When the "Hilton" hotel is actually a franchisee, aren't the aggregators and the "hotel chain" basically in the same business? It's structured differently, but

When the "Hilton" hotel is actually a franchisee, aren't the aggregators and the "hotel chain" basically in the same business? It's structured differently, but you still have a company with a (multi-)national brand presence funneling customers to independently owned hotels in exchange for a cut. In a future where everyone books through hiltonhonors.com and spgdirect.com instead of booking.com, will the actual hotels make more money, or will the chains just start capturing more of that value for themselves?