The erosion of Booking.com
📈 January 22, 2026, Booking Holdings faces a fragmented AI landscape threatening its $170 billion business model. Despite spending $7.3 billion on marketing in 2024, AI platforms like Google, OpenAI, and Microsoft are taking control of travel discovery. Booking.com, known for its visibility-based revenue, might see margins collapse as AI agents bypass its platform. Current market valuations (34x earnings) do not reflect the realistic threat of AI-driven visibility economics shifting away from Booking within five years.
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