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How Loyalty Programs Are Saving Airlines

Under financial pressure from the pandemic, many airlines are turning to their loyalty programs as collateral for loan programs. They are discovering that these programs are often worth more than their market capitalizations. But experience suggests that the relationship between the programs and the airlines is symbiotic and that airlines should retain control of them in order for the value to be fully realized.

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Photo Credits: HBR Staff/Unsplash/zakokor/Getty Images

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