MONETIZATION MODELS AND REVENUE STRUCTURE OF ONLINE TRAVEL PLATFORMS: EMPIRICAL ANALYSIS

This study comprehensively examines the monetization models and revenue structures of online travel platforms (OTPs) operating in the global digital tourism market. The relevance of this research is driven by the rapid digitalization of the tourism industry and the need to understand revenue generation mechanisms in an increasingly competitive environment. Using a mixed methodological approach combining financial analysis of 45 major online travel agencies and platform operators with survey data from 380 tourism enterprises across various regions worldwide, the study identifies and systematizes five dominant monetization models: commission-­based, subscription-­based, freemium, marketplace, and hybrid. Each model possesses unique characteristics, advantages, and limitations. Quantitative analysis reveals that commission-­based models generate the highest average revenue per transaction (ARPT = $ 18.47), while subscription-­based models demonstrate superior customer lifetime value (CLV = $ 847), ensuring more stable and predictable cash flows. An econometric model using fixed-­effects panel regression shows that platform diversification (β = 0.412, p < 0.01) and technological integration (β = 0.298, p < 0.01) have a statistically significant positive impact on revenue sustainability. Industry development forecasts through 2028 suggest continued intensive growth of hybrid monetization models with an expected compound annual growth rate (CAGR) of 14.7 % for platforms successfully combining commission and subscription elements. Practical and managerial recommendations emphasize the critical importance of adaptive revenue generation strategies, customer-­centric value propositions, and continuous technological modernization in the dynamically evolving digital tourism ecosystem.