Over the past few weeks，With online 188bet online live casino giant Priceline、Ctrip、Expedia、TripAdvisor、Trivago releases third quarter financial report，The market value of global tourism listed companies has evaporated by approximately US billion。

The stock sell-off is mainly concentrated in online 188bet online live casino companies，And the hotel、Airline、Cruise Company、The stock prices of other tourism and non-tourism companies have not experienced similar large-scale declines。

In view of this situation，Investment analysts have released reports one after another。Most reports point to the uncertainty in forecasting future revenue growth for these online 188bet online live casino companies，And how these companies are coping with rising costs while maintaining expected revenue growth。There are also a few reports，The CEOs of Priceline and Expedia who just took office this year have no relevant experience in dealing with this situation，Added instability，Investors’ investment confidence has been frustrated。

Is the large-scale decline in the stock prices of listed online 188bet online live casino companies an overreaction of investors to the market claimed by company executives？This industry does indeed encounter growth bottlenecks，Weakened investors’ investment confidence？

At the recent Phocuswright conference in Florida，Some investment analysts said on the research forum，These mature online 188bet online live casino companies may enter a "new normal" of slower growth in the next few quarters。

Susquehanna Financial Group focuses on entertainment、Accommodation、Rachael Rothman, senior analyst in the leisure industry said，188bet online live casino companies cannot blame the current problems on weak demand in their hotel business, which contributes the most profits。But the financial report released by the large hotel chain group in the third quarter shows，Consumer demand for hotel rooms is very strong，The main reason is that the direct booking promotion campaign launched by the hotel has achieved certain results，For example，Hilton’s direct booking slogan is “Stop ordering here and there，Stop Clicking Around。

Mark Mahaney, Executive Director of Royal Bank of Canada Capital Markets, has been following the online 188bet online live casino industry for nearly 20 years。He said，One factor influencing the recent capital market sell-off of 188bet online live casino company stocks may be，There are great differences within these companies on the topic of what is the optimal customer acquisition marketing channel。

It is because of these differences，Priceline cuts company on TripAdvisor、Some advertising and 188bet online live casino on Trivago’s metasearch channels – at least for now it seems the decision has been made to cut them。

Lloyd Walmsley, director of research at Deutsche Bank Securities, said，Parent company Priceline thinks，Booking.com is a household name 188bet online live casino United States and other markets，But actually Booking.com is not that well-known in these places。Therefore，Investors think，Glenn Fogel, CEO of the group, may invest part of his marketing expenses in TV advertising 188bet online live casino near future。In fact，Fogel has publicly announced，Company marketing expenses will be tilted towards TV advertising，We will also reconsider the proportion of advertising investment in some digital channels。

Wamsley said，TV advertising marketing may also bring another benefit - reducing the advertising costs of online 188bet online live casino platforms。

“Every Google ad has a quality score，The higher the user click-through rate，The lower the advertising fee the company pays，”Wamsley 188bet online live casino，“When Kayak is launched，Data it disclosed to investors shows，Since the beginning of increasing investment in TV advertising，Company’s online ad spending halved in two years。”

Jake Fuller, Executive Director of Guggenheim Securities pointed out，The marketing expenses invested by Priceline and Expedia in TV advertising account for a small proportion of the company's total marketing expenses。Rough estimate，Approximately two-thirds to three-quarters of the marketing expenses of these two 188bet online live casino are still invested in online advertising。

MahaniSaid: “They’re just moving their marketing budget back and forth，The two 188bet online live casino are a bit dissatisfied with some vertical metasearch 188bet online live casino using its advertising revenue to compete with them。”

Expedia and Priceline’s reduction in online advertising marketing expenses has a big impact on Trivago and TripAdvisor，The market value of these two vertical metasearch 188bet online live casino in the stock market has dropped a lot this year。

Trivago 188bet online live casino，The company hopes to get more advertising investment from hotels，To make up for some losses caused by Priceline and Expedia reducing their advertising investment on their platforms。

However，Rosman expressed doubts about Trivago’s plan。She said，The general view among hotel 188bet online live casino is，Traffic obtained from metasearch channels is not proportional to marketing costs，Because the customers they obtain through meta-search engines are those who are averse to brands and are only sensitive to price，There are certain restrictions on the scale of customer acquisition。She thinks，Hotel 188bet online live casino are more likely to invest marketing dollars on Facebook、New channels such as Instagram that can attract users to book directly on the hotel’s official website。

Wamsley 188bet online live casino，Priceline and Expedia need to rely on other websites to create demand，The future marketing expenses of these two major OTAs may be reinvested in metasearch websites。

Eric Sheridan, Executive Director of UBSSheridan）represents，The two companies may expand their loyalty program coverage - Airbnb may also launch its own loyalty program，These measures are all aimed at allowing repeat visitors to book 188bet online live casino products directly through their direct sales channels，There is no need to attract users to your website through other channels before booking。

Rosman said，Hotel chains have always had an advantage over online 188bet online live casino companies in terms of loyalty。“OTA may offer you a free night at the resort，But they can’t offer nine o’clock check-in，Check out at four o'clock、Free breakfast、Extra services such as beach chairs by the pool，These services may bring more repeat customers to the hotel。”

Mahanirepresentation，The reason why the market value of online 188bet online live casino has been weakened，The emergence of short-term rental giant Airbnb bears part of the responsibility，Because this company, which is in the rapid development stage, is encroaching on OTA’s hotel booking share，Many consumers are attracted to the Airbnb platform to book private vacation rentals。But，Mahaney also thinks，Priceline and Booking.com is catching up in vacation rental inventory。

Rossman doesn’t quite agree with the “catching up” perspective proposed above。She 188bet online live casino，There are signs，Airbnb is undermining hotels’ ability to charge peak rates on nights when demand is traditionally higher by increasing inventory on its platform。

She also 188bet online live casino，Hilton、Marriott and other similar hotel chain brands are accelerating their transformation to an asset-light operating model，To withstand the inevitable economic recession。But she 188bet online live casino，Many property managers on Airbnb are too aggressive，They put a lot of borrowed money into vacation rentals。

Rosman expected，During the 2008 economic crisis，Many indebted homeowners have experienced profound lessons on the verge of bankruptcy，Therefore，Many people will make the same mistake again 188bet online live casino homestay short-term rental market 188bet online live casino future。She also predicted，Reduced room supply will reduce the impact of economic recession on hotel chains。

If Rothman’s prediction is accurate，So in case of economic recession，Airbnb’s growth rate 188bet online live casino also slow down。

Also，Due to accommodation safety issues，Those travelers who value security and privacy will carefully choose short-term rental products such as Airbnb，In addition, Airbnb’s brand awareness is already very high，The growth ceiling is getting closer。A research report from Morgan Stanley this year pointed out，Airbnb usage growth 188bet online live casino United States and Europe has slowed down，The pressure it brings to OTA will gradually decrease。

Mahaney said，Among all peers，Priceline is most likely to achieve greater growth 188bet online live casino future from international markets with relatively low penetration rates。“Priceline’s room night base is larger than Expedia，But its room night growth rate is still faster than Expedia，This fact surprises me，”he said。

What if Amazon re-entered the 188bet online live casino industry，This industry landscape may undergo major changes。“I have no doubt that Amazon will bring disruptive innovation to this industry，But this bet often requires a long time for market verification。”

At the same time，These analysts also said，If investors have doubts about the future growth expectations of the new management of the two online 188bet online live casino giants，Then it may take a year for investors to see results that restore their confidence。