Buenas @emgocor, yo creo que el caso de Wix no es tan comparable al de Booking. Quiza para una plataforma como Booking la imagen de marca y ese efecto red es mucho mas relevante que en el sector de infraestructuras de software para minoristas principalmente. De todas maneras es un negocio muy interesante en una tendencia creciente, de suscripcion y con gastos de cambio, pero pienso que con barreras de entrada reducidas.
Hablando de Booking, Expedia o SkyScanner (Trip.com), me daba bastante respeto la solucion de Google Flights (tanto en usabilidad como en posicionamiento en las busquedas) y algo similar para Hoteles. Recientemente les han chapado parte del chiringuito a Google
Google Flights Grounded, a Potential Positive for Narrow-Moat Booking, Expedia, and TripAdvisor
Wide-moat Google has announced that it will no longer charge airlines for referrals from its Flights metasearch product, signaling that it may be under pressure from the Federal Trade Commission to de-emphasize its platform, which is currently is placed ahead of more relevant organic search links (often those of online travel companies). We don’t believe the change to Google Flights itself will have a meaningful impact to financials for online travel operators, since airline bookings generate a smaller portion of business and just a low-single-digit take rate versus the higher contribution and low-double-digit fee on average for lodging. But, this alteration to Flights, along with Google having to de-emphasize its meta shopping platform in 2016, provides support that the search giant may at some point have to make similar changes to its hotels metasearch platform, which would alleviate competitive threats for narrow-moat companies Booking Holdings, Expedia, and TripAdvisor. If Google Hotels is de-emphasized, we would probably lower our assumptions for marketing expenses for online travel operators. For instance, lowering marketing as a percentage of sales by 1 percentage point in 2021-28 in our DCF model would lift our $2,300, $170, and $51 Booking, Expedia, and TripAdvisor fair value estimates, respectively, a low-single-digit percentage on average.