A study from Dr Tim Farrar’s TMF Associates talks of Starlink’s “amazing revenue growth” in the context of a satellite industry that does not grow fast.
“In fact,” Farrar said, “Starlink’s near $2 billion of international broadband service revenues reported in 2024 compares to about $3 billion for all other satellite operators combined, a roughly 40 per cent market share that has been obtained in only the third full year of Starlink’s operations.”
Farrar added that Starlink must now alter, noting: “Starlink now needs to focus heavily on expanding the market beyond traditional satellite users, not just winning customers from other satellite operators (though of course they will do that too). And terminal prices are already getting lower and lower: Starlink’s consumer terminal revenues in these international markets averaged only about $230 per new terminal manufactured in 2024, so terminal subsidies in 2025 (with 5 million terminals manufactured in the last 11 months) may end up being as high as $1 billion.”
“These accounts don’t represent the whole of Starlink’s business,” Farrar continued, “They exclude direct US sales to individuals, businesses and the government, which account for more than half of Starlink’s revenues.”
Helping that growth is opening new markets, and expanding existing coverage. For example, Starlink is now connecting over 500,000 customers across Canada – among those is Syola Ikkidluak, a dog sledder staying connected during extended hunting trips on the ice.
Starlink says it is connecting more than 4.6 million users.
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