Priceline has become a component of Booking Holdings, which is recognized as the largest travel enterprise globally, and our journey of growth and transformation continues. We have evolved significantly since our inception, which began with a single innovative concept, a pair of servers, two pre-owned vehicles, and a modest workspace in Connecticut.
Established in 1997, Priceline emerged from a clever idea that addressed the frequent issue of airlines operating at only two-thirds capacity, resulting in countless empty seats. Similarly, millions of hotel rooms go unused each night, prompting us to consider the potential of the Internet to stimulate demand and fill those flights and accommodations. Our concept allowed customers the unique opportunity to propose their own prices rather than paying the standard rates.
The substantial savings we facilitate for travelers annually, amounting to a billion dollars, represents more than just a significant figure; it translates into millions of individuals being able to afford their desired trips. Whether it's old friends reuniting on a road journey, a family's inaugural adventure to Disney World, or providing an affordable lodging option for someone needing to be close to a loved one during a health crisis, our impact is felt in countless meaningful ways. In essence, our mission is to make travel accessible and enjoyable for everyone.
