Sat. Sep 30th, 2023
Starlink Generates $1.4 Billion Revenue in 2022, Falls Short of Projections

Elon Musk’s satellite internet service, Starlink, generated $1.4 billion in revenue last year, according to documents viewed by The Wall Street Journal. This marks a significant increase from the $222 million generated in 2021. Despite the growth, Starlink fell $11 billion short of its original projections.

SpaceX’s satellite internet division has been outpacing its rivals in terms of revenue and has played a crucial role in countries like Ukraine. However, the business still has a long way to go before meeting Elon Musk’s ambitious goals.

Initially, Starlink predicted $12 billion in revenue and $7 billion in operating profit for 2022. The company also projected 20 million subscribers by the end of the year but only reached over 1 million active subscribers. As of May 2023, Starlink had approximately 1.5 million users.

With SpaceX currently controlling 60% of the global launch business, Musk aims to bring Starlink to India, using its low-orbit satellite technology to provide broadband internet connections. During a meeting with Prime Minister Narendra Modi in June, Musk expressed his excitement about bringing Starlink to India, stating that the country holds great promise.

Musk believes that Starlink can be incredibly helpful, particularly in remote villages that lack internet access or high-speed services. The company’s officials are reportedly scheduled to meet with their Indian counterparts in the near future to explore the possibility of entering the Indian market.

As Starlink continues to expand its satellite internet service globally, its revenue growth and subscriber base will be closely watched to see if it can live up to its initial projections.