HONG KONG and NEW YORK, Nov. 7, 2019 /PRNewswire/ -- Travelzoo® (TZOO), a global publisher of exclusive offers and experiences for members, provides the market with an update on the progress of project "Asia Pacific 2020":
- In the first half of 2019, as announced in a press release on March 18, 2019, a new management team was installed in Asia Pacific;
- From June to September 2019, Travelzoo worked with a top Chinese management consulting firm and developed together a strategy to gain significant presence for Travelzoo in China. The consulting firm interviewed more than 60 industry players and completed a rigorous review of China market and Travelzoo's current position in the market. The project confirmed a very substantial opportunity for Travelzoo to grow its revenue in China through enriching content and deals in social media and mobile channels;
- On September 21, 2019, Travelzoo's board of directors approved the strategic plan presented by Scott Wang, Head of Strategy, Asia Pacific and General Manager, Greater China and the consulting firm. The board asked for execution to begin immediately;
- The strategy focuses on developing a significant presence for Travelzoo in social media and mobile channels in China. China has the biggest social media community and the highest mobile phone penetration in the world. This makes China also an ideal market for Travelzoo as a global company to develop capabilities in utilizing these channels;
- Travelzoo in China has expanded its member base from 1.27M on December 31, 2018, to 1.61M on October 31, 2019, by launching full coverage of deals in social media channels. We expect revenue from China to grow in the fourth quarter of 2019.
The objective of project Asia Pacific 2020 is to drive up shareholder value by implementing a successful strategy to achieve profitable growth in Asia Pacific. The project has positioned China as the primary growth driver for Travelzoo in Asia Pacific. The project also set the direction to increase productivity and efficiency for high-cost markets such as Japan and Australia.
Travelzoo® provides our 28 million members insider deals and one-of-a-kind experiences personally reviewed by one of our deal experts around the globe. With more than 25 offices worldwide, we have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. For over 15 years we have worked in partnership with more than 2,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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