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| PLAY AIRBUS A321-251 TF-PLB (MSN 7945) |
In a statement issued on the 29th of September 2025, the Board of Fly Play announced that the decision was made following prolonged financial underperformance, poor ticket sales in recent weeks, and internal discontent among staff following changes to the company’s strategy.
The airline introduced a revised business model in the fall of 2024, which management hoped would stabilize operations and return the carrier to growth. At the time, executives described the changes as a source of optimism for the company’s future.
In practice, this shift meant moving away from PLAY’s initial transatlantic ambitions, which sought to replicate Icelandair’s hub-and-spoke model out of Reykjavik Keflavik International Airport (KEF). Instead, the carrier refocused on European and Canary Islands routes, while scaling back its US network to just three cities: New York Stewart (SWF), Boston Logan (BOS), and Baltimore-Washington (BWI).
As part of the restructuring, PLAY also returned its Icelandic Air Operator Certificate (AOC), moving operations to its Maltese subsidiary and shifting back-office functions to Malta and Lithuania. Despite these measures, the Board admitted the turnaround plan was unable to overcome “deep-rooted challenges that have built up over time.” In hindsight, it said, the new strategy should have been implemented earlier.
The airline introduced a revised business model in the fall of 2024, which management hoped would stabilize operations and return the carrier to growth. At the time, executives described the changes as a source of optimism for the company’s future.
In practice, this shift meant moving away from PLAY’s initial transatlantic ambitions, which sought to replicate Icelandair’s hub-and-spoke model out of Reykjavik Keflavik International Airport (KEF). Instead, the carrier refocused on European and Canary Islands routes, while scaling back its US network to just three cities: New York Stewart (SWF), Boston Logan (BOS), and Baltimore-Washington (BWI).
As part of the restructuring, PLAY also returned its Icelandic Air Operator Certificate (AOC), moving operations to its Maltese subsidiary and shifting back-office functions to Malta and Lithuania. Despite these measures, the Board admitted the turnaround plan was unable to overcome “deep-rooted challenges that have built up over time.” In hindsight, it said, the new strategy should have been implemented earlier.
Following the collapse of Play, Icelandair’s market share has risen to over 70%, while Play’s share had stood at 19%. Play had expected this figure to drop to around 8% over the next three months — but now, of course, its market share has disappeared entirely.
Play was an Icelandic low-cost airline headquartered in the country's capital of Reykjavík.
Play was an Icelandic low-cost airline headquartered in the country's capital of Reykjavík.
Play operated a modern fleet of 10 aircraft, including six Airbus A320neo and four Airbus A321neo.
The airline was founded in July 2019; 6 years ago
The airline commenced operations on the 24th of June 2021; 4 years ago
Ceased operations 29th of September 2025
The airline was founded in July 2019; 6 years ago
The airline commenced operations on the 24th of June 2021; 4 years ago
Ceased operations 29th of September 2025
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