The global MVNO market is currently worth around $95 billion and by 2035 it’s expected to grow to well over $190 billion. Staggering as these numbers are, I don’t believe they are hype.  

Growth is coming from across the world in both emerging and mature markets. 

In Latin America, Africa, Southeast Asia digital-first propositions enabled by ‘MVNO-in-a-box’ and SaaS solutions are creating opportunities for new entrants in emerging markets. 

Growth in the mature markets of Europe and North America is coming from enterprise IoT, targeted consumer propositions, and the fascinating trend of using mobile not just as a revenue stream, but as a critical part of the strategy to deepen loyalty with existing customers.

Just last month, Lidl and 1GLOBAL announced a partnership that will see the supermarket chain become an MVNO in up to 30 markets, embedding eSIM plans directly into its Lidl Plus loyalty app, which already has over 100 million users.

Then there’s Bait, Walmart’s MVNO in Mexico, proving the power of a focused strategy. It ended 2025 with 26.4 million active users, up 44% in a single year, adding 8.1 million subscribers, net.  

Bait has achieved this incredible growth by deeply integrating mobile into the Walmart retail experience. It’s a simple and effective proposition giving people free data with in-store purchases, supported by activation across 3,000 outlets. 

The results speak for themselves. Bait customers spend two and a half times more in Walmex stores than a non-customer. That statistic alone tells you everything about why retail and mobile are such powerful allies and how mobile has become a critical element to numerous brands’ growth strategies.

Neo-bank MVNOs are also gaining serious momentum. Revolut, Lendable, N26, Monzo, to name a few, are weaving mobile into their financial services ecosystems. 

And in the community space we have seen everyone from influencers to US presidents, sports clubs to religious groups embrace the MVNO model.

But the conference is not just a celebration of growth. It is a place where we interrogate the hard questions too, and this year there will be three critical themes. 

THEME ONE: THE SATELLITE QUESTION – OPPORTUNITY, RISK, OR INDUSTRY EARTHQUAKE?

Let me start with the one I think carries the biggest long-term strategic implications: Satellite.

In March, at Mobile World Congress in Barcelona, SpaceX took to the stage to unveil Starlink Mobile, its direct-to-device service. This followed T-Mobile’s launch of T-Satellite, in partnership with SpaceX, in 20025 with plans for next generation ‘V2 satellites’, targeting 5G-class speeds from orbit, in 2027.

Amazon is also getting in on the action with Amazon Leo, a low-Earth orbit broadband constellation targeting over 3,200 satellites. It’s currently working on partnerships to monetise this new asset. I don’t think Amazon will dabble in this market. It will dive in hard with every intention of disrupting the market by building a global network, just as they’ve done in retail, cloud computing, entertainment and logistics. 

So, at conference we’ll ask at what point does satellite connectivity starts to replace the mobile infrastructure of today. 

We have already seen WIFI take share of customers use in the home. Will we see satellite connectivity also taking traffic away from traditional networks, and if so, will they do it in partnership with operators or in competition with them?

This won’t happen today but it’s a question we need to be ready to answer. Experts agree that physics and economics make satellite a complementary technology to terrestrial networks at present, but V2 satellites promise one hundred times more data density than V1 and that is a whole new ball game. 

If satellite becomes an alternative provider, then the asset that operators have spent decades and tens of billions building and that MVNOs rely on could become redundant, or at least less crucial in some areas.

This brings risk and opportunity. On the risk side, Starlink’s current T-Mobile partnership explicitly excludes MVNO access, and we may well see this approach adopted more broadly.

If satellite capabilities are locked within operator brands, then MVNOs could find themselves excluded from a major new technology wave, exactly the scenario we at Graystone Strategy advise clients to contract against. 

Parity of access clauses in your wholesale agreement are not a nice-to-have; in a world of rapidly evolving technologies, they are protection against a very real threat.

On the opportunity side, this trend has the potential to significantly re-write how consumers access mobile telecoms. We could even see a world where every telecoms brand is an MVNO accessing connectivity from national radio network and satellite combined.

That type of shift needs innovative thinkers that can rip up the rule book and start again. That type of thinking is present at MVNOs World. As a community we are world champions at challenging the status quo and doing things differently.

THEME TWO: CONSOLIDATION – THE DOUBLE-EDGED SWORD

Europe’s mobile network operators have been pushing hard for permission to consolidate. They are being successful and generally, that’s bad for MVNOs as fewer operators means fewer potential wholesale partners. And less competition in wholesale almost always means higher prices and less favourable terms. 

But – and this is the critical counter-narrative – consolidation historically comes with regulatory remedies which are an important catalyst for MVNO growth. We have seen a range of remedy models deployed in the UK, Ireland, Austria and even the Channel Islands, all seeking to drive consumer competition through MVNOs.

We’ve also seen a more radical solution deployed in Mexico. The Red Compartida (Altan Redes) was effectively born from the need to inject wholesale competition into a market dominated by Telcel. Today, 83 MVNOs use that network, and it’s worth noting Bait built its entire 26-million subscriber empire on it. 

We’ll discuss in detail how MVNOs can manage these changing dynamics and refine strategy to ensure opportunity is maximised and the risks are minimised. 

THEME THREE: CHANGING CONSUMER HABITS – THE MARGIN SQUEEZE AND THE PROPOSITION OPPORTUNITY

The third theme is about how consumers are using their phones, from the changing use cases, technologies and attitudes to mobile, to the economics of mobile data.

Let me start with the economics. Data usage is going up. In 2025, 93% of operators globally saw growth in data usage per subscription. 

But here is the problem, ARPU is not keeping pace. Across all markets, we are seeing a growing gap between the cost of serving that data and the revenue earned from doing so. 

