There Are No Winners In All This, Only Survivors, Say Investors
BEACH (Booking, Entertainment & Live Events, Airlines, Cruise Lines & Hotels & Resorts) stocks have taken a hammering with the COVID-19 crisis. More than $332 billion in value have evaporated over the past month, according to this analysis. Booking Holdings has seen a 37% drop, Expedia Group an even bigger one at 53%; worldwide, airline revenue is estimated to fall by as much as $113b in 2020.
If the giants are at risk of falling, what does it look like for startups? At WiT Virtual, two venture capitalists shared their perspectives on how the travel and startup landscape will evolve as a result of COVID-19.
Looking at the travel industry broadly, Hian Goh, co-founder and partner, Openspace Ventures described travel as "a bad product-market fit situation right now."
Kuo-Yi Lim, managing partner, Monk's Hill Ventures remarked, "travel gets slammed the hardest and most immediately… not just regional and long-distance, but within countries themselves."
