Many of the stories in this newsletter highlight the power of authenticity. From authentic face-to-face connections to compelling and honest counter-advertising in Oslo, to honest values and answers, I hope this newsletter resonates with you. If so, please share. Happy summer, everyone!
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announce Travel Finance Report!
CantoxA BNP Paribas company and leader in currency management automation software shares an exclusive report with industry insights and best practices for travel finance professionals. With clients in over 75 countries, including Hotelbeds and Logitravel, Kantox’s solutions enhance FX risk management, protect profit margins, and expand currency usage.
Check out the report here.
NOTE: In a previous newsletter, the link to the report on the 10 listed online travel agencies’ full year 2023 performance was incorrect. The correct link is: The State of Online Travel Agencies
The most clicked link in Travel Tech Essentialist #147 was a post by Brennen Bliss, Founder and CEO of Propellic. Google's Algorithm Leak and Its Impact on Travel SEO
Ironically, the next 10 to 20 years will be the golden age of IRL. — Abi Mayer
Avi Meir, founder of TravelPerk, recently shared his thoughts: Thoughts on LinkedIn A story about the importance of community, inspired by my dad’s experience at a Taylor Swift concert. Humans naturally seek community, but traditional venues like churches and local clubs have been replaced by social media, which often leads to isolation instead of connection. Meir believes that live events centered around shared rituals, symbols, and values will become increasingly important in the age of AI and the metaverse.
The numbers back it up. The live events industry was valued at $1.4 trillion in 2023 and is expected to reach $2.2 trillion by 2032. In the United States alone, there were over 500 live music festivals in 2023, and that number is expected to increase tenfold over the next decade.
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Google “Examples of corporate valuesAnd what you will see is nothing but useless: integrity, respect, honesty, loyalty, diligence, etc… There is nothing wrong with these, but they should be basic characteristics for every professional. As corporate values, they are not memorable or real.
Mark Zuckerberg described his straightforward, no-nonsense approach to company values this way: A conversation with Reid Hoffman in 2017 (LinkedIn founder). To determine the company's value, Zuckerberg said, “What are you willing to give up?“
“So the value is really 'Move fast.' My theory about values is that a lot of organizations have values that don't make much sense because they're just basic principles like 'Be honest.' Of course you have to be honest! It's not optional. It's not about giving up anything to be honest. It's automatic. It's not the defining principle of a company, it should be the principle of every company. So 'Move fast' is interesting because it's actually something you have to be willing to give up to get something. And the question is, what are you willing to give up?” In the early days, there was a tradeoff of “Move fast and break things.” Those values always boil down to what you're willing to give up to get something, because it's not free. Nothing is free. — Mark Zuckerberg
eDreams' corporate values are as follows:We are passionate about travel. Fly high, chart a course, travel together, and explore.” (Annual Report for Fiscal Year 2024) I can only imagine what Jack would say about a travel company that values its passion for travel as its core value.
Naturally, eDreams is very passionate and proud about its Prime subscription, which has 5.8 million subscribers. In fact, in eDreams’ annual report, mentions of “Prime” far outnumber mentions of “Sales,” “Flights,” “Bookings,” and even “Travel.”
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The term “Prime” appears more frequently in eDreams' annual report than Amazon (originally Prime), which has 230 million subscribers. eDreams mentions “Prime” 398 times, compared to Amazon's 32 times. However, Amazon outsells eDreams in “Sales” 175 times compared to eDreams' 25 times.
eDreams has been very successful in acquiring Prime subscribers. When I searched for flights from Barcelona to New Orleans this morning, I saw that I could get a discount of €87 as a Prime member, which is more than enough to cover the annual Prime membership fee of €69.99.
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It's not entirely clear what the actual benefits of eDreams Prime are, but in some ways, eDreams is making it so attractive to customers to sign up for Prime in the first transaction that it may not matter what the program benefits are after that transaction.
But despite hundreds of mentions of Prime in eDreams’ investor communications, there’s not a single mention of the most important metrics for the true customer value of a subscription program: churn and retention. Here are the questions (from analysts) and answers (from eDreams’ CEO) from the latest quarterly earnings call and Q&A.
