TripAdvisor ( TRIP Quick Quote TRIP - Free Report) recently joined forces with Amazon’s ( AMZN Quick Quote AMZN - Free Report) Audible, an audiobook providing platform, in a bid to provide an enhanced traveling experience to travelers. With the collaboration, TripAdvisor strives to provide a perfect companion to travelers by providing them access to Audible’s exclusive contents including Originals, audiobooks and podcasts on their journey. Along with these, travelers can enjoy Trip Playlists created by Tripadvisor Plus. Audible users and current free trial users in the United States can avail Tripadvisor Plus with a yearly $30 off. Additionally, Tripadvisor Plus users and all Tripadvisor users can freely access Audible Plus for 90 days and Audible Premium Plus for 30 days, respectively. The latest move is likely to expand TripAdvisor’s reach to travelers using Audible. This in turn might generate more bookings and hence drive top-line growth of TripAdvisor in the near term. Growing Partnerships
TripAdvisor has been consistently making efforts to widen its reach to travelers with new launches and services as well as attractive deals and partnerships.
Apart from the recent partnership, it collaborated with Reckitt to support the disinfection of 8 million tourism and hospitality businesses listed on its platform to boost confidence among travelers. In addition, its recent collaboration with Reckitt’s Lysol Pro Solutions to support businesses amid the recovery period from the coronavirus pandemic and provide them with Lysol Disinfection & Sanitization Kits, and guidance on cleaning and disinfection of surfaces remains noteworthy. It also tied up with four hotel technology providers, namely SiteMinder, Roiback, Derbysoft and WebHotelier. With the collaboration, thousands of hotels can connect to TripAdvisor Plus and gain more customers. Additionally, Barcelo Hotels, Millennium Hotels and Resorts, and Pestana Hotel Group with a combined portfolio of nearly 500 properties connected their properties to TripAdvisor Plus. Further, it collaborated with WarnerMedia's streaming platform, HBO Max, to celebrate pride and support LGBTQIA+ travelers who are willing to participate in Pride when there will be events across the United States. The alliance promoted Pride curated programming available to stream on HBO Max during the month of June. The partnership reflects TripAdvisor’s focus on diversifying the customer base. Recovery in Travel to Fuel Competition
The travel industry witnessed a severe downturn due to the coronavirus pandemic. However, rising vaccination drive and lifting of restrictions in many parts of the world are improving this industry. This in turn is boosting the confidence of travelers and online traveling companies.
Per a report by Verified Market Research, the online travel market is expected to hit $1.81 billion by 2028, witnessing a CAGR of 9.7% during the 2021-2028 period. Given this improved scenario, not only TripAdvisor but other companies including Booking Holdings ( BKNG Quick Quote BKNG - Free Report) , Expedia ( EXPE Quick Quote EXPE - Free Report) , and Airbnb are making strong efforts to capitalize on the improving travel prospects.
Recently, in collaboration with the U.S. Department of Defense, Booking Holdings’ subsidiary Priceline created a travel booking platform named American Forces Travel to provide exclusive travel benefits to current as well as retired members of the country’s armed forces.
Meanwhile, Expedia was chosen as the official travel companion of WE LOVE NYC: The Homecoming Concert presented by New York City, Clive Davis and Live Nation on Aug 21. With the move, it spotlighted popular NYC hotels, flights and activities, offering 1,000 concert tickets to Expedia Rewards members.
Further, Airbnb joined forces with UNESCO to develop innovative measures for community inclusion to incorporate micro, small and medium cultural, and tourism entrepreneurs as well as promote cultural tourism in Mexico.
Nevertheless, the recent collaboration with Audible is expected to help TripAdvisor gain a competitive edge against peers.
Currently, TripAdvisor has a Zacks Rank #3 (Hold).
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