Play (airline)

Icelandic low-cost airline

Play

| IATA | ICAO | Call sign

|
|

OG  | FPY[1] | PLAYER
Founded| July 2019; 6 years ago (2019-07)
Commenced operations| 24 June 2021; 4 years ago (2021-06-24)
AOC #|

* IS-043 (Iceland)
* MT-85 (Malta)

Hubs| Keflavík International Airport
Subsidiaries| Play Europe[2]
Fleet size| 10 (including subsidiary)
Destinations| 34
Traded as| Nasdaq Iceland: PLAY
Headquarters| Reykjavík, Iceland
Key people|

* Einar Örn Ólafsson (CEO)
* Andri Geir Eyjólfsson (COO)[3]
* Arnar Már Magnusson (Co-Founder)[4]
* Sveinn Ingi Steinþórsson (Co-Founder)

Employees| 572 (July 2024)[5]
Website| flyplay.com

Fly Play hf. (styled as PLAY) is an Icelandic low-cost airline headquartered in the country's capital of Reykjavík.[6] It operates a fleet of Airbus A320neo family aircraft with its main hub at Keflavík International Airport.[7]

## History

[edit]

In July 2019, two former Wow Air executives, Arnar Már Magnússon and Sveinn Ingi Steinþórsson, announced the formation of a new airline, tentatively named WAB air ("We Are Back"). Avianta Capital, an Irish investment fund owned by Aislinn Whittley-Ryan (daughter of Michael Kell Ryan, one of the founders of Ryanair), held a 75% stake; the remainder was held by Neo, a company founded by Magnússon and Steinþórsson. The company aimed to operate six aircraft to 14 destinations across Europe and the United States, with a target of one million passengers in the first year. The new company applied for an air operator's certificate (AOC) from the Icelandic Transport Authority.[8]

In November 2019, WAB air rebranded as PLAY, and the hiring of operating staff was initiated. The airline announced that it would lease Airbus A321s configured with 200 passenger seats and would start flights with two aircraft to six European destinations in the winter of 2019–2020. The airline's livery was also planned to be red.[7][9] By late 2019, Play planned to initially serve six destinations in Europe: Alicante, Tenerife, London, Paris, Copenhagen and Berlin.[10] There were plans to introduce flights to four North American destinations in the spring of 2020.[9] Play originally planned to start operations with two Airbus A321 aircraft[9] configured for 200 passenger seats and add four more aircraft by the summer of 2020. By November 2020, the company had received a landing permit for only three airports: Gatwick Airport, London Stansted Airport and Dublin Airport.[11]

In April 2021, it was announced that Play had completed a pre-IPO private placement round with a total transaction size of six billion Icelandic króna (U.S. $47 million) in new equity managed by Arctica Finance.[12] Participating investors included Icelandic investment company Stodir and two Icelandic pension funds.[13] It was also confirmed that Birgir Jónsson would replace Arnar Már Magnússon as CEO. In May 2021, the airline announced the registration of its AOC, as well as the acquisition of its first aircraft, an Airbus A321neo.[14] Soon after, the airline began ticket sales for its first flights, the operations of which launched with its inaugural flight from Keflavík International Airport to London Stansted Airport on 24 June 2021. On the same day as its maiden flight, Play launched an initial public offering (IPO), seeking to raise at least 3.9–4.3 billion Icelandic króna (U.S. $32 to 35 million), after which its shares would be traded on Nasdaq First North Growth Market Iceland.[15] The IPO concluded on 25 June 2021 with an eight-fold oversubscription in the offering, with total subscriptions received for 33.8 billion Icelandic króna (U.S. $274 million).[16][17]

In August 2021, Play applied to the United States Department of Transportation for the operation of flights between Keflavík and the U.S. east coast starting in the summer of 2022.[18] Its application was subsequently approved and the airline on 16 December 2021 announced its first services to the U.S. with flights to Baltimore and Boston, launching in April and May 2022 respectively.[19][20] In January 2023, Play announced it would launch its first destination in Canada, with flights between Keflavík and John C. Munro Hamilton International Airport in Ontario, launching in June 2023.[21]

In March 2024, Play announced its first African destination with service to Marrakesh Menara Airport to launch in October 2024.[22] Later that month, Einar Örn Ólafsson succeeded Birgir Jónsson as the airline's CEO.[23] In October 2024, Play announced its first Asian destination with service to Antalya Airport to launch in April 2025.[24] The airline also announced a planned transition in its business model, including the establishment of an AOC in Malta, and refocusing from connecting traffic between Europe and North America, to traffic between Iceland and European leisure destinations amidst the airline's weakening financial results.[25][26] This resulted in the termination of some destinations on both continents in 2025,[27] alongside its previously-announced establishment of leisure destinations in Europe, western Africa, and western Asia. Its Maltese AOC was issued on 27 March 2025, to its subsidiary Play Europe.[2] Through the subsidiary, the airline announced it would first wet lease three aircraft through 2027 beginning in the spring of 2025.[28]

