Fragmented inventory. 68% of small operators still keep availability in a spreadsheet, and republish it by hand on four channels.
Commission drift. Marketplace fees moved from 12% to 21% in five years, without any matching gain in booking volume.
No direct relationship. The operator never owns the traveller record, so repeat business is captured by someone else.
Operators live on the platform, across 9 countries.
Gross booking value processed in the last twelve months.
Net revenue retention, driven by inventory growth per operator.
Of bookings now direct — the share we do not charge a fee on.