November 7, 2017 View in browser

Note From the Editor

Online travel appears to be having a moment —a very lackluster one. The share prices of three major online travel companies, namely the Priceline Group, Expedia and TripAdvisor, have all plummeted in the past couple of weeks based on weak third quarter performance and less-than-stellar outlooks.

Some of the declines may be related. The Priceline Group announced it would spend more on TV and pull back on digital advertising spend through some of its third-party partners. Expedia's Trivago unit felt the pinch of Priceline getting stingy with its advertising dollars. And TripAdvisor saw its hotel revenue decline as unnamed partners honed in on "increasing marketing efficiency." When big-spender Priceline decides to get efficient with its marketing, its advertising partners feel the pain. That's just the way it is when online travel is having a moment.

— Dennis Schaal, Executive Editor

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