Musk's Starlink is gaining traction in the satellite internet industry, causing difficulties for European competitors who are struggling to adapt.

European firms have fallen behind due to a lack of development in reusable launchers, despite a decade of indecision. This decline comes as legacy satellite TV businesses face decreasing revenues due to the popularity of on-demand streaming services.

Intelsat, which is currently being acquired by SES SA, reported a 9.4% decrease in third-quarter revenue. Similarly, Eutelsat Communications, which merged with OneWeb, has seen its shares reach a 19-year low.

As Starlink expands its subscriber base to 4 million, it continues to form significant partnerships. For example, it recently signed an agreement with Air France-KLM to provide high-speed Wi-Fi on flights starting next summer. United Airlines has also become a major customer. Industry experts believe that Starlink's ability to improve its offerings through the launch of new satellites positions it well in a rapidly changing market.