Sector coverage

Distribution & OTAs

Who captures margin between the traveler and the supplier? OTAs, metasearch, GDSs, NDC aggregators, and the new wave of AI-native travel agents.

Photograph: Carlos Muza / Unsplash

$170B

Global OTA gross bookings (2025)

Source: Phocuswright

48%

Booking.com share of EU online accommodation

Source: Phocuswright

2.1x

OTA share of long-haul vs. short-haul bookings

Source: Concourse Intelligence

Coverage

Recent writing on Distribution & OTAs.

Distribution & OTAs·May 30, 2026

Booking's quiet pivot from flights to everything

Booking Holdings has spent two years rewiring itself around connected trip — flights, attractions, ground, payments — without saying very much about it. The market is still pricing the company as a hotel OTA.

4 min read

Who covers this

The partners leading Distribution & OTAs.

Book them to speak →

Eleanor Reyes

Managing Partner, Aviation & Distribution

New York · London

Anya Volkov

Partner, Travel Fintech & Payments

London · Dubai

Marcus Chen

Partner, AI & Emerging Platforms

San Francisco · Tokyo

On our watchlist

Companies we track in Distribution & OTAs.

The names we follow most closely in this sector. Not investment advice — just where we are spending the most analytic time.

Booking Holdings

Expedia Group

Trip.com

Airbnb

MakeMyTrip

Kayak

Tripadvisor

Hopper

Despegar

Yanolja

In the field

Distribution & OTAs, illustrated.

Data dashboard — Distribution is a data business pretending to be a media business.

Office whiteboard — Channel strategy is the most contested room at every OTA.

Office workspace — The next great OTA might already be a model context provider.