Online Restaurant and Travel Research

Part
01
of four
Part
01

Number of Travel Influencers: Over 100K Followers

Key Takeaways

  • On Influence.co, the percentage of Instagram influencers who are travel influencers is 23.3%.
  • On Influence.co, the percentage of TikTok influencers who are travel influencers is 13.8%.
  • The number of travel influencers that have at least 100,000 followers globally is 203,000 on Instagram and 2,277 on TikTok.

Introduction

The number of travel influencers that have at least 100,000 followers globally on Instagram and TikTok has been provided below. These figures have been triangulated by calculating the percentages from Influence.co, an influencer marketing platform with over 100,000 influencers. This platform has been assumed to be representative of the whole population because it has a good sample of influencers.

Number of Influencers With Over 100,000 Followers

1. Instagram

  • According to Mediakix, the number of influencers with over 100,000 followers on Instagram ranges from 300,000 to 2 million. Taking the average of these figures, we can assume that the number of influencers with over 100,000 followers on Instagram is (300,000 + 2 million) / 2 = 1.15 million.

2. TikTok

  • According to Mediakix, the number of influencers with over 100,000 followers on TikTok ranges from 3,000 to 30,000. Taking the average of these figures, we can assume that the number of influencers with over 100,000 followers on Instagram is (3,000 + 30,000) / 2 = 16,500

Percentage of Influencers Who Post Travel Content (Based on the Influence.co Platform)

1. Instagram

Therefore, on Influence.co, the percentage of Instagram influencers who are travel influencers is (7,298/31,383) = 23.3%

2. TikTok

  • Therefore, on Influence.co, the percentage of TikTok influencers who are travel influencers is (1,150 /8,361) = 13.8%

Number of Travel Influencers

1. Instagram

  • On Influence.co, the percentage of Instagram influencers who are travel influencers is 23.3%.
  • According to Mediakix, the number of influencers with over 100,000 followers on Instagram is 1.15 million.
  • Therefore, the number of travel influencers on Instagram with at least 100,000 followers can be calculated as (23.3%*1.15 million) = 203,000

2. TikTok

  • On Influence.co, the percentage of TikTok influencers who are travel influencers is 13.8%.
  • According to Mediakix, the number of influencers with over 100,000 followers on TikTok is 16,500.
  • Therefore, the number of travel influencers on TikTok with at least 100,000 followers can be calculated as (13.8%*16,500) = 2,277

Research Strategy

We tried to find an explicit figure for the number of travel influencers with at least 100,000 followers. However, after looking through different sources such as Statista, Travel Weekly, Washington Post and Forbes, among others, we were only able to find lists of the top travel influencers as well as statistics on how influencer marketing is done in the travel industry.

We therefore switched gears and decided to look for the number of influencers in general who have over 100,000 followers, then look for the percentage of influencers that post travel content. We were able to find the number of influencers segmented by the amount of followers on Mediakix. In order to find the percentage of these influencers that post travel content, we decided to look at different influencer marketing platforms that usually have a large number of influencers in different categories and from different social media platforms. We would then use the percentage of travel influencers in these platforms as a proxy for the whole industry, assuming that the sample provided by the influencer marketing platform is a good representation of the whole industry. We decided to use Influence.co because it has over 100,000 influencers, which is a good representative sample.

For Snapchat and Twitter, we were not able to perform the above triangulation because we were not able to find the distribution of influencers according to the number of followers.

Our assumptions and calculations have been explained in the findings above.
Part
02
of four
Part
02

Number of Restaurant Influencers: Over 100K Followers

Key Takeaways

  • On Influence.co, the percentage of Instagram influencers who are restaurant influencers is 1.08%.
  • On Influence.co, the percentage of TikTok influencers who are restaurant influencers is 0.39%.
  • The number of restaurant influencers that have at least 100,000 followers globally is 12,420 on Instagram and 64 on TikTok.

Introduction

The number of restaurant influencers that have at least 100,000 followers, globally on Instagram and TikTok has been provided below. These figures have been triangulated by calculating the percentages from Influence.co, an influencer marketing platform with over 100,000 influencers. This platform has been assumed to be representative of the whole population because it has a good sample of influencers.

Number of Influencers With Over 100,000 Followers.

1. Instagram

  • According to Mediakix, the number of influencers with over 100,000 followers on Instagram ranges from 300,000 to 2 million. Taking the average of these figures, we can assume that the number of influencers with over 100,000 followers on Instagram is (300,000 + 2 million) / 2 = 1.15 million.

