RYANAIR HAS ANNOUNCED it is closing its subscription service for frequent fliers because it was losing money on the scheme.

In March, the company launched what it called its “Prime” service, a subscriber discount scheme that cost €79 for a 12-month subscription.

Benefits included free reserved seats, free travel insurance and access to monthly member-exclusive sales.

The airline also offered up to €60 off return flights in certain months.

The scheme was originally aimed at a maximum of 250,000 customers on a fir – but only 55,000 signed up in the first eight months.

Ryanair said at the time that “Prime” members who fly 12 times a year would save up to €420 and that members who fly only three times per year will save €105.

The company’s CMO Dara Brady said it was an “exciting” scheme and a “no-brainer” for those who fly regularly.

However, Ryanair has now announced that it is set to close following an “eight-month trial period”.

The airline says all existing 55,000 Prime members will continue to benefit from exclusive monthly offers until next October, but no new members will be allowed to sign up.

Over €4.4 million was generated from the 55,000 Prime members, but Ryanair said these members have received “over €6 million in fare discounts”.

“So this trial has cost more money than it generates,” Brady said today.

“This level of memberships, or subscription revenue, does not justify the time and effort it takes to launch monthly exclusive Prime seat sales for our 55,000 Prime members,” added Brady.