@rferguson, you make a very interesting point regarding revenue split fo feeder services.
Many, many moons ago – long before the arrival of the LoCos – the choice when flying between Belfast (Aldergrove) and London was either BA or British Midland.
Then BA said that they weren’t making on the route, and pulled out.
What??? The flights were always rammed – even in spite of the exorbitant fares.
Clearly the BA beancounters had been using “airline economics” in assessing the money earned on the route. Point-to-Point PAX: income = fare price; Feeder Service PAX: income = 1p.