PLAY, the Icelandic low-cost carrier, has recently announced major changes in its organizational structure and operations, marking a significant pivot towards a more sustainable business model. In a move to enhance profitability, the airline's CEO, Einar Örn Ólafsson, and Vice Chairman of the Board, Elías Skúli Skúlason, have unveiled plans to acquire the remaining shares not under their control, effectively taking the company private and delisting it from the Icelandic stock exchange. Present shareholders have been offered a buyout price of 1 ISK per share, a move valuing the entire transaction at approximately US$20 million, with over one-third of the funding already secured.

With a focus on optimizing its operations, PLAY has confirmed the termination of all North American flights starting October 2025, aligning its strategy to concentrate on European leisure destinations. Originally aiming to emulate Icelandair's Transatlantic hub model at Keflavik airport, PLAY has decided to shift gears following a reassessment of its strategy last year. The airline will realign its network to service European locations and the Canary Islands, while relinquishing its Icelandic Air Operator Certificate and operating solely under its Maltese AOC moving forward.

As of June 2025, PLAY boasts a fleet of 10 aircraft, with plans to retain four for its own operations in Iceland under its brand name, while making the remaining six available for lease to other carriers through ACMI agreements. While the Icelandic crew will be retained, PLAY is aiming to centralize its administrative functions to offices located in Malta and Lithuania. This shift underscores the airline's commitment to streamlining its processes and focusing on sustainable growth in the competitive aviation sector.