Flybuys Growth Drives $500M Revenue
Flybuys' active members grow to 9M, driving a 28% revenue increase to AU$500M due to frequent redemptions, despite widening losses to AU$27M.
November 6, 2023
Flybuys Revenue and Expenses Report
Active Members and Revenue Growth: Flybuys now boasts 9 million active members, which has helped increase the loyalty coalition's revenue by 28%, reaching AU$500 million. This growth is attributed to members redeeming points more frequently, with a noted revenue recognition upon these redemptions.
Redemption Rates: There was a significant 40% increase in the number of members redeeming their points.
Financial Losses: Despite the revenue growth, financial losses widened by 80%, escalating from AU$15 million in 2022 to AU$27 million this year.
Expenditures: While technology spending remained stable at AU$32 million, the cost for member services witnessed a steep rise from AU$35 million last year to AU$53 million this year.
