Skift Take
Today’s podcast looks at how AI may yet transform the travel industry, the FTC’s crackdown on fake reviews, and Elliott Investment’s proposed changing to the Southwest board.
Good morning from Skift. Itâs Thursday, August 15, 2024, and now hereâs what you need to know about the business of travel today.
Listen Now
ð§ Subscribe
Apple Podcasts | Spotify | YouTube | RSS
Episode Notes
Travel executives still believe artificial intelligence will transform the industry â even if itâs taking longer than expected. Travel Technology Reporter Justin Dawes provides recent insights from several executives on AI.
Booking Holdings CEO said the latest advances in AI could help make connected trips â travel experiences in which consumers can book all parts of a trip in one place â a reality. AI has already significantly boosted revenue for Tripadvior. CEO Matthew Goldberg said travelers using its AI-powered trip planner have generated, on average, 15 times more revenue than TripAdvisorâs platform-wide average.
Airbnb CEO Brian Chesky said the company has been working on integrating AI for nearly two years since ChatGPT launched. One learning is that it will take years to rebuild Airbnb into a fully AI-powered digital travel concierge that learns and adapts to each individual user.
Next, the U.S. Federal Trade Commission has finalized a rule that would discipline businesses for buying or selling fake reviews. Senior Hospitality Editor Sean OâNeill explains what the measure means for the travel industry.
The FTCâs new rule prohibits the creation, purchase or sale of fake reviews, including those generated by AI. The agency could enact civil penalties of up to roughly $52,000 per violation against the creators and posters of fake content. OâNeill cites travel agencies, travel booking platforms and price-comparison services as travel brands that could face penalties if they donât police fake reviews.
Fake reviews have long been an issue in the travel industry. Tripadvisor said it caught and removed more than 1 million reviews in 2022.
Finally, activist investor Elliott Investment Management has published a list of 10 candidates it would like to see serve on Southwest Airlinesâ board, writes Airlines Gordon Smith.
Smith notes four of the 10 candidates have held CEO roles in the airline industry. Elliott said in an open letter that the nominees would offer Southwest shareholders a different approach, arguing the carrierâs current board has delivered poor returns for shareholders. There are currently 15 members on Southwestâs board of directors.
Elliott took a nearly $2 billion stake in Southwest in June, making it one of the carrierâs largest investors.
