Travel revenue decreased $5.5 million from $55.1 million for the three months ended March 31, 2023 to $49.7 million for the three months ended March 31, 2024. The decrease in travel revenue is primarily driven by a 7% decrease in paid nights delivered as well as a 4% decrease in the ADR recognized for those paid nights resulting in a $4.1 million and $2.3 million decrease, respectively, to travel revenue. Travel revenue further decreased $1.9 million for deferrals from the Rewards program that did not exist during the three months ended March 31, 2023. These decreases were partially offset by an increase of $2.8 million in revenue from IFG and IFB.
Subscription revenue decreased $8.4 million from $36.5 million for the three months ended March 31, 2023 to $28.1 million for the three months ended March 31, 2024. The decrease was primarily due to a 17% decrease in the number of Subscriptions during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, resulting in a $7.1 million decrease to subscription revenue as well as a decrease of $1.3 million for deferrals from the Rewards program that did not exist during the three months ended March 31, 2023.
Rewards and other revenue increased $2.4 million from $0.1 million for the three months ended March 31, 2023 to $2.5 million for the three months ended March 31, 2024. The increase was primarily the result of estimated usage related to Rewards, our member loyalty program, which was launched in August of 2023.
Cost of revenue. Cost of revenue decreased $11.5 million from $60.1 million for the three months ended March 31, 2023 to $48.5 million for the three months ended March 31, 2024, a decrease of 19%. The decrease was primarily a result of decreases in booking fees of $4.2 million driven by lower bookings, net decreases in lease costs of $3.3 million, net decreases of $2.3 million from the transition of certain employees from cost of revenue to operations after March 31, 2023 partially offset by increases in employee costs remaining in cost of revenue, and decreases of $1.7 million from other miscellaneous cost of revenue expenses from our cost savings initiatives.
General and administrative. General and administrative expenses decreased $3.3 million from $17.9 million for the three months ended March 31, 2023 to $14.6 million for the three months ended March 31, 2024, a decrease of 18%. The decrease was primarily a result of $2.0 million lower legal and professional services fees as well as a net decrease of $1.3 million due to lower headcount from the reductions in force that took place during 2023.
Sales and marketing. Sales and marketing expenses increased $2.0 million from $6.7 million for the three months ended March 31, 2023 to $8.7 million for the three months ended March 31, 2024, an increase of 30%. The increase was primarily a result of higher employee compensation of $1.8 million due to the transition of certain employees from operations to sales and marketing during 2023 as well as increases in employee costs between periods.
Operations. Operations expenses decreased $1.3 million from $8.3 million for the three months ended March 31, 2023 to $7.0 million for the three months ended March 31, 2024, a decrease of 15%, primarily due to a net decrease in compensation expense of $1.1 million from the transition of certain employees from operations to sales and marketing during 2023 partially offset by the transition of certain employees from cost of revenue into operations as well as a net increase in employee costs between periods.
Technology and development. Technology and development expenses decreased $1.4 million from $3.4 million for the three months ended March 31, 2023 to $2.1 million for the three months ended March 31, 2024, a decrease of 40%, primarily due to the reductions in force that took place during 2023, which were weighted towards personnel within the technology and development department.
Depreciation and amortization. Depreciation and amortization expenses remained flat during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, primarily due to stabilized capital spend that serves to replace long-lived assets as they come to the end of their useful lives.
Interest, net. Interest expense, net changed from net interest income of $0.1 million for the three months ended March 31, 2023 to net interest expense of $0.3 million for the three months ended March 31, 2024, primarily due to interest expense incurred in relation to the Note of $0.5 million partially offset by an increase in interest income of $0.1 million from our cash investments.
(Gain) loss on fair value instruments. Gains and losses on fair value instruments changed from a loss of $0.1 million for the three months ended March 31, 2023 to a gain of $4.1 million for the three months ended March 31, 2024. Warrant fair value losses were $0.1 million for the three months ended March 31, 2023 and $0.0 million for the three months ended March 31, 2024. The fair