Seth Borko

Airbnb has built itself into the third most richly valued startup in the world over the last decade. But business never stands still, and as Airbnb harvests its gains, the latest generation of alternative accommodation startups are collecting all of the new venture capital in the space.

The travel industry, no stranger to disruption, is experiencing a new wave of venture-backed startups. These businesses are generally larger than ever before and focused on bringing new customers and products into the digital travel fold. We expect this momentum to continue and for it to have an impact on executives, founders, and investors throughout the sector.

The battle over airline distribution costs has been fought from boardrooms to courtrooms to the press. Though each airline is in a unique position, we examine the industry-wide data to take a cold look at the facts as best as possible.

Airline distribution needs to change to keep up with the modern economy. Its tech is evolving, but it takes time to turn around such a large and complex ship. Will changes come fast enough to avoid outside disruption?

Does Expedia or Booking have the energy to launch their booking apps in four local Indian dialects? Maybe not, but MakeMyTrip does, and that local effort matters.

The 10-year anniversary of the Lehman Brothers bankruptcy reminds us that travel was ravaged along with other industries in the ensuing global recession. How the industry coped and rebounded is instructive for the next downturn.

Emerging markets will shape the future of the travel industry but each region requires a unique strategy. MakeMyTrip and Despegar, online travel leaders in India and Latin America, provide distinct insights into how to succeed their respective home markets.

Booking sites are offering more types of travel products and services on their platforms. Of these verticals, alternative accommodations are a highly contested space where Booking and Airbnb lead for now.

Many online travel agencies are no longer specialists in one product, instead aiming to become one-stop shops. The platform that a booking site can offer is a key part of its competitive moat and the contours of supply at Booking Holding and Expedia vary widely from each other.

Online travel agencies remain essential to the travel industry as consolidators of, and clearinghouses for, advertising dollars throughout the space. We do not see OTAs being removed from this position easily, but growing challenges have hurt ad efficiency. OTAs must remain nimble to keep pace.