Shares in TripAdvisor fell 23% last week, and in Priceline by 13.5%, highlighting how the companies’ once industry-disrupting model is under growing pressure from other competitors. Expedia’s shares are down 19% since late October when the company reported weaker-than-expected third quarter results.

All are encountering increased competition from sites such as Airbnb and other alternatives to traditional hotels, and hotel chains are also fighting for the OTAs’ business, driving harder bargains in negotiations on commissions paid to third-party sites.

Companies such as Hilton Worldwide have become more aggressive in drawing customers from the third-party sites, offering incentives for consumers to book direct through their apps or websites.

Some of the major OTAs are spending more on advertising, including TV commercials as reported here this week, and while they have made efforts to attract vacation rental consumers, Airbnb still dominates the market.

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