The way that I think about TripAdvisor is that we have become a location that aggregates traffic that is interested in booking a hotel (or restaurant, or attrac

The way that I think about TripAdvisor is that we have become a location that aggregates traffic that is interested in booking a hotel (or restaurant, or attraction) better than anyone else. And this is a nice flywheel: more reviews means more value to users, which means better SEO traffic and brand awareness, which means that this the best place to write said reviews. Once the visitor is here, they peruse our content, photos, etc. and we direct them somewhere else to complete their transaction. Instant book is a way to streamline that transaction for our visitors. I can't comment on the whether or not we'll ultimately compete. Ultimately is a long time.