Speaker unverified: belief

Transcript context

…Geez. Brutal. To me, this acquisition and this whole industry really just is such a good example and pure example of the power and dynamics of marketplaces. That's what I got for tech themes. One of the things I was thinking about, and as I kind of tried to put this together and we prepared for this, was what it would take to challenge Booking.com. If you think building this marketplace is about gathering enough demand to make this whole thing work, could you compete with them? So again, today, Booking.com has the advantage of having done this for, what, 20 years. They today generate half a billion room nights and they spend $3.5 billion per year on marketing. Because somebody else could do that. Could you begin to compete with them to generate that level of demand? I guess the potential for the person who I was able to identify who looks like they’re at least making a run at it is Trivago. Today, Trivago is spending I think $800 million a year. And they’re Expedia-owned, right?…

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