⚠ Falling Revenue Per UserModerate threat

Subscriber growth has been spectacular, but the price each subscriber pays has been falling — average revenue per user slid from around a hundred dollars a month toward the mid-sixties as Starlink pushed into price-sensitive markets and cheaper plans. Some of that is deliberate and healthy: lower prices open vast new markets. But it means revenue does not grow as fast as the headline subscriber count, and it raises the question of where ARPU settles once the easy, affluent, underserved early adopters are all signed up and growth must come from customers who can pay far less. A network moat built on scale is only as valuable as the price it can sustain, and that price is drifting down — ARPU has slid from ~$99 toward ~$66¹.