Frequent flyer programs make a lot of money for airlines but so does flying. Credit cards are also a huge money maker for airlines. The article is looking at v

Frequent flyer programs make a lot of money for airlines but so does flying. Credit cards are also a huge money maker for airlines. The article is looking at valuation, not actual revenue. It's kind of like the idea that certain routes lose money but airlines keep those routes around because they add value to the network. Scott Kirby of United has stated that he wants to bring JFK-LAX/SFO back because of the value it added for customers who didn't want to go to EWR even though the JFK routes supposedly lost money. Also, it's not like we've seen a successful spinoff of a loyalty program. Look at Air Canada or Virgin Atlantic.