SpaceX‘s Starlink satellite network is set to generate an astounding $6.6 billion in revenue by 2024, a report by Quilty Space revealed. This projection, which has reportedly taken the industry by surprise, reflects a remarkable achievement for Elon Musk‘s satellite internet venture.
What Happened: The report, presented by Quilty Space analysts during a May 9 webinar, highlights Starlink’s rapid growth over the past three years. The network, which currently comprises nearly 6,000 satellites, is providing internet access to over 2.7 million subscribers across 75 countries, Space News reported.
Despite initial industry skepticism, Starlink has managed to outperform expectations. Its subscriber base has surpassed that of established players like Viasat and Hughes, who have been dominant in the consumer GEO satellite internet market for over two decades.
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Quilty Space attributed Starlink’s success to its focus on wealthier countries, where customers are willing to pay a premium for the service. The company has also expanded into enterprise, mobility, and government markets, with an estimated 50,000 ...