I don’t know that industry as well. But I can look at it through a similar lens and would guess that it’s high.
I say that because every thing that goes into the service is expensive. Large capital expenses (planes, probably a lot I don’t even know about), large variable operating costs (fuel, flight specific labor, airport fees, and all the other stuff that is required for every flight). A large portion of their expenses scale with revenue. Meanwhile, there is high revenue pressure (customers are price sensitive and competition is fierce and often a direct substitute).
SaaS is inherently more scalable than practically any other business/industry. Comparing to an industry that is exceedingly financially constrained, often to the point of requiring government subsidies, is frankly a bit silly if you’re trying to make any point here.
Let’s also look at it from a risk of growth perspective to highlight how different things are. If GitHub invests in a new server/rack/datacenter to support growth it likely breaks even once it’s at However, what does an airline have to do to rollout service to a new city? They need to buy new planes, sign contracts with the new airport, hire pilots and crew, launch a marketing campaign informing customers to generate demand, and probably some other sunk costs. Once service begins, they want to be at full capacity immediately. They can’t power down 80% of fuel or labor. It will burn cash until they reach a much higher utilization rate. Closing the city is a major public failure for the airline that will be discussed in media, among customers, and could easily lose people their jobs. It’s very risky in comparison is my point.