The Economics of Flight Search, Post-Google

Skift Take Skyscanner, Kiwi.com, and Wego built different businesses around the same problem: helping people find flights. Their latest private company filings show what that business is worth after Google — and what AI may change next. I went looking for the latest private company filings for three travel companies that have spent much of their lives helping people find flights: Skyscanner in the UK, Kiwi.com in the Czech Republic, and Wego in Singapore. These are significant companies in travel, but unlike Booking Holdings, Expedia Group, or Trip.com Group, there has been surprisingly little public visibility into their actual economics, particularly for Kiwi and Wego. The filings give us a much clearer picture. Skyscanner generated roughly £485 million ($660 million) in revenue last year and is highly profitable. Kiwi has gone through two years of falling revenue and major cost cuts, with a €100 million ($116 million) convertible bond coming due next June and unusually detailed investor return provisions in its corporate documents. Wego has doubled revenue in two years but seen its operating margin fall almost to zero. Together, they offer a useful look at what has happened to the business of fligh