The #frequentFlyer programs at #DeltaAirlines #UnitedAirlines and #AmericanAirlines have higher valuations than the #MarketCap for the companies on the #stockmarket.

This implies the primary #economic purpose of the #airlines is not, in fact, flying customers, but rather selling frequent flyer miles to #CreditCard companies for #rewardsPoints (the primary source of revenue for these programs)

These Are the World's Most Valuable Airline Points Programs Right Now https://www.bloomberg.com/news/articles/2023-02-06/asia-frequent-flyer-programs-lose-value-as-us-rivals-ones-climb