Inspirato, the luxury travel subscription service that went public last year through a SPAC, reported a very strong Q1 2022 earnings topline, a 67% increase from its previous year quarter to $82 million; total active subscribes increased to 15,300 as of March 31, 2022, an increase of 18% year-over-year. More on its results here.
Beyond its core business, the more interesting part is its expansion into adjacent markets, as it detailed in its slides from the quarterly earnings, below.
CEO Brent Handler elaborated on this in their earnings call, extracting the relevant part from its transcript.
“We’ve also alluded to early success of adjacent subscription offerings, such as a corporate incentive travel platform. We believe that continuing to successfully innovate around our past platform, specifically as it relates to the shareability of travel with employees could lead to significant upside to our near and long-term revenue growth …
“I’m really glad you asked about the corporate incentive market and the shareability of the Pass platform. It’s something that we’re really focused on, we’re investing heavily in and we think that we’ve really got the tiger by the tail, in terms of the technology and infrastructure that we’ve built with our patented technology that really drives the Pass. And essentially what it allows for us to do is to create these lists of 100s of 1000s of trips or millions of trips, and have a shopping and merchandising experience for the consumer that’s really unmatched. Today the one product that we have is Pass platform, but in the future we think that lends itself very well for things like the individual incentive travel market. There is so much demand for companies to want to really differentiate themselves, to really provide a mechanism where they can win in hiring war or win against the great resignation and providing a trip where historically, these trips would either be like big events, held at a high end somewhere that you just go and it’s sort of like all your work people, or maybe it’s you can bring your spouse. So these are opportunities to bring your whole family or have family and friends be able to experience your hard work and have these incredible vacations.
“So we think that that platform that we’ve already invested in Pass really manifests itself well for this incentive market. And then while I’m kind of talking about this other thing that Pass does really well, is it — it creates a kind of natural exchange platform. So if you think about the ability for Pass, and what we’ve built, to be able to be used by any kind of loyalty program or any other type of incentive program, we really are excited about the differentiation that we bring to that market. And be on the lookout this year for a lot of innovation in that area.”