The result is a margin squeeze that is hitting MVNOs particularly hard, because MVNOs have the added layer of a wholesale cost they cannot fully control.

There are broadly two responses to the margin squeeze. The first is using tech to reduce operational costs. AI has a huge role to play here supporting a less costs more margin approach. 

The second, and in my view the more interesting, is the race to build propositions that escape the commodity trap entirely and grow value.

Which brings me to the second dimension of changing consumer habits, the social and cultural shift that is creating entirely new proposition opportunities for this industry.

Across the world, parents, governments and regulators are waking up to the impact of uncontrolled social media access by children. Australia has legislated a ban on social media for under-16s, and many more countries are putting this issue under the microscope.

This is not just a policy trend. It is a consumer behaviour shift. More parents are actively looking for technology solutions that keep their children connected AND protected.

They want their kids to have a phone, but not a portal to unregulated content. They want to give independence while maintaining visibility, and they are willing to pay a premium for that reassurance.

Spacetalk, an Australian MVNO and technology company, has created a proposition purpose-built for families offering child tracking, check ins and full parental content controls. 

This allows kids freedom, but within parental guardrails, making parenting in this digital age just a little less stressful. Spacetalk is pursuing white label deals on its technology, already securing one with Vodafone Australia. For pioneering MVNOs, there’s a huge opportunity to seize on this openness to partnership. Done well it has the potential to overcome the ARPU squeeze. 

The trick MVNOs need to take from this is not to compete on price for the same generic data plan but identify a segment with a specific pain point and build a proposition so differentiated that price becomes secondary to value. 

It’s also a reminder that cost cutting isn’t always the way to go and building customer relationships is. 

So, there you have it three themes for congress, and as we’ll no doubt discuss, endless possibilities for success. 

If you would like to discuss how you adapt your MVNO’s strategy to address one or more of these themes then drop us a line, we’re happy to meet for a coffee during the conference, or a video call afterwards. 

The post Satellite, consolidation and ARPU – the hot topics at this year’s MVNOs World appeared first on Graystone Strategy.

If you’re at the Congress and fancy a coffee or a beer, drop us a line.

The post MVNOs World in Amsterdam is a go! appeared first on Graystone Strategy.

Revenue is vanity, margin is sanity.It’s an old adage, but one that holds true for the MVNO Market.

When we speak to MVNOs, they can often think the garden looks rosy. They are growing customer numbers, share and the total revenue metrics are good. But look a little closer and it soon becomes apparent that margins are under acute pressure. Just about every established MVNO I talk to are trying to overcome the squeeze and it’s moving higher up the priority list.

The post Margin Under Pressure: How Mature MVNOs Stay Profitable and Keep Growing appeared first on Graystone Strategy.

It’s therefore the perfect venue for the MVNO meet up of the year. With almost 600 delegates expected today, the breadth of expertise and experience is evident. As chair, I will welcome visitors from USA to Australia spanning MVNO, MVNE and MVNA.

In 30 years of telco, I don’t think there has never been a time when the industry has been as dynamic. Projected growth for the MVNO market reflects a steep upward trajectory with estimations of total value topping $150 billion by 2031. That’s an incredible 7.7% CAGR—driven by technological innovation, the customers demand for flexibility, and new entrants redefining what virtual operators can do.

I’m particularly excited that the event will have a strong representation from South America, Africa, and Southeast Asia, where digital-first propositions and low infrastructure costs are creating fertile ground for growth. These territories show that when regulation opens a market, and the shackles of legacy systems are negligible, rapid growth is achievable. As we’ll hear at various talks, launching an all-digital low cost MVNO is entirely possible in weeks.

Likewise, European and North American counterparts will illustrate how they are quickly carving out new avenues for growth using Enterprise IoT, AI and eSIM to differentiate.

The focus of the conference won’t necessarily be on the ins and outs of the technology, although there are plenty of opportunities to learn from the GSMA. Instead, we’ll uncover how brands are using digital journeys to deliver value – critical for building that all important margin. Innovators like Pendula will explain how Australian MVNO brands are using AI to keep customers engaged, and there’ll also a session on ‘growth hacks’ from the applied use of technology.

But it’s the lived experience that is often cited as the most valuable aspect for anyone new to the sector. That’s why I’d encourage people to join as many of the case study presentations as they can.

It’s the best way to get real insight on how brands are innovating and learn what could be transposed to your business. A good place to start will be RedBull’s presentation, which will lift the lid on its strategy to create a highly engaged fan base.

This year’s agenda will also look at the realities of running an MVNO. The panel discussions on successful marketing strategies should be high on the list of sessions to attend. If there’s one industry that proves that the philosophy of ‘build it and they will come’ is flawed, then it’s MVNO. Too many feisty start-ups have failed to deliver on the promise because they didn’t understand their target segment or how to communicate with them.

I’m also pleased to see that we’ll continue the discussion on diversity – expanding on last year’s panel looking at how women join the industry and progress careers, but also how we make the workplace more inclusive for divergent thinkers, and those with a disability. It’s an urgent conversation for an industry that prides itself on delivering affordable communication tools to customers, and I encourage people to take the opportunity to reflect on their company values.

Sustainability continues to get more airtime, and rightly so. Negotiating regulatory frameworks and setting industry standards are topics that can elude a scaling MVNO. But as research shows, they can’t be ignored forever. The conference will give people time to consider their role in building sustainable futures.

I’m a big believer that the success of a congress like this can’t be measured by the quality of speakers alone. I think the quality of conversations we will have over coffee (or a beer) are also a sign of how important events like this are.

Already, I know of deals that have been signed, but most heartening I have heard stories of people reconnecting after years of not being in touch and having vibrant discussions. For an industry that deals in connection there can be no better endorsement of the power of the MVNO community.

This is more than a conference—it’s a global forum for collaboration. Whether you’re here