This is fascinating but I don't really understand the logic of splitting the accounting out this way, it's not like the value of the loyalty program is unrelated to the existence of the airline — people want Delta miles because Delta has planes that will take you places.
Ben Marrow
Ben Marrow7.8. klo 23.58
In this week's @TheEconomist, I wrote about the special relationship between US airlines, their loyalty programs, and their credit card partners. US airlines tend to be profitable, but they lose money on their passenger operations.
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