Tripadvisor shifts toward a new core

Viator and TheFork emerge as the company’s real growth engines

Tripadvisor is approaching a structural turning point: its long-struggling legacy platform is losing influence, while Viator and TheFork — now half of total revenue and growing rapidly — are becoming the company’s true economic drivers. The article argues that Tripadvisor’s future value will be shaped far more by these two high-moat businesses than by the traditional referral model that defined its past.

Key takeaways

• Legacy model under pressure: Tripadvisor’s traditional referral-based business continues to face monetization challenges and declining organic traffic, limiting future upside.
• Viator reaches critical scale: With >$4B GMV and revenue approaching $1B, Viator is now a category leader and likely worth more than Tripadvisor’s entire current enterprise value.
• Thefork builds a powerful network: TheFork’s 30k+ restaurant network and proven reservation model give it significant growth potential, likely exceeding the value OpenTable commanded at acquisition.
• Market undervaluing the core assets: The implied valuation suggests Viator and TheFork alone justify Tripadvisor’s enterprise value, meaning the core Tripadvisor brand may be priced negatively.
• Management shifts investment focus: Leadership is directing cash flow and resources toward Viator and TheFork while managing the legacy platform for profitability rather than growth.
• Path to margin expansion: Tripadvisor expects ~$85M in cost synergies, stronger EBITDA margins from 2026 onward, and accelerating growth as Viator and TheFork dominate the revenue mix.

Get the full story at Seeking Alpha