2. TikTok

  • According to Mediakix, the number of influencers with over 100,000 followers on TikTok ranges from 3,000 to 30,000. Taking the average of these figures, we can assume that the number of influencers with over 100,000 followers on Instagram is (3,000 + 30,000) / 2 = 16,500

Percentage of Influencers Who Post Restaurant Content (Based on the Influence.co Platform)

1. Instagram

  • Therefore, on Influence.co, the percentage of Instagram influencers who are restaurant influencers is (339/31,383) * 100= 1.08%

2. TikTok

  • Therefore, on Influence.co, the percentage of TikTok influencers who are restaurant influencers is (33 /8,361) * 100 = 0.39%

Number of Restaurant Influencers

1. Instagram

  • On Influence.co, the percentage of Instagram influencers who are restaurant influencers is 1.08%.
  • According to Mediakix, the number of influencers with over 100,000 followers on Instagram is 1.15 million.
  • Therefore, the number of restaurant influencers on Instagram with at least 100,000 followers can be calculated as (1.08%*1.15 million) = 12,420

2. TikTok

  • On Influence.co, the percentage of TikTok influencers who are restaurant influencers is 0.39%.
  • According to Mediakix, the number of influencers with over 100,000 followers on TikTok is 16,500.
  • Therefore, the number of restaurant influencers on TikTok with at least 100,000 followers can be calculated as (0.39%*16,500) = 64

Research Strategy

We tried to find an explicit figure for the number of restaurant influencers with at least 100,000 followers. However, after looking through different sources such as Statista, Feed Spot, Washington Post and Forbes, among others, we were only able to find lists of top food influencers as well as the most followed restaurant review Instagram influencers.

We therefore switched gears and decided to look for the number of influencers in general who have over 100,000 followers, then look for the percentage of influencers that post restaurant content. We were able to find the number of influencers segmented by the amount of followers on Mediakix. In order to find the percentage of these influencers that post restaurant content, we decided to look at different influencer marketing platforms that usually have a large number of influencers in different categories and from different social media platforms. We would then use the percentage of restaurant influencers in these platforms as a proxy for the whole industry, assuming that the sample provided by the influencer marketing platform is a good representation of the whole industry. We decided to use Influence.co because it has over 100,000 influencers, which is a good representative sample.

For Snapchat and Twitter, we were not able to perform the above triangulation because we were not able to find the distribution of influencers according to the number of followers.

Our assumptions and calculations have been explained in the findings above.
Part
03
of four
Part
03

Travel and/or Restaurant Content: Social Media Platforms

Key Takeaways

Introduction

An analysis of travel and restaurant content on different social media platforms has been provided below. This includes the percentage of content that is related to travel and restaurants on social media platforms, and the percentage of overall content posted by influencers with over 100,000 followers.

CONTENT RELATED TO TRAVEL AND/OR RESTAURANTS ON SOCIAL MEDIA PLATFORMS

1. Percentage of Overall Content

Instagram

a. Travel

  • With the assumption that the number of posts under the most popular travel-related hashtag is a good proxy for the total number of posts related to travel, the percentage of content that is related to travel on Instagram can be calculated as (570.21 million/50 billion) * 100 = 1.14%

b. Restaurants

  • With the assumption that the number of posts under the most popular restaurant-related hashtag is a good proxy for the total number of posts related to restaurants, the percentage of content that is related to restaurants on Instagram can be calculated as (43.37 million/50 billion) * 100 = 0.09%

Twitter

a. Travel

  • The most popular travel-related hashtag on Twitter is #travel, with a total number of 109,400 tweets in the last 7 days. According to Dsayce, there are 500 million tweets sent on Twitter per day, which has remained unchanged since 2014.
  • Therefore, the number of tweets made on Twitter in a week (7 days) is 500 million * 7 = 3.5 billion tweets
  • With the assumption that the number of posts under the most popular travel-related hashtag is a good proxy for the total number of posts related to travel, the percentage of content that is related to travel on Twitter can be calculated as (109,400/3.5 billion) * 100 = 0.003%

b. Restaurants

  • The most popular restaurant-related hashtag on Twitter is #restaurant, with a total number of 6,600 tweets in the last 7 days.
  • With the assumption that the number of posts under the most popular restaurant-related hashtag is a good proxy for the total number of posts related to restaurants, the percentage of content that is related to restaurants on Twitter can be calculated as (6,600/3.5 billion) * 100 = 0.00019%

