Elon Musk’s Starlink has made significant strides in Mexico’s telecommunications sector. The satellite internet service closed the first half of 2024 with impressive numbers, positioning itself as a formidable player in the market.
Starlink now ranks as the eleventh largest economic group in Mexico’s telecom sector by revenue. It has also become the sixth-largest fixed internet provider in the country by customer volume.
This growth comes just three years after obtaining its concession title in May 2021. The company’s financial performance has been noteworthy.
Starlink earned 638 million pesos ($33.2 million) between April and June 2024 in Mexico. This marks the first official revenue figure for the company in the country.
While this amount pales in comparison to industry leader Telmex, it surpasses Star Group, a direct competitor. Star Group, which has operated the Star Go brand since 2016, reported earnings of 628.7 million pesos.
This amounts to $32.7 million during the same period. Starlink’s customer base has also seen substantial growth.
Starlink’s Expansion in Mexico
Preliminary data from the Federal Telecommunications Institute (IFT) shows that Starlink had 160,631 fixed satellite internet connections across Mexico. This figure surpasses competitors like Walmart’s BAIT.
The company’s Mexican operations now represent 4% of Starlink’s global business. This puts Mexico second only to Brazil in Latin America, where Starlink has 224,000 connections or 5% of its total customer base.
Starlink’s rapid expansion aligns with the growing potential of the satellite internet market. Industry analysts project this market to reach $23.82 billion globally by 2031.
The company aims to have around 12,000 satellites in orbit to meet this demand. In Mexico, Starlink offers internet services using Ka and Ku bands.
These frequencies are ideal for satellite internet due to their signal quality and reasonable consumer prices. The company initially covered Mexico using its Steam-1, Steam-2, and Steam-2B satellite networks.
Starlink’s success in Mexico demonstrates the increasing demand for reliable internet in remote areas. It also highlights the potential for satellite technology to bridge the digital divide in developing markets.
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This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error