Tue. Sep 26th, 2023
Starlink Generates $1.4 Billion Revenue, Targets Indian Internet Market

Elon Musk’s satellite internet service, Starlink, recorded a revenue of $1.4 billion in the previous year. Although the figures showed substantial growth from $222 million in 2021, it fell short of the company’s original projections by $11 billion. The Wall Street Journal obtained documents indicating the revenue numbers.

Starlink’s satellite internet division has surpassed its competitors and played a significant role in Ukraine. However, the company still has a long way to go to achieve Elon Musk’s ambitious goals. Initially, Starlink projected revenue of $12 billion and $7 billion in operating profit for 2022. They also aimed to have 20 million subscribers by the end of the same year. However, by the end of 2022, Starlink only had slightly over 1 million active subscribers. As of May 2023, they had approximately 1.5 million users.

Elon Musk, during his meeting with Prime Minister Narendra Modi in June, expressed his desire to bring Starlink to India as quickly as possible. He believes that Starlink can be immensely helpful, especially in remote villages with limited or no internet access.

Starlink officials are reportedly scheduled to meet with their Indian counterparts in the coming weeks to discuss the possibility of entering the Indian market. Musk aims to provide broadband internet connections to India using Starlink’s low-orbit satellites.

With SpaceX’s satellite-launch business holding a significant 60% share of the global market, the company’s focus on Starlink’s expansion into India showcases its ambitions in the rapidly growing internet market of the country.