Airlines have spent decades making you earn loyalty through repetition. Iñaki Uriz builds the opposite: you pay first, and the relationship starts before you have flown a single mile. Iñaki Uriz is co-founder and CEO of Caravelo, the platform behind flight subscription products at airlines including Wizz Air and JetSmart. He and Alex Brooker cover how subscribers behave once they have committed, the COVID moment that made Caravelo bet the company on subscriptions, why corporate travel is next, and why Uriz expects AI fare comparison to push airlines towards private deals that sit outside anything an agent can search. What You'll Learn Subscriptions vs loyalty: Loyalty programmes make customers prove commitment before rewarding them. Subscriptions take the financial commitment up front and reward it immediately, and can front load status for the higher tiers.Where the incremental revenue comes from: Unused credits (subscribers use 70 to 80% of packaged flights), new demand created by the subscription itself, and market share, because a subscriber stops searching competitors.The number that matters: For every $100 of subscription revenue, $30 to $50 is money the airline would not otherwise have captured, consistently across customers.Churn benchmarks: Monthly churn runs 3 to 4%, so roughly two thirds of subscribers renew for a second year at no acquisition cost.The second wallet effect: Because the subscription was paid at the start of the cycle, a $50 upsell at booking time feels like $50 rather than $200, which lifts ancillary attachment on planned trips.Two products for two problems: The flight subscription suits an airline chasing market share on a route or region. The last minute pass sells unlimited access to distressed inventory inside a short booking window, which helps flatten a seasonal demand curve.First mover advantage is structural: A subscriber leaves the market. The airline that signs them first keeps them until they actively unsubscribe.The corporate long tail: Only a Bank of America can negotiate a bespoke deal with Delta. Prepackaged subscription tiers give a 300 person firm the same trade: better terms in exchange for exclusivity.AI raises the stakes on price transparency: As agents get better at comparing every public fare against travel policy, a subscriber has already opted out of the comparison, and a private subscription deal is not something an agent can find.Execution is no longer scarce: Uriz on running a company through three years of AI: the work has shifted from producing slides, code and spreadsheets to deciding what to produce and why.Time-Stamped Highlights (0:00) The Mark Cuban lifetime flight pass cold open(1:17) Subscriptions explained like you're five(2:53) How this is different from a loyalty programme(5:49) The economics of 24 flights a year, breakage, and $30 to $50 incremental per $100(9:17) Does the incremental revenue effect plateau, and retailing on top of a relationship(13:48) Founding story: pre-COVID product testing and the pivot that saved the company(16:56) Why subscription launches make headlines and then quietly disappear(19:39) Two products: the flight subscription vs the last minute distressed inventory pass(21:50) Regional subscription tiers: the Wizz Air network by country example(27:19) Churn and renewal benchmarks against the broader subscription economy(31:05) The second wallet effect and ancillary upsell behaviour(32:00) Corporate travel as the next growth vector, and democratising the Bank of America deal(36:44) AI's current and future impact on airline distribution(39:32) A relationship based moat that AI comparison can't reach(43:00) Execution is no longer the scarce thing: sketches, Claude Design and deciding what to build(47:23) Closing reflections: the frustration and pull of working in aviationWhere to find Caravelo Iñaki and the Caravelo team will be at Arabian Travel Market, Dubai (14 to 17 September), T2RLEngage, London (21 to 23 September), World Aviation Festival, Lisbon (13 to 15 October), where they will have a booth, and WTM London (3 to 5 November). Alex will be in the startup village at the World Aviation Festival. Guest bio Iñaki Uriz is co-founder and CEO of Caravelo, the platform behind airline subscription products, including flight subscriptions and last minute distressed inventory passes, for airlines such as Wizz Air and JetSmart. He led the company from its pre-pandemic origins as a broader retailing experiment through its narrowing into subscriptions during COVID. LinkedIn: https://www.linkedin.com/in/ium/ Company: https://www.caravelo.com/ About the Podcast The Travel Tech Podcast features long form conversations with leaders across travel and technology, exploring how software, data, operations and distribution come together in real businesses, with an emphasis on tradeoffs, incentives and lessons that transfer beyond any single company or role. Host bio Alex Brooker is the founder of Airside Labs, an AI business that applies aviation grade testing and compliance rigour to enterprise AI systems, helping organisations build and test AI agents in regulated environments. Before founding Airside Labs, he built and scaled complex software in aviation and safety critical domains. LinkedIn: https://www.linkedin.com/in/alex-brooker-2280002/ Your AI can already build the slide. Does it know aviation? Iñaki's point applies to all of us: the deck now takes ten seconds, so the value is in what you ask for and whether you can trust what comes back. Airside Labs is now a connector for Claude and ChatGPT, listed under Airside Labs in both directories. It puts 6,500 aviation AI use cases by sector and role behind your AI, plus an EASA AI level and hazard screen for any of them. Free tier, no card needed. 🔎Connect your agent