The spectrum is immensely valuable, but it's fundamentally owned and controlled by governments who have the power to decrease its value by imposing more regulation on current operators and/or opening up new spectrum bands to new competitors.
Current operators appear to me as not unlike the railroad monopolies of the late 19th century. Immensely powerful and seemingly irreplaceable, but on the brink of being disrupted to irrelevance.
Current operators appear to me as not unlike the railroad monopolies of the late 19th century. Immensely powerful and seemingly irreplaceable, but on the brink of being disrupted to irrelevance.