Which airline's loyalty program was independently valued at approximately $20 billion in 2020, exceeding the market capitalization of the airline itself at that time?

Airline loyalty programs have evolved from simple frequent flyer miles to sophisticated brand ecosystems worth billions of dollars. These programs create significant brand value through customer retention, data collection, and partnership networks. Some airline companies have even valued their loyalty programs higher than their core flight operations! Test your knowledge about how these transportation giants leverage their loyalty programs to build extraordinary brand value.

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Delta SkyMiles (Delta Air Lines)
AAdvantage (American Airlines)
MileagePlus (United Airlines)
Rapid Rewards (Southwest Airlines)