- Lighthouse, previously known as OTA Insight, is a platform that provides data and insights for the travel and hospitality industry.
- It helps businesses make better decisions by helping them forecast demand and revenue, provide real-time data and analyse competitors.
- The company services over 70,000 hotels and 19 million rentals across 185 countries, including household names like Holiday Inn and Radisson.
Website: www.mylighthouse.com
What is Lighthouse?
Lighthouse is an AI-based data technology platform designed for the travel and hospitality sector. Their tools give businesses real-time data and insights to help them increase revenue and drive profitability.
Initially founded in Belgium back in 2012, but now headquartered in London, Lighthouse’s client list include over 70,000 hotels and 19 million rentals. By using AI, the company is able to consolidate over 400 terabytes of real-time data to give businesses insights around demand, pricing and competitors. This not only helps them make better operational decisions, but also helps improve revenue and forecasting.
Most recently, Lighthouse announced its latest funding round, raising $370 million and reaching unicorn status with a billion dollar valuation.
What Makes Lighthouse Unique?
Lighthouse has made a huge impact on the travel industry by allowing businesses to process more data than ever before. With its AI able to read and extract insights from over 400 terabytes of travel data, businesses are more able to forecast demand and adjust their prices accordingly.
For example, if a big hotel chain is able to see average room prices over busy periods, they could either raise their prices to capitalise on it or lower them to offer more competitive rates. As dynamic pricing is becoming more common in tourism, this is a great tool for businesses to capitalise on peak times.
Lighthouse also prides themselves on top customer support, making sure their extensive list of customers always have what they need.
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Is There a Market for Travel and Hospitality Data Platforms?
The global travel and hospitality industry is worth approximately $4.7 trillion and is forecast to continue growing.
As more people look to capitalise on this, and competition gets steeper, having real-time insights has never been more valuable. Not only that, but as dynamic pricing has become more popular in the industry, businesses need better eyes over how their competition is pricing and performing against themselves. Lighthouse’s AI is able to process 1.7 billion hotel rates across 300,000 hotels, making that information more accurate and accessible than ever before.
The demand for tools like this is growing, which explains Lighthouse’s recent funding round, showing confidence in this growing sector.
What Key Products Does Lighthouse Have?
Lighthouse products include:
- Market insight: Allowing businesses to forecast market demand based on real-time data.
- Rate insight: Track competitor pricing to inform rates.
- Business intelligence: monitor and improve performance.
- Platform overview for independent hotels: Tools for managing bookings and pricing.
- Pricing manager: AI-driven pricing tool.
To find out more about their tools, visit their website.
