Experience Pure Plays Are Winning, OTAs Are Still Catching Up

Key Points

• The three specialists lead the category: GetYourGuide (€1B+ revenue, 30% growth, profitable, experiences-only) is the fastest-growing, Tripadvisor/Viator ($924M revenue, $91M EBITDA) has scale but legacy distractions, and Klook (smallest, APAC-focused, recently profitable) knows its regional market.
• The big OTAs remain unproven in experiences: Booking.com shows real but small-base growth via FareHarbor and its connected-trip bundle, Airbnb is on another attempt to relaunch and professionalize Experiences, and none of the three break out experiences results separately.
• Strategic divergence is sharpening: GetYourGuide tilts toward growth ahead of a possible IPO, Tripadvisor emphasizes profitability while shedding TheFork and unifying its dual brands, and Expedia bypasses the costly consumer marketing fight by routing Tiqets inventory through its high-growth B2B channel.

Summary

More than three decades into the online experiences category, three specialist platforms—GetYourGuide, Tripadvisor/Viator, and Klook—have emerged as the clear leaders, while the large generalist OTAs (Booking Holdings, Airbnb, Expedia) are still searching for a winning formula. GetYourGuide is the most focused, experiences-only player, surpassing €1 billion ($1.1 billion) in 2025 revenue profitably with 30% growth, and is eyeing a potential IPO. Tripadvisor/Viator posted $924 million in revenue with $91 million in adjusted EBITDA but is navigating a transition—selling TheFork, unifying its dual brands, cutting staff, and managing a legacy hotel metasearch business. APAC-focused Klook, the smallest specialist, reached profitability for the 12 months ending September 2025 and sells more than experiences (rail, ground transport, e-SIMs). Among the giants, Booking.com is showing real but small-base progress via its FareHarbor integration and connected-trip strategy, Airbnb is making another unproven attempt to professionalize and broaden its relaunched Experiences, and Expedia is downplaying the direct-to-consumer fight by funneling newly acquired Tiqets inventory into its fast-growing B2B channel. The category splits cleanly into profitable specialists with momentum and ambitious OTAs still figuring it out.