Priceline Group spent a record US$1.147 billion on “performance advertising” in the three months to June 30, increasing its online ad spend across all brands by 24% over the previous corresponding period.
Is it coincidence then that Priceline’s net income for the quarter also rose by 24% to reach US$720 million? I think not.
Priceline’s travel websites including Booking.com, Priceline.com and Agoda.com booked more than 170 million room nights and an estimated 85% of its gross profit was generated outside the company’s home market of the United States.
Total travel booking value rose 16% to US$20.8 billion.