PLAY

About PLAY

In July 2019, emerging from the shadow of the recently defunct WOW Air, former executives Arnar Már Magnússon and Sveinn Ingi Steinþórsson announced a new airline. Initially named WAB air, for "We Are Back," it was a clear signal of their intent to re-enter the Icelandic low-cost carrier market. They aimed to connect Europe and North America via a hub in Keflavík, a model that had seen both success and failure. After rebranding to PLAY and navigating pandemic-related delays, the airline secured crucial pre-IPO funding in April 2021. This set the stage for a major milestone. On the same day as its inaugural flight in June 2021, PLAY launched an Initial Public Offering (IPO) on the Nasdaq First North Growth Market in Iceland. The offering was significantly oversubscribed, raising substantial capital and signaling strong investor belief in their plan. With a fresh fleet of Airbus A320neo family aircraft, PLAY began operations, first to European destinations and then expanding to the U.S. and Canada starting in 2022. However, the transatlantic market proved challenging. In late 2024, facing disappointing financial results from increased competition, PLAY announced a significant pivot. The airline decided to de-emphasize the North American connecting routes and focus on more profitable point-to-point leisure flights from Iceland to Southern Europe. This strategic shift also involves leasing out a portion of its fleet to other carriers, adapting its playbook to find a sustainable path to profitability.