Social Media Fuels Innovation Opportunity in Travel, Trivago CEO Says
*By Chloe Aiello*
Social media has helped fuel massive opportunity in the travel industry, but with opportunity, comes cutthroat competition, Trivago CEO Rolf Schrömgens said Wednesday.
"People are really traveling in general more. They want to experience stuff, they don't want to buy stuff anymore," Schrömgens told Cheddar. "They want to go where their friends have been, everybody shares stuff on social media and everybody wants to have this unifying experience of being at the same places."
And since only about 40 percent of bookings are made online, Schrömgens said, that's a huge untapped market for companies, like Trivago ($TRVG).
"I am very positive regarding the overall industry dynamics," he added.
Despite the opportunity, the travel technology sector is virtually a graveyard of failed startups that fell short in their fight against industry incumbents. Schrömgens knows ー Trivago was once one of those challengers. He said the travel bookings site keeps nimble in the competitive field by functioning like a startup.
"The industry is very very competitive and the more competitive the industry is, the harder it gets for new players to go in. Still I think it's important to have innovation, and we are trying to innovate constantly, so we have the culture of a startup," Schrömgens said.
But the nearly 15-year-old company is hardly a startup anymore. It debuted on the Nasdaq in 2016, and reported its second quarter of double-digit net income growth on Wednesday. Trivago stock was last down 4.5 percent in intraday trading, following the report.
For full interview [click here](https://cheddar.com/videos/trivago-ceo-rolf-schromgens-talks-earnings).
Candace Mitchell Harris discusses her path from computer scientist to founder of beauty tech tool MYAVANA – and how it uses A.I. to analyze each person’s unique haircare needs.
Michael Harris, NYSE global head of capital markets shares what to expect from IPOs in 2024, including A.I. excitement and why interest rate cuts are always helpful.
Lacy Garcia, Founder & CEO of Willow, shares why women, traditionally underserved by fintech, are looking for trust and a personal relationship from their financial advisor.
Alexander Reed, CFA and CIO for Envisage Wealth, breaks down why he thinks rates could stay higher for longer and why real estate, utilities, and regional banks are sectors to avoid.
Big brands that have relied on TikTok videos to reach younger consumers do not appear to be panicking as they wait to see what happens. But they have started planning.
It's been 15 years since the last fatal crash of a U.S. airliner, but you wouldn't know that from a torrent of flight problems that made news in the last three months.
Abortion opponents want the high court to ratify a ruling from a conservative federal appeals court that would limit access to a medication called mifepristone, which was used in nearly two-thirds of abortions last year.
Annie Chechitelli, chief product officer at Turnitin, breaks down how students and teachers alike can learn from artificial intelligence – while still maintaining academic integrity.
