I think that a lot of folks are misunderstanding what
DL's 49% stake in
VS ultimately means vis a vis joint venture revenue. I have never seen the relevant agreements but just by the nature of the difference between an equity stake and joint venture operated flights it seems to me that
DL's interest is to keep passengers on joint venture-operated flights only.
It is true that
DL indirectly benefits from any benefit obtained by
VS due to the equity stake in
VS. This, of course, is because the healthier
VS becomes the greater the value of
DL's 49% position. However,
DL is not necessarily generating revenue from any increase in the value of the
VS stake. (It's possible that they get dividended some amount if
VS does better, but likely not. And while the value of the 49% stake may increase,
DL's investment in
VS is for strategic not investment purposes so they aren't simply looking to increase the value of that stake and cash it out). On the other hand, when a
DL passenger connects in
AMS or
CDG onto a
JV onward flight,
DL is collecting actual revenue from that ticket at that time. So from
DL's perspective, there is a significant incentive to keep a passenger who books through
DL on only
DL-operated flights or
DL-joint venture flights.
Another way to think about it is that when a
DL passenger flies
JFK-
AMS-
DEL, with the
AMS-
DEL leg on KLM,
DL is collecting revenue for both the
JFK-
AMS and
AMS-
DEL legs. However, if the same passenger flies
JFK-
LHR-
DEL, with the
LHR-
DEL leg on
VS, then
DL is only collecting revenue on the
JFK-
LHR leg. Conversely, when a
VS passenger flies
DEL-
LHR-
JFK, with the
LHR-
JFK leg on
DL,
VS is collecting revenue on
DEL-
LHR PLUS joint venture revenue on the
LHR-
JFK leg, so obviously
VS has a different revenue incentive than
DL to sell connecting tickets through
LHR.
Someone also mentioned the Medallion Qualification Dollar requirement. That is a BIG deal for
DL frequent fliers and will definitely keep them on
DL ticketed flights in the future (which is the entire point so that
DL ensures that they get revenue from every flight that counts toward status).