Booking.com
Establishment and Early Years
Booking.com was established in 1996 in Amsterdam, Netherlands, by Geert-Jan Bruinsma. Initially, the company operated as “Bookings.nl” and focused on offering online hotel reservations. This was a pioneering concept at the time, as the internet was still in its infancy, and online travel booking was a relatively new idea. The company aimed to make it easier for travelers to find and book accommodations online, leveraging the growing accessibility of the internet.
Growth and Development
In 2000, Bookings.nl merged with a rival Dutch online booking company, Bookings Online, to form Bookings.org. This merger significantly expanded the company’s reach and resources, enabling it to offer a broader range of services and accommodations. The company continued to grow rapidly, expanding its inventory and refining its technology to improve user experience.
Acquisition by Priceline Group
A major turning point in the history of Booking.com was its acquisition by The Priceline Group (now Booking Holdings Inc.) in 2005 for $133 million. This acquisition provided Booking.com with the financial backing and strategic support needed to expand globally. The Priceline Group’s extensive resources allowed Booking.com to enhance its technology, marketing, and operational capabilities.
Global Expansion
Following the acquisition, Booking.com embarked on an aggressive global expansion strategy. The company established offices in key markets worldwide and significantly increased its inventory of available accommodations. By the early 2010s, Booking.com had become one of the leading online travel agencies (OTAs) globally, offering millions of properties in hundreds of countries.
Innovation and Technology
Booking.com has always prioritized innovation and technology to improve its services. The company invested heavily in developing its website and mobile apps, making it easier for users to search for, compare, and book accommodations. Booking.com’s platform uses advanced algorithms and machine learning to provide personalized recommendations and seamless booking experiences.
What Booking.com Does
Booking.com is an online travel agency that allows users to search for and book a wide range of travel services. These services include:
- Accommodation: Booking.com offers a vast selection of accommodations, including hotels, hostels, apartments, villas, and unique stays like treehouses and houseboats. Users can filter search results based on various criteria such as price, location, amenities, and guest reviews.
- Flights: The platform provides flight booking services, enabling users to compare and book flights from numerous airlines worldwide.
- Car Rentals: Booking.com offers car rental services, allowing users to rent vehicles from major car rental companies at various locations.
- Airport Taxis: The platform provides airport transfer services, making it convenient for travelers to arrange transportation to and from airports.
- Attractions and Experiences: Booking.com allows users to book tickets for various attractions and experiences, such as tours, museum entries, and activities in their destination cities.
Founders and Key Figures
- Geert-Jan Bruinsma: Founder of Booking.com. He started the company in 1996 and played a crucial role in its early development and growth.
- Gillian Tans: Former CEO and Chairwoman of Booking.com. Tans joined the company in 2002 and served as CEO from 2016 to 2019, overseeing significant growth and expansion.
- Glenn Fogel: Current CEO of Booking Holdings Inc., the parent company of Booking.com. Fogel has been with the company since 2000 and has been instrumental in its strategic direction.
Net Worth and Financial Performance
As a subsidiary of Booking Holdings Inc., Booking.com contributes significantly to the parent company’s financial performance. Booking Holdings Inc. is publicly traded on the NASDAQ stock exchange under the ticker symbol BKNG. As of 2023, Booking Holdings Inc. has a market capitalization of over $100 billion, with Booking.com being one of its most valuable assets.
Booking.com generates revenue primarily through commissions on bookings made through its platform. The company’s financial performance is closely tied to global travel trends, and it has consistently reported strong revenue growth and profitability over the years.
Important Events
- 2005: Acquisition by The Priceline Group, marking the beginning of Booking.com’s global expansion.
- 2011: Rebranding from Bookings.org to Booking.com, aligning with the global brand identity.
- 2016: Gillian Tans appointed as CEO, leading the company through a period of significant growth.
- 2020: Impact of the COVID-19 pandemic on the travel industry, leading to a temporary decline in bookings and revenue.
- 2021: Gradual recovery of the travel industry post-pandemic, with Booking.com reporting a resurgence in bookings.
Available Products and Services
Booking.com offers a comprehensive range of products and services designed to cater to various travel needs:
- Accommodations: Over 28 million reported listings, including hotels, apartments, hostels, and unique stays.
- Flights: Integration with major airlines to provide flight booking services.
- Car Rentals: Partnerships with leading car rental companies to offer rental services.
- Airport Taxis: Pre-arranged airport transfer services.
- Attractions and Experiences: Booking options for tours, activities, and attractions worldwide.
Service Locations
Booking.com operates globally, with a presence in nearly every country. The platform supports multiple languages and currencies, making it accessible to users worldwide. Key service locations include:
- Europe: Strong presence in major tourist destinations such as Paris, London, and Rome.
- North America: Extensive listings in the United States and Canada, with popular destinations like New York, Los Angeles, and Toronto.
- Asia: Rapidly expanding footprint in countries like Japan, China, and Thailand.
- South America: Growing presence in Brazil, Argentina, and Chile.
- Australia and Oceania: Listings in Australia, New Zealand, and Pacific islands.
Partners
Booking.com has established partnerships with various companies to enhance its offerings and provide a seamless booking experience:
- Airlines: Collaborations with major airlines to offer flight booking services.
- Car Rental Companies: Partnerships with leading car rental agencies to provide rental services.
- Hospitality Providers: Collaborations with hotels, hostels, and other accommodation providers to expand inventory.
- Tour Operators: Partnerships with tour operators and experience providers to offer attractions and activities.
Finances
As a subsidiary of Booking Holdings Inc., Booking.com’s financial performance is consolidated with its parent company’s financial statements. Booking Holdings Inc. reports detailed financial results, including revenue, operating income, and net income. Key financial highlights include:
- Revenue: Booking Holdings Inc. reported revenue of $11.0 billion in 2022, with Booking.com being a significant contributor.
- Operating Income: The company’s operating income was $3.2 billion in 2022, reflecting strong profitability.
- Net Income: Booking Holdings Inc. reported net income of $2.7 billion in 2022.
Shareholders
As a publicly traded company, Booking Holdings Inc. has a diverse shareholder base, including institutional investors, mutual funds, and individual shareholders. Major institutional shareholders include investment firms such as The Vanguard Group and BlackRock.
Parent Companies
Booking.com is a subsidiary of Booking Holdings Inc., a leading provider of online travel and related services. Booking Holdings Inc. owns and operates several other well-known travel brands, including:
- Priceline: Offers discounted travel services, including hotel and flight bookings.
- Kayak: A travel search engine that aggregates travel options from various sources.
- Agoda: Focuses on accommodation bookings, particularly in Asia.
- Rentalcars.com: Specializes in car rental services.
- OpenTable: Provides online restaurant reservation services.
Conclusion
Booking.com has established itself as a leading online travel agency, offering a comprehensive range of travel services to users worldwide. From its humble beginnings in Amsterdam, the company has grown into a global powerhouse, providing millions of accommodations and travel options to travelers. With a focus on innovation, technology, and user experience, Booking.com continues to shape the future of online travel booking. Through strategic partnerships, global expansion, and continuous improvement, the company is well-positioned to maintain its leadership in the travel industry.
Market cap: $128.00 Billion
As of May 2024 Booking Holdings (Booking.com) has a market cap of $128.00 Billion. This makes Booking Holdings (Booking.com) the world’s 114th most valuable company by market cap according to our data.