Expedia Group

Intangible assets: Well known consumer brands and the leading US vacation‑rental brand within the group provide awareness and direct traffic, though brand spend is rising and loyalty design changes can trigger backlash. Scale in first‑party data and merchandising underpins ad yield. We score 65 for intangibles.

Switching costs: Low for travelers, moderate for suppliers, and higher for B2B partners integrated via APIs, white‑label storefronts, and TAAP. Once embedded, migrations are costly and risky for partners. Score 70. Network effects: More supply attracts more demand and vice versa, amplified by advertising marketplaces and media solutions.

Scale is meaningful but not unique relative to the largest global peers. Score 65. Cost advantages: Marketing, payments, and service operations benefit from scale, but auction‑based traffic and metasearch reduce durable cost edges.

Score 60. Efficient scale: In B2B distribution and ad networks, capacity and relationships deter small entrants, though large tech platforms remain threats. Score 55. Moat risks: Dependence on search engines, supplier direct channels, and emerging AI assistants can compress margins and traffic.

Regulatory friction in short‑term rentals adds volatility. Overall moat 68.