With a new incoming CEO at some point, and with the IPO clearly delayed, and with today's announced unexpected QANTAS loss (and the chaos and massive bad press that has gone on in there for the past year) keeping a few juicy bennies for top flyers would be savvy tactics.
Adding a lifetime Platinum tier is an aspirational benefit after say 10 straight years as a Plat, and is one many would aim for if it were added. And would spend a lot of money chasing. Their new partner United woke up to that juicy long term loyalty benefit of that, 20 years back. Unless you fly paid virgin flights, Virgin it is of no real use, so 'handcuffs' many to the airline for future travel.
Virgin have taken their eye off the ball a little in the past year in the prevailing 'cost-cutting' climate of cutting all benefits humanly possible.
Some of the current fleet STILL do not even have biz class dividers now - a cost-cutting and pretty lazy move, and the usual private Biz class cabin experience is not guaranteed on all aircraft now. Nor is WiFi. So even using these Plat certs for upgrades is a patchy 'benefit' right now. I'd hate to use mine on a flight with no Wi-Fi and a stream of pax using the Biz class loos.
The long-standing system seemed fair - one upgrade per domestic flight. Bring it back - easy for all to follow. Plats only get 4 a year. Virgin are totally in control of upgrade inventory at all times, so they cannot lose really. It really is one of the only plusses of Plat over Gold now. Airlines MUST have carrots and sticks.
The recent pared back and pretty convoluted 'not even double status credits' was very badly fluffed, seeing QANTAS offered it for flights for a year out. I managed to use it by pure luck, but most ignored it as too restrictive.