Viator and TheFork emerge as the company’s real growth engines
Nov 17, 2025
Tripadvisor is approaching a structural turning point: its long-struggling legacy platform is losing influence, while Viator and TheFork — now half of total revenue and growing rapidly — are becoming the company’s true economic drivers. The article argues that Tripadvisor’s future value will be shaped far more by these two high-moat businesses than by the traditional referral model that defined its past.
Key takeaways
- Legacy model under pressure: Tripadvisor’s traditional referral-based business continues to face monetization challenges and declining organic traffic, limiting future upside.
- Viator reaches critical scale: With >$4B GMV and revenue approaching $1B, Viator is now a category leader and likely worth more than Tripadvisor’s entire current enterprise value.
- Thefork builds a powerful network: TheFork’s 30k+ restaurant network and proven reservation model give it significant growth potential, likely exceeding the value OpenTable commanded at acquisition.
- Market undervaluing the core assets: The implied valuation suggests Viator and TheFork alone justify Tripadvisor’s enterprise value, meaning the core Tripadvisor brand may be priced negatively.
- Management shifts investment focus: Leadership is directing cash flow and resources toward Viator and TheFork while managing the legacy platform for profitability rather than growth.
- Path to margin expansion: Tripadvisor expects ~$85M in cost synergies, stronger EBITDA margins from 2026 onward, and accelerating growth as Viator and TheFork dominate the revenue mix.
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