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@arpitrage @ben_golub @mattkahn1966 I think they attempt to monetize a bunch of ways, where (at least in the past) a bunch of the money was from credit card companies. The idea of spinning them off was popular but seemed to peter out. AirCanada did it though viewfromthewing.com/the-coming-spinoff-of-airline-frequent-flyer-programs/ Also, @lukestein/1263185705188028416
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@arpitrage @ben_golub @mattkahn1966 “‘There’s a lot of schools of thought and debate as to how you measure [loyalty] profitability and what’s included…,’ Delta CEO Ed Bastian said…. ‘You can put kind of whatever margin you want on it. We can debate what the right margin is.’” thepointsguy.com/news/how-much-money-do-loyalty-programs-make-airlines/ cc: @rgmarkey