CNET Japan ブログ


2003/10/15 10:05
  • このエントリーをはてなブックマークに追加





Business Week誌10月13日号のカバーストーリー、「The Web Mogul」が面白い。

InterActiveCorp(以下IAC、もともとの会社名はUSA Interactiveだった)の総帥Barry Dillerについての分析記事である。サブタイトルには、

「Barry Diller never had a secret plan to take over Vivendi. But he does have a not-so-secret plan to rule the Web」

とあるが、ここでは「not-so-secret plan to rule the Web」のほうを取り上げる。興味のある方は、本連載7月11日「Amazon、Yahoo、eBay、Googleに続く5番目の会社を知っていますか?」もあわせてお読みください。


「Thanks to a two-year-long buying binge, IAC is becoming the world's largest consumer e-commerce business. With an eclectic combination of businesses, ranging from the online travel powerhouse Expedia (EXPE ) to the Net dating service Match.com, InterActiveCorp's revenues are on track to surge 34% this year, to $6.2 billion -- which would make it bigger than e-commerce giants Yahoo! (YHOO ), eBay (EBAY ) and Amazon.com. IAC's Expedia and Hotels.com (ROOM ) are the two most profitable online travel agencies. Ticketmaster gives him a dominating 90% share of ticket sales for concerts and sporting events. LendingTree Inc., an online mortgage-referral service, also provides an entree into real estate. His cash cow, cable-TV retailer HSN churns out profits he can use to throw his net ever wider on the Web.」


「And this relentless dealmaker, with $5 billion in cash, is still shopping.」


「On Sept. 21, he announced a deal to buy Hotwire.com, a Priceline.com Inc. (PCLN ) rival, for $665 million, giving him 3 of the top 10 most-visited travel sites. "I cannot imagine the year will end without our making an acquisition or a series of acquisitions in the billion-or-so-dollar range," he says. He is eyeing acquisitions in travel, finance, and classified ads -- and plans to push hard overseas. Ben Tompkins, an investment banker at Broadview Associates, says one attractive target is job-hunting site CareerBuilder.com.」

9月21日には、Hotwire.comを6億6500万ドルで買収。さらにトラベル分野、金融分野、classified ads(案内広告、求人広告)分野への展開がその対象領域。投資銀行のアナリストは、CareerBuilder.comあたりが狙い目ではないかと予想する。金融分野については、この記事の後半に不動産マーケットを狙うLendingtreeの解説があるから、そこをここに引用しておく。

「His next target: real estate lending and referrals. LendingTree, which attracts 1.7 million visitors every month, is angling for slices of the $3 trillion-a-year mortgage market and the $60 billion a year that real estate agents collect in housing sale commissions. In lending, it routes each customer's loan application to four different banks and makes an average of about $500 when the loan closes. In real estate, it collects a fee for matching up a customer with a real estate agent. LendingTree takes one-third of the standard 6% real estate commission, or up to $3,530 on the median existing U.S. home sale in June of $176,500.」


「Diller is positioning himself as a new kind of cyber-middleman. He starts by picking highly fragmented industries, such as travel, personal finance, and local entertainment. His companies intermediate between travelers and hotels, borrowers and banks, music lovers and concert halls.」



「Think eBay, not Amazon.com Inc. Diller does not want to warehouse products like Amazon. Instead, he uses the immense power of the Web to gather boatloads of customers and deliver them, en masse, to sellers of products and services a la eBay.」



「What makes Diller unique is his willingness to meld the ruthlessness of a Hollywood mogul with the power of the Internet. While eBay Chief Executive Margaret C. "Meg" Whitman strives to keep the online auction site's community of buyers and sellers happy, Diller throws his weight around much like Wal-Mart Stores Inc. (WMT ) -- squeezing suppliers so he can take a bigger slice of the pie. He grabs extra profits by giving prime billing on his Web sites to suppliers that offer him the fattest discounts, from flights to concert tickets. "In every one of our businesses, we're playing a role in defining the economic laws," he says.」

IACのDillerをユニークたらしめているのは、ハリウッドの大物の無慈悲とインターネットのパワーを融合させようとしている点だとこの記事は総括する。eBayのCEOのメグは、売り手コミュニティと買い手コミュニティの双方をhappyに保つことに腐心する(少なくともそう自社を位置づけようとしている)が、Dillerはウォルマートのように「強者の論理」を振りかざしてサプライヤーを圧迫し、少しでも自らの利益を増やそうとするというわけ。デル、ウォルマートを範としているのである。この引用の最後の言葉は、その思想をpolitically correctな表現で、簡潔に語ったものだと考えればいい。


「If everything works as Diller plans, IAC could be riding a gusher of profits. U.S. Bancorp Piper Jaffray analyst Safa Rashtchy estimates that IAC's net income will nearly quadruple next year, to $660 million, as its revenues rise 21.4%, to $7.7 billion. That's right on par with the expected profits of everybody's favorite Net company these days, eBay.」


「The company faces competition in nearly every market. And the most serious threat may come from InterActiveCorp's own business partners -- hotel chains, airlines, banks, and others -- who want to rein in Diller's ambitions, since his profits often come out of their pockets.」


「Hotel owners are complaining, but they lack firepower. Five big hotel chains -- Marriott (MAR ), Hilton (HLT ), Starwood (HOT ), Six Continents, and Hyatt -- banded together to start rival site Travelweb.com last year, but Travelweb's monthly Web audience is barely one-tenth the size of Expedia's, and about a quarter of Hotels.com's.」



「For help, he turned earlier this year to retired GE CEO Jack Welch. Acting as a consultant, Welch helped devise a structure that lets the heads of Diller's businesses run their own operations day to day while Diller controls major issues such as mergers and budgets. Since June, when the system went into effect, "he's more in a watch mode than a micromanage mode," says Robert Diener, president of Hotels.com. Although Diller admits it's sometimes a struggle, he says he's keeping hands off the businesses, adding: "I don't have the time, I don't have the focus, and I don't have the depth of operating knowledge to do it."」


※このエントリは CNET Japan ブロガーにより投稿されたものです。朝日インタラクティブ および CNET Japan 編集部の見解・意向を示すものではありません。