I sold TripAdvisor this week for several reasons:

• Revenue concentration
• Google
• Sale/IPO of Experiences business

Revenue concentration TripAdvisor is still too dependent on Booking and Expedia. Booking and Expedia combined contributed 34%, 25% and 33% of TripAdvisor’s revenue in 2021, 2020 and 2019. New initiatives over the 2019-21 period such as TripAdvisor Plus and display advertisements appears to have limited impact in growing revenue. TripAdvisor Plus, the company’s attempt at a membership subscription was the latest effort to diversify revenue away from their core hotel meta-search product but hotels and consumer feedback have been disappointing. Google Competing products from Google such as hotel, restaurant and attractions reviews are a growing threat. TripAdvisor has commissioned third party research which shows that TripAdvisor reviews are more detailed and relevant for businesses. I personally prefer TripAdvisor reviews but I suspect the average consumer finds Google reviews satisfactory. I also suspect TripAdvisor is becoming less relevant as compared to Google Maps....