The RBLX data point is fasinating. Up 119% but the multiple only expanded 17%, which means the fundamentals actualy improved significantly. Most people just see the stock rip and assume its all multiple expansion. The 50x EV/EBITDA still feels steep though, especially with that negative revenue growh. Curious how you think about the sustainability of that 29% EBITDA margin given creator payouts and infrastructure costs.
I wonder how long OTAs are going to play along. The risk for them is that they will become totally irrelevant and just the plumbing for the AI bots. Is that really where they want to go? On the other hands hotels might want to do this through aggregation channels like Siteminder or so. My 2 cents https://martinsoler.substack.com/i/173914736/no-booking-wont-be-the-plumbing-for-openais-agents
'Discovery -> selection -> payment -> servicing in one continuous conversation' seems to be the ultimate goal. How long do you think it takes for us to reach that? Curious if there are any precedents to help us think about that.
I like this, do we really think that hotels will be able to beat the OTA's who have so much power and resource. Do we think its going to be each hotel that needs to sort out their data and content or rather a new start up that can help structure data and help drive visibility across LLMs?
The RBLX data point is fasinating. Up 119% but the multiple only expanded 17%, which means the fundamentals actualy improved significantly. Most people just see the stock rip and assume its all multiple expansion. The 50x EV/EBITDA still feels steep though, especially with that negative revenue growh. Curious how you think about the sustainability of that 29% EBITDA margin given creator payouts and infrastructure costs.
I wonder how long OTAs are going to play along. The risk for them is that they will become totally irrelevant and just the plumbing for the AI bots. Is that really where they want to go? On the other hands hotels might want to do this through aggregation channels like Siteminder or so. My 2 cents https://martinsoler.substack.com/i/173914736/no-booking-wont-be-the-plumbing-for-openais-agents
'Discovery -> selection -> payment -> servicing in one continuous conversation' seems to be the ultimate goal. How long do you think it takes for us to reach that? Curious if there are any precedents to help us think about that.
I like this, do we really think that hotels will be able to beat the OTA's who have so much power and resource. Do we think its going to be each hotel that needs to sort out their data and content or rather a new start up that can help structure data and help drive visibility across LLMs?