The loyalty programmes now worth more than the airlines that created them

Delta's American Express partnership generates $8 billion annually. IAG Loyalty is valued at $10.3 billion — double what it was worth in 2020. A forensic look at how frequent flyer miles became the most valuable asset in commercial aviation, and why the market still hasn't priced it correctly.

The loyalty programmes now worth more than the airlines that created them
Photo by CardMapr.nl

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