Companies that expect to be valued at a premium on recurring revenues should disclose these fundamental metrics. If private companies disclose this information to investors who request it, publicly traded companies (not just eDreams) will have more reason to do so.
Houlihan Lokey, a leader in global technology M&A, has released an interesting report. Creator Technology Outlook. The creator economy has expanded beyond mere “influencers” to include a broad range of creative professionals. There are over 200 million creators worldwide, driving a massive economy worth $250 billion by 2023, and it’s expected to grow to $480 billion by 2027. These creators are fueling the success of major social platforms, while traditional media companies account for only a small percentage of viewership—5% on TikTok, 6% on YouTube, and 5% on Instagram.
In 2022 I wrote: The End of Faceless Brands and the Evolution of Influencers The marriage of influencers and businesses is just beginning. The travel industry is a natural fit for this trend. I question whether travel companies will start M&A deals with influencers or give them significant ownership stakes to expand their influence. This seems more logical than spending billions of dollars on marketing channels that drive transactions but fail to build loyalty or preference.
Here are some Travel-as-a-Service startups supporting this trend: thatch, Dreamer, scene, Dharma, Planning, solve, FindTripor @hotel We’re further strengthening the connection between the travel and creator economies by making it easier for creators to integrate travel into their brands.
Micro Wedding I think the trend is rising Wedding ceremony The trend seems to be down.
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Shared by Greg Isenberg Here are some startup ideas (and steps to launch them) based on this trend. In summary:
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Micro Wedding Planning Agency We offer all-inclusive packages for unique venues such as gardens and rooftops. Packages starting at $5,000 include ceremony, photography, flowers, dinner, and cake. Steps: Identify a unique venue, develop a professional website with SEO content, place targeted ads on Instagram and Pinterest, and build partnerships with local vendors.
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Micro Wedding Content Hub Provide curated stories, planning guides, and vendor directories. Monetize through affiliate links and memberships. Steps: Curate inspiring content, provide planning tools, monetize, and leverage social media.
Good luck!
According to This WSJ articleTravelers looking for authentic, professional content are turning to Reddit instead of Instagram and TikTok. To make the most of your travel research on Reddit, the authors suggest:
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Be specific: Start by finding a suitable subreddit that fits your interests. The more niche the better.
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Go local: Go to local forums and ask for honest advice from locals. You'll be more likely to get a unique perspective.
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Be creative: Use Reddit to conduct unique investigations and DIY quests. Whether you’re into unique architecture or quirky roadside attractions, Reddit’s deep discussions can help you uncover hidden gems.
2024 Report It highlights the driving forces behind why people travel. The findings are based on data from an online survey of 7,000 travelers from the U.S., Australia, Canada, India, Japan, Mexico and the U.K. They have an income of at least $50,000 and typically travel at least once a year.
At a glance:
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For inspiration, travelers look to friends and family (52%), social media (39%), and travel websites (37%).
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Seventy-five percent of respondents planning to travel to a sporting event in 2024 said it would take at least three hours to get there.
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76% of Millennials and Gen Zers (compared to 69% of all respondents) said they plan to travel alone in 2024.
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44% of respondents said they would rather take a spontaneous trip than plan every detail.
UX and UI shouldn’t be limited to digital interfaces. Design and user experience should extend to every physical interaction with your guests. Hotel Nuggets In his newsletter, Peter Faber shares small details that demonstrate how committed the hotel is to customer service.
I was at CitizenM New York last week and was looking for a bathroom near the elevators… The cleverly placed signage not only guided me but also brought a smile to my face. It’s the little things that really enhance our experience and show that a hotel really cares about their guests’ comfort. — Peter Faber
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This is a great counter-advertisement for Visit Oslo. It makes you want to experience the little things that make Oslo such a great place to live as a tourist.
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July 3-4, Travel Meet Asia, Jakarta, Indonesia
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On July 9, the European Space Agency launched the first flight of Ariane 6.
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July 10-11, Revenue Management Conference LATAM 2024, Bogota, Colombia
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July 11, PhocusWire Travel Innovation and Technology Trends 2024, Online
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Mauricio Prieto