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Andy Headington • 4 months ago

This is some great analysis Steve. You are right that CPCs are only going to go one way so for all of the OTAs that have done and continue to do well, even in the relative short term, there is going to be pain ahead for them. The need to go above the line with marketing and look at other areas of general business such as retention, customer service etc are a must. In the next 2-3 years I expect to see a reasonable amount of consolidation coming as all margins etc get more and more squeezed.