AI agents could disintermediate discovery and booking platforms

AI agents could become the default demand-side interface, shifting economic rents from incumbent discovery intermediaries to whoever controls the agent. In restaurant reservations, an agent could contact a restaurant directly by email, phone, or text instead of using a platform such as Resy, although exclusive inventory could make disintermediation more difficult.

The analysis suggested that the outcome depends on control of supply and operational networks. Expedia may be able to block agents but does not control hotel inventory, which could remain accessible through Booking.com, Google, or direct channels. By contrast, Uber was described as harder to disintermediate because it controls a network involving drivers, dispatch, pricing, and payments; DoorDash was also presented as more difficult to replace than a discovery intermediary.

If agents become a major source of diners, restaurants may demand access through reservation systems that support agents. Resy could potentially survive as reservation infrastructure, but that would represent a smaller rent pool unless its inventory network remains differentiated. The extent of any durable leverage from exclusivity programs remained uncertain.