Priceline Changes Its Name to Booking, Reflecting Key Revenue SourceBy
Booking.com accounts for the majority of company’s revenue
New name is well-known to consumers outside the U.S.
Priceline Group Inc. is changing its name to Booking Holdings, more in line with its global presence and a recognition that the vast majority of the company’s revenue comes from Amsterdam-based unit Booking.com.
Priceline, best known in the U.S. for its now-defunct name-your-own-price offer promoted by actor William Shatner, bought Booking.com in 2005 for about $133 million. It now accounts for an estimated 80 percent of the company’s annual revenue of about $11 billion, making it one of the most successful acquisitions in internet history.
While Booking.com is well known around the world, the brand has less of a presence in the U.S. Priceline has been pouring resources into marketing it in the country, working to compete with upstarts like Airbnb Inc. as well as traditional rival, Expedia Inc. Rebranding the parent company as Booking Holdings reinforces for investors that Booking.com is the center of the company, Chief Executive Officer Glenn Fogel said in an interview.
“The company’s evolved significantly over our 20 years,” Fogel said. “There isn’t the awareness of how big our business is.”