So that is certainly, booking has had tiered discounting from some of their supply partners, and that is a feature we have not had before, so I think, yes, that is a good competitive way. I will say that we also think we have those discounts on more valuable hotels that are worth more value to our customers who are more valuable. So, which goes to your first question, which is, yes, we have confidence that we are building a pool of more valuable customers, in the large part because we are getting them into more valuable states, so as we get them into membership, as we get them into app, and we follow how those cohorts perform, we know those cohorts perform for lots of good and thoughtful reasons, much better. So a member, of course, sees the member discounts, the loyalty rewards, and so forth, and app member does even more typically and comes back more directly, all good things.
So as we build up those pools, and our blend of total consumers and total transacting consumers is blended towards these pools that have higher peak rates, higher LTV, et cetera, we are essentially building a bank of more value that is left to play out in the future. So that is why we do have confidence in what we are doing there. Obviously, we have done it particularly well as I talked about before in Expedia US, now we are doing it in more countries, now we are working on doing it with Hcom, and then expanding that to more countries, now we will be able to do it in Vrbo as well. So that is why we say we have a lot of runway left here, but we can see it happening where we have intent, where we have spent according to that, where we have driven the product, moved more customers into membership, and signed up into the app.
Every step in that journey creates more value for us.
Justin Post: Great, thank you.
Operator: Your next question comes from the line of Lloyd Walmsley from UBS. Your line is open.
Lloyd Walmsley: Thanks. Anything you can share in terms of just early feedback, going back to One Key on maybe cross shopping, and then, changes in conversion rates at Vrbo, now that you have loyalty, anything interesting there, and then as part of that, anything in terms of cross currents from Hcom customers, given they are getting eluded there as part of One Key, would love some help understanding that.
Peter Kern: Sure. I think the first one, the short answer is, it is too early. I mean, we have converted more than $70 million, don’t have today’s count, but over 70 million consumers into the One Key program. These are existing members, and also new members that have joined in the last few weeks. We’ve had lots of new members join in Vrbo. We’ve been able to activate, a customer who may be using Vrbo and may have been a customer of one of the other brands a long time ago, but now they’re in a program where they’ll see the benefit in the other brands. So we’ve done a lot of, sort of, the core work of getting customers aligned, getting their accounts right, getting their accounts consolidated if they had reports in different places, which was complicated.
So we’ve made huge progress. It’s too early to say that, there’s not enough signal yet to say, well, people are, doing acting, behaving differently and doing lots of different things. And even in Vrbo, there’s a lot of cross currents and a lot of the time is launching One Key. And a lot of our Vrbo customers, even though they’re getting a great benefit, they’re, they’re having to understand, like, wait a minute, there’s a membership program. What is it? Do I sign up to it? So there’s the usual issues of launching something new and a product experience that people are accustomed to, but we’ve seen a lot of great response and, millions of sign-ups and I wouldn’t say necessarily massively incremental in terms of the velocity, but just a lot of people engaging with it and signing up.
And then as far as HGMP goes, yes, we have, there is a little bit of noise from our heaviest users about what does it mean for them. But I will say we’ve taken care of them. We’ve made sure that the value they had did not get diluted. And our view of the new program is that they get much more value through flexibility. They get value through the deeper discounts. We just talked about a member discount. So while it might not be constructed exactly the same, our heaviest users will get massive benefit and in our opinion, more benefit than they can get anywhere else in travel. So it’s not like we went from, we love you and we give you all this and now we’re going to devalue your program and not give you a lot. We’re actually carrying over their value and we’re giving them huge incremental flexibility, ways to spend their value on flights, on verbal, all kinds of things they couldn’t do before and far more member discounts and other high-end benefits for our heaviest users, gold and platinum, et cetera.