Further changes to Play's business model were proposed in June 2025, including transitioning to a privately held company and ending its remaining routes to the U.S. by the end of October 2025.[29] In addition, it would dedicate three more aircraft to wet lease operations, totaling six, with the remaining four aircraft to be retained for Iceland-based scheduled operations. Play would also surrender its Icelandic AOC and become a virtual airline in Iceland, retaining its Maltese AOC held by its Play Europe subsidiary for operations.[30] The proposed transition to a private holding however was later dropped.[31]

## Corporate affairs

[edit]

The key trends of Play are (as at the financial year ending December 31):[32]

| Turnover
(US$m)  | Profit
after tax
(US$m)  | Number of
employees  | Number of
passengers
(m)  | Passenger
load factor
(%)  | Number of
served
destinations  | Number of
aircraft  | Sources

|
|
|
|
|
|
|
|

2021  | 16.4  | −22.5  | 150  | 0.10  | 53  | 25  | 3  | [33]
2022  | 139  | −45.5  | 323  | 0.78  | 80  | 25  | 6  | [34]
2023  | 281  | −35.2  | 511  | 1.5  | 83  | 38  | 10  | [35]
2024  | 292  | −66  | 453  | 1.6  | 85.3  | 42  | 10  | [36]

## Destinations

[edit]

Countries served by Play as of April 2025

Main article: List of Play destinations

Play operates to destinations in Africa, Asia, Europe, and North America from its hub at Keflavík International Airport.[37]

### Interline agreements

[edit]

Play has virtual interlining agreements with the following airlines:[38]

* Alaska Airlines
* Azores Airlines
* easyJet
* Jet2.com
* Norwegian Air Shuttle
* Sky Express
* Spirit Airlines
* Vueling

## Fleet

[edit]

Play Airbus A320neo Play Airbus A321neo

### Current fleet

[edit]

As of May 2025[update], Play (including Play Europe) operates an all-Airbus A320neo family fleet composed of the following aircraft:[citation needed]

Play fleet  Aircraft  | In service  | Orders  | Passengers  | Notes

|
|
|
|

Airbus A320neo | 6  | -- | 174  |
180
Airbus A321neo | 4  | -- | 214  | 3 operated by Play Europe.
Total  | 10  | -- |

### Fleet development

[edit]

Play's initial fleet consisted of three Airbus A321neo aircraft, all of which were formerly operated by defunct Mexican airline Interjet.[14] In September 2021, the airline announced its first fleet expansion with orders for three Airbus A320neos and a fourth A321neo, adding to its existing fleet of three A321neos, with the aircraft to be delivered between late 2022 and early 2023.[39] The airline also signed a letter of intent in August to receive two A320neos by early 2022, prior to any of the other aircraft that were already on order,[40] with the agreement subsequently signed as a firm order in November 2021.[41] In early 2022, Play specified that an Airbus A321neo it was due to receive in anticipation of its recently announced Orlando route would be the A321LR variant, for delivery during May 2022, and that it planned to operate a total of ten aircraft by early 2023.[42][43] In May 2022, Play decided to halt delivery of its Airbus A321LR and cancel the planned Orlando route due to rising fuel costs. The airline instead replaced the A321LR with an A320neo, thereby planning to operate a fleet of three A320neos and three A321neos for summer 2022.[44] In early 2023, the airline's A321neos began seating reconfigurations to increase their capacity from 192 to 214.[43][45]

## See also

[edit]

* List of airlines of Iceland

## References

[edit]

