Last week, Skift Research launched the second edition of our Deep Dive Into TripAdvisor’s Competitive Position In Travel 2017. We focus on TripAdvisor because no other marketplace rolls up as many travel products, services and reviews under one brand. Here is an excerpt highlighting TripAdvisor’s position in the tours and activities segment:

One encouraging operational scenario through 2020 would be for TripAdvisor to grow its year-over-year revenue by low double digits while maintaining margins above 20 percent. This should keep investors happy giving management more runway to sort out its tech and monetization challenges. The hotel product may not get completely there, but its attractions business could.

TripAdvisor holds a dominant position in the growing tours and activities space; CEO Steve Kaufer believes that activities is a billion-dollar opportunity. The Viator purchase was a critical and smart strategic move that allowed Trip to monetize its core user base. Back-end technology for local tour operators has grown more sophisticated, making it easier to bring these experiences to market on sites like TripAdvisor. Since users tend to use Trip through the duration of their travels, the platform has proved very effective in pushing traffic to these operators.

It’s impossible to know what will happen but here is one long view of how TripAdvisor’s revenue performance could play out through 2020, based on past current performance by business segment:

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Photo Credit: In this July 14, 2016 photo, Lilly Caron, of Bridgeton, Maine, Jason Homchick, of San Diego, and Lilly's father Jason Caron, (obscured), ride the Sky Swing at Seacoast Adventure outdoor summer attractions park in Wyndham, Maine. Tours and activities is an increasingly important part of TripAdvisor's business. Robert F. Bukaty / Associated Press