The Gulf carriers (in specific Emirates,Etihad, and Qatar) possess been giving "legacy" airlines globally a run for their money, and by offering extensive global route networks,great onboard products, and affordable fares. Between that and the rise of low cost carriers, and more "traditional" airlines in Asia and Europe possess really been disrupted.
For example,in August I posted approximately how nearly all of Singapore Airlines' longhaul routes possess been losing money for the past six years. This is due to low cost carriers driving down their yields in economy, while airlines like Emirates drive down their fares and steal their premium cabin customers as well.
Carriers are having to get more creative to be profitable, and unfortunately that largely comes in the form of consolidation,as we've seen in the US.
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Source: boardingarea.com