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[Travel News]: Tripadvisor revenue down 61% in 2020, eyeing subscription product for 2021

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The following is the [Travel News]: Tripadvisor revenue down 61% in 2020, eyeing subscription product for 2021 from [Phocuswire] recommended by TheTourAttraction.com:

The company will remain focused on building direct, durable customer relationships to effectively convert Tripadvisor’s influence into monetization.

Tripadvisor finished 2020 with its revenue down 61% to $604 million compared to $1.6 billion in 2019, but president and CEO Steve Kaufer says the company is entering 2021 “with optimism,” largely driven by the potential to develop a recurring revenue stream through its new Tripadvisor Plus subscription service.

Reporting its financial results for the fourth quarter of 2020 and the full year, Kaufer says the company has “taken exciting steps to orient the business to emerge from the pandemic even stronger. In 2021 and in the years to come, we will remain focused on building direct, durable customer relationships that will enable us to more effectively convert Tripadvisor’s influence into monetization.”

Kaufer says Tripadvisor Plus is targeting travelers interested in longer, more complex trips where the discounts on room rates and perks such as upgrades, in-destination benefits and access to exclusive experiences and reservations make the subscription fee a “no brainer.”

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