#industry-economics

Why Google Shops and Amex GBT Books: Revenue per Employee Explains the Travel Industry's Balance

Google could have full travel booking capability tomorrow and keeps saying no. Four 2025 annual reports explain why: revenue per employee runs from $2.1M at Alphabet to about $100K at Amex GBT. Every rung down, fulfilment needs more people per dollar. The only question is whether AI changes that ratio.