Shillong, September 14: Elon Musk’s satellite internet venture, Starlink, which is actively exploring avenues to enter the burgeoning Indian internet market, reported $1.4 billion in revenue for the year 2022.
As per IANS, while this marks a substantial increase from the $222 million generated in 2021, it falls significantly short of the original projection of $12 billion, as revealed in documents viewed by The Wall Street Journal.
Despite its surging revenue and notable role in Ukraine, SpaceX’s satellite internet division still faces challenges in realizing Elon Musk’s ambitious vision, according to the report.
Initial forecasts envisioned Starlink achieving $12 billion in revenue and $7 billion in operating profit for 2022. The company also anticipated reaching 20 million subscribers by the end of that year, but it had just over 1 million active subscribers at that time. By May 2023, the user base had grown to approximately 1.5 million.
SpaceX, under Musk’s leadership, now commands a 60% share of the global launch business and has intentions to introduce Starlink, which utilizes low-orbit satellites to provide broadband internet, to the Indian market.
During a meeting with Prime Minister Narendra Modi in the United States in June, Musk expressed his eagerness to bring Starlink internet services to India at the earliest opportunity, emphasizing the country’s promising potential. He highlighted Starlink’s potential to provide essential internet access to remote villages lacking connectivity or high-speed services.
Reports indicate that Starlink officials are scheduled to engage with their Indian counterparts in the coming weeks to explore the possibilities of entering the Indian market.