1. ^ "Play airline profile". airhex.com. Retrieved 19 May 2021.
2. ^ a b "Play Europe Receives Air Operator Certificate in Malta". Play (Press release). 27 March 2025.
3. ^ "Fly Play hf.: Play Announces Changes in Management and Directors". Play (Press release). GlobeNewswire. 30 July 2024. Retrieved 5 September 2024.
4. ^ "About Play". Play. Retrieved 17 December 2021.
5. ^ "Q2 2024 Results" (PDF). Play (Press release). 25 July 2024. p. 6. Retrieved 6 August 2024.
6. ^ "Contact Us". Play. Retrieved 23 October 2022. "Play airlines Suðurlandsbraut 14 Reykjavik 108 Iceland"
7. ^ a b Hafstað, Vala (5 November 2019). "New Icelandic Airline, Play, on the Way". Iceland Monitor. Retrieved 6 November 2019.
8. ^ "WAB air has requested its AOC". Aviation24.be. 16 July 2019.
9. ^ a b c "WAB air becomes Play" (PDF) (Press release). Play. Retrieved 6 November 2019.
10. ^ Tómas, Ragnar (8 November 2019). "Play Air to Fly to Six European Cities". Iceland Review. Retrieved 2 December 2019.
11. ^ Stefánsson, Stefán E. (19 November 2020). "Play fær úthlutuð lendingarleyfi" [Play is granted a landing permit]. mbl.is (in Icelandic). Retrieved 25 February 2021.
12. ^ Sigurjónsson, Kristján (21 April 2021). "6 milljarðar króna söfnuðust í hlutafjárútboði Play" [6 billion ISK was raised in Play's share offering]. Túristi (in Icelandic). Retrieved 28 September 2021.
13. ^ Kaminski-Morrow, David (24 June 2021). "Icelandic start-up Play details IPO ahead of small growth market listing". FlightGlobal. DVV Media Group. Retrieved 28 September 2021.
14. ^ a b Miller, Seth (16 May 2021). "Play secures certification, first aircraft". PaxEx.Aero.
15. ^ Kaminski-Morrow, David (24 June 2021). "Icelandic start-up Play details IPO ahead of small growth market listing". FlightGlobal. DVV Media Group.
16. ^ "Eight-fold subscription in Fly Play hf.'s share offering". Play (Press release). 24 June 2021. Retrieved 1 July 2025.
17. ^ Kaminski-Morrow, David (24 June 2021). "Icelandic start-up Play details IPO ahead of small growth market listing". Flight Global. Retrieved 1 July 2025.
18. ^ Dunn, Graham (24 August 2021). "Icelandic start-up Play applies to launch transatlantic flights". FlightGlobal. DVV Media Group.
19. ^ Mirabella, Lorraine (16 December 2021). "International Low-cost Airline Launches Service in U.S. Next Spring, Starting at BWI". The Baltimore Sun. Retrieved 16 December 2021.
20. ^ Ireland, Ben (16 December 2021). "Play to Launch Transatlantic Flights to The US from Spring 2022". Travel Weekly (UK). Retrieved 16 December 2021.
21. ^ McCarthy, Daniel (10 January 2023). "Low-Cost Carrier Play Is Coming to Canada". Travel Market Report. American Marketing Group Inc. Retrieved 10 January 2023.
22. ^ Liu, Jim (11 March 2024). "Play adds Funchal / Marrakech in 4Q24". AeroRoutes. Retrieved 11 March 2024.
23. ^ Molyneaux, Ian (18 March 2024). "Play's largest shareholder becomes new CEO as Birgir Jónsson departs airline". AeroTime. Retrieved 7 April 2024.
24. ^ "Play Airlines Connects Antalya to Iceland". Play (Press release). 8 October 2024. Retrieved 9 October 2024.
25. ^ Tómas, Ragnar (18 October 2024). "Play Airlines Faces Sharp Stock Decline Amid Restructuring". Iceland Review. Retrieved 15 January 2025.
26. ^ "Iceland's Play cancels five summer routes, including Washington Dulles, and shortens service on three". Aero News Tv. 11 January 2025. Retrieved 13 January 2025.
27. ^ Liu, Jim (5 January 2025). "Play NS25 Discontinued Routes Summary – 05Jan25". AeroRoutes. Retrieved 6 January 2025.
28. ^ Curran, Andrew (20 February 2025). "Iceland's Play to wet-lease out three aircraft for two years". ch-aviation. Retrieved 10 June 2025.
29. ^ Schlappig, Ben (10 June 2025). "Iceland's Play Airlines Ends United States Flights, Plots New Strategy". One Mile At A Time. Retrieved 10 June 2025.
30. ^ Olgeirsson, Birgir (10 June 2025). "Fly Play hf.: Two of Play's Largest Shareholders Seek to Acquire the Company". Play (Press release). GlobeNewswire. Retrieved 10 June 2025.
31. ^ Sipinski, Dominik (9 July 2025). "Iceland's Play raises $20mn after execs drop takeover bid". ch-aviation. Retrieved 10 July 2025.
32. ^ "Financial Reports and Presentations | PLAY airlines". www.flyplay.com. Retrieved 21 April 2025.
33. ^ "Annual and Sustainability Report 2021" (PDF). Play. Retrieved 21 April 2025.
34. ^ "Annual and Sustainability Report 2022" (PDF). Play. Retrieved 21 April 2025.
35. ^ "PLAY Annual and Sustainability Report 2023" (PDF). Play. Retrieved 21 April 2025.
36. ^ "PLAY Annual and Sustainability Report 2024" (PDF). Play. Retrieved 21 April 2025.
37. ^ "Destinations". Play. Retrieved 1 February 2022.
38. ^ "Play Connect". Play. Retrieved 6 June 2024.
39. ^ Orban, André (22 September 2021). "Icelandic start-up airline Play extends fleet with four Airbus A320neo family aircraft from GECAS". Aviation24.be. Retrieved 24 September 2021.
40. ^ "Play Has Signed an Agreement for Four New Aircraft". PLAY (Press release). 21 September 2021. Retrieved 8 November 2021.
41. ^ Orban, André (20 November 2021). "Play signs agreement for two new Airbus A320neo aircraft". Aviation24.be. Retrieved 6 December 2021.
42. ^ "Great Increase in Play's Load Factor". Play (Press release). 7 March 2022. Retrieved 23 March 2022.
43. ^ a b "Q4 & FY 2021 Results" (PDF). Play. 17 March 2022. Retrieved 23 March 2022.
44. ^ "Play Interim Report January–March 2022" (PDF). Play. 24 May 2022. Retrieved 25 May 2022.
45. ^ Liu, Jim (6 February 2023). "Play Feb 2023 192-seater A321neo Network – 05Feb23". Retrieved 28 February 2023.

## External links

[edit]

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