The Brief
The booking transaction is quietly becoming the least valuable link in the chain. At one end, a supplier can now assemble its own bundle using an intermediary's inventory as invisible back-end, the intermediary trading brand for raw volume; at the other, the moment of recommendation is drifting into conversational surfaces no aggregator owns, so the asset stops being the ranked list and becomes whether your inventory is machine-readable and present in the answer. The same migration runs underneath the design and PM pieces below: value is concentrating at the two ends — the owned customer relationship and the precisely-specified, retrievable substrate — and draining out of the generic middle that merely lists options. Defending that middle is no longer a position. The question worth sitting with is which end the team is actually building toward, because trying to hold the center is now the slowest way to lose it.