Can someone ELI5 Starlink revenue sources? At the core, it's an ISP (but served from space). What does Starlink have that differentiates from any other ISP? Is it because the TAM is global? That may be true at the margin, but I am sure most eligible subscribers would prefer a land-based system (eg no one in SF is cancelling their Xfinity to use Starlink) so how much is really left for them?
It's because they're good speeds in a lot of places that couldn't get good speeds before. It's also great for mobile work sites, i.e. construction sites, drilling camps, other b2b service businesses where a bunch of portacoms rock up to a site. Anywhere it's mildly hilly you can't actually assume you'll get a signal outside of town but a satellite dish basically guarantees that. Even if you can guarantee your in a spot long term the upfront cost of fibre or a tower may not balance out as cheaper than just eating the higher bandwidth costs.
It's also worth remembering that in a lot of places with low density it isn't appealing for competitors to build out to, so there's a lot of markets where it's a no brainer to switch from the local monopoly to starlink because the price was already inflated and it was worse service.
There's a huge number of people in developing countries (think Indonesia, Brazil, Nigeria, Kenya, Mexico) where the country just lagged on internet build out. Now in these countries the price of a subscription will be a lot lower, than the >100$ you pay in the US, but since (simplified) the only additional cost per customer is the cost of the end terminal, it's still worth it for the ARR. The break-even point per customer will just be further in the future.
Also I wouldn't underestimate the amount of people living in rural areas of the US, Canada, Australia or Germany.
I think the ISP story is a bit shitty outside some niche markets (mobile internet on airplanes and the like), but the military applications are massive. Everything is moving into drones and Starlink terminals are small enough to fit on them all, while being essentially unjammable, giving you a coarse location signal on top and plenty of bandwidth.
In NZ you can buy add-on so you can text/fb messenger/maps/weather and even apple music thru your phone via Starlink. I can't imagine this being super popular add-on, but if telco just rolls that into main offering I'd assume eventually that will be new norm.
