captura 22% do segmento de mercado de viagens de negócios com ferramentas especializadas de viagens de negócios.

• Valor médio de reserva de viajantes de negócios: $ 752
• Submissões de revisão de viagens corporativas: 1,3 milhão anualmente
• Engajamento da plataforma de viajantes de negócios: 43 minutos por sessão

Turistas preocupados com o orçamento

O segmento de orçamento representa 37% da base de usuários do TripAdvisor com padrões de pesquisa específicos.

Métricas de viagem orçamentária	Valor
Desconto médio de reserva	17.6%
Pesquisas de hotéis orçamentários	124 milhões de mensais
Cliques de garantia de preço mais baixa	8,3 milhões por trimestre

Entusiastas de viagens de luxo

O segmento de viagem de luxo gera US $ 1,2 bilhão em receita anual de reserva para o TripAdvisor.

• Reserva média de viagem de luxo: $ 3.450
• Revisões de hotéis de luxo: 2,1 milhões anualmente
• Pesquisas de destino de ponta: 16% do tráfego total da plataforma

Viajantes internacionais frequentes

Os viajantes internacionais constituem 29% da base total de usuários do TripAdvisor.

Métricas de viagem internacionais	Dados estatísticos
Reservas transfronteiriças	US $ 2,7 bilhões anualmente
Planejadores de viagem de vários países	38% dos usuários internacionais
Idiomas de revisão internacional	28 idiomas suportados

TripAdvisor, Inc. (TRIP) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de tecnologia e infraestrutura para o TripAdvisor em 2022: US $ 178,3 milhões

Categoria de custo	Valor das despesas (2022)
Serviços de computação em nuvem	US $ 62,4 milhões
Manutenção do servidor	US $ 41,6 milhões
Infraestrutura de rede	US $ 35,2 milhões
Segurança cibernética	US $ 39,1 milhões

Marketing e aquisição de clientes

Despesas totais de marketing em 2022: US $ 340,5 milhões

• Gastes de publicidade digital: US $ 187,2 milhões
• Marketing de desempenho: US $ 93,6 milhões
• Campanhas de marketing de marca: US $ 59,7 milhões

Moderação de conteúdo e gerenciamento de plataforma

Custos anuais de moderação de conteúdo: US $ 45,8 milhões

Atividade de moderação	Custo
Equipe de revisão manual	US $ 22,3 milhões
Ferramentas de moderação automatizadas	US $ 15,6 milhões
Conformidade legal	US $ 7,9 milhões

Pesquisa e desenvolvimento

Despesas de P&D em 2022: US $ 112,6 milhões

• Desenvolvimento de produtos: US $ 67,4 milhões
• AI e aprendizado de máquina: US $ 28,9 milhões
• Melhoramento da experiência do usuário: US $ 16,3 milhões

Salários dos funcionários e despesas operacionais

Despesas operacionais totais em 2022: US $ 512,7 milhões

Categoria de despesa	Quantia
Salários dos funcionários	US $ 342,8 milhões
Benefícios e compensação	US $ 89,4 milhões
Custos operacionais do escritório	US $ 80,5 milhões

TripAdvisor, Inc. (TRIP) - Modelo de negócios: fluxos de receita

Comissão de reservas de viagem

Em 2022, o TripAdvisor gerou US $ 1,49 bilhão em receita total, com uma parcela significativa das comissões de reservas de viagens. A empresa ganha aproximadamente 3-5% de comissão de reservas de hotéis por meio de sua plataforma.

Tipo de reserva	Taxa de comissão	Receita anual estimada
Reservas de hotéis	3-5%	US $ 450 a US $ 750 milhões
Reservas de restaurantes	5-7%	US $ 100 a US $ 200 milhões
Reservas de experiência/passeios	10-15%	US $ 200 a US $ 300 milhões

Receita de publicidade

A publicidade constitui um fluxo de receita substancial para o TripAdvisor. Em 2022, a receita de publicidade atingiu aproximadamente US $ 831 milhões.

• Exibir publicidade no site e plataformas móveis
• Soluções de marketing direcionadas para negócios de viagens
• Modelo de publicidade de custo por clique

Listagens patrocinadas e colocações premium

O TripAdvisor oferece visibilidade premium de empresas por meio de listagens patrocinadas, gerando aproximadamente US $ 250 a US $ 300 milhões anualmente.

Tipo de colocação	Custo mensal	Receita anual estimada
Hotéis principais de colocação	$500-$2,000	US $ 150 a US $ 200 milhões
Restaurant Spotlight	$200-$800	$ 50- $ 75 milhões

Serviços baseados em assinatura

A plataforma de negócios do TripAdvisor gera receita por meio de serviços de assinatura para empresas de hospitalidade e turismo.

• TripAdvisor Business Advantage: US $ 199 a US $ 349 por mês
• Lista de negócios premium: US $ 299- $ 499 por mês
• Receita anual estimada de assinatura: US $ 50- $ 100 milhões

Licenciamento de dados e insights

O TripAdvisor monetiza seus extensos dados de viagem por meio de serviços de licenciamento e insights, gerando aproximadamente US $ 30 a US $ 50 milhões anualmente.

Produto de dados	Preço	Mercado -alvo
Relatórios de tendência de viagem	$5,000-$25,000	Agências de viagens
Insights de comportamento do consumidor	$10,000-$50,000	Conselhos de turismo

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.