Why the Survival of the Airlines Depends on Frequent Flyer Programs

It turns out frequent flyer programs are worth more than the airlines themselves

A fleet of Delta Airlines jets parked at the Southern California Logistics Airport (SCLA) due to decreased air travel.
A fleet of Delta Airlines jets parked at the Southern California Logistics Airport (SCLA) due to decreased air travel in Victorville, California. Photo: David McNew/Stringer/Getty Images