2. Percentage of Content Posted by Influencers With Over 100,000 Followers

Instagram

  • According to Statista, the global distribution of Instagram accounts by number of followers as of June 2019 was as follows
      • 0 – 1,000 followers: 9.1%
      • 1,000 – 10,000: 30%,
      • 10,000 – 100,000: 36.7%,
      • 100,000 – 1 million: 19.5%,
      • 1 million — 10 million: 4.3%,
      • 10 million and more: 0.5%
  • Therefore, percentage of Instagram accounts greater than 100,000 followers is (19.5 + 4.3 + 0.5)% = 24.3%
  • Assuming that the distribution of influencers across different types of content is the same as the distribution of influencers on Instagram in general, we can conclude that the percentage of content related to travel and restaurants that is posted by influencers with over 100,000 followers is also 24.3%.

3. Helpful Insights

Research Strategy

For this research on travel and restaurant content on social media platforms, we leveraged the most reputable sources of information that were available in the public domain, including statistical websites such as Statista; marketing websites such as Omnicore Agency, Dsayce and Alphr; and financial sites such as Finances Online.

After looking extensively through the public domain, we were unable to find explicit figures for the number of posts related to travel and restaurants on different social media platforms such as Instagram, TikTok, Snapchat, and Twitter. We therefore switched gears and decided to look for the number of posts under travel-related and restaurant-related hashtags. We used the hashtags #travel and #restaurant, because these were the most popular hashtags under the two categories across the different platforms. Although there were other travel and restaurant related hashtags, we decided to use the most popular ones because the other hashtags are mostly used together with the most popular hashtag under one post. We therefore went forward with the assumption that the number of posts under a popular hashtag for a category is a good proxy for the total number of posts related to a given category.

We were unable to use this approach to find the number of posts related to travel and restaurants for Tiktok because they only provide the number of views generated by each hashtag, and not the number of posts under them. We have provided this as helpful findings above.

For Snapchat, we were not able to find anything we could use to estimate the number of posts related to travel because they don't use hashtags to identify their posts, and there are also no publicly available reports with these numbers.

In order to calculate the percentage of travel and restaurant related content posted by influencers with over 100,000 followers, we triangulated this information by assuming that the distribution of content posted by users will be the same as the distribution of the users. Therefore, if a certain percentage of overall users has over 100,000 followers, then that is also the percentage of content posted by these users. We were able to do this for Instagram, but for Twitter, we were not able to find any data on the global distribution of users by the number of followers. We were only able to find the accounts with the most followers on Twitter, the total number of Twitter users per country, and the distribution of Twitter users by age and gender, among others.

All our assumptions and calculations are explained in the findings above.
Part
04
of four
Part
04

TAM: Restaurant Reservations Market

Key Takeaways

  • The TAM of the restaurant reservations market, calculated by aggregating revenues of the top 5 players in the restaurant reservation technology market, is $440.4 million.
  • OpenTable has the largest market share in the restaurant reservations market, and estimated annual revenues of $190 million.
  • ResyOS is also a top player in the market, with a 10% market share and $29.6 million in estimated annual revenues.

Introduction

The total addressable market of the restaurant reservations market has been calculated below. It has been determined by aggregating revenues of the top 5 players in the restaurant reservation technology market, which are OpenTable, ResyOS, TheFork, Quandoo Reservation Management System and ResDiary.

RESTAURANT RESERVATIONS MARKET TAM

1. Top Players in the Market

OpenTable

  • OpenTable has a 21.77% market share in the restaurant reservation technology market, whereas OpenTable Reservations widget has a 20.32% market share. In total, OpenTable has a market share of (21.77% + 20.32%) = 42.09%
  • OpenTable generates estimated annual revenues of $190 million.

ResyOS

TheFork

Quandoo Reservation Management System

  • Quandoo Reservation Management System has an 8.28% market share in the restaurant reservation technology market. It generates $72 million in annual revenues.

ResDiary

2. Total Addressable Market Calculation

Research Strategy

For this research on the TAM of the restaurant reservations market, we leveraged the most reputable sources of information that were available in the public domain, including business information sites such as Zoom Info, Rocket Reach, Craft and GrowJo. We used these sources to find the revenues of the top 5 players in the restaurant reservation technology market as listed on Datanyze. We then went ahead to aggregate these revenues and used them to calculate the TAM of the entire market using the bottom up approach, as described by Toptal and the Corporate Finance Institute
Sources
Sources