PLAYbook (A case study of the Icelandic ULCC that operated from 2021 – 2025)

The air transport industry does not have sufficient examples of airlines with public financials from day one of operations.

And so students of the air transport industry are unable to fully study or analyse an airline, relying only on qualitative descriptions, news, tales and opinions as is publicly available.

PLAYbook is a numbers-driven case study of the Icelandic ULCC that flew between 2021 and 2025, and succeeded WOW air. The airline went public almost as soon as it started operations, and hence made public its financials since day one of its incorporation.

With much public information published by PLAY, students of the industry have - or had - a unique opportunity to trace its rise and demise, and hence deepen their understanding with a real-world example.

As someone who has spent my whole career in the industry, this was an exciting exercise and my way of giving back to the industry during my gardening leave in the November of 2025.

Find me on LinkedIn: www.linkedin.com/in/vasuki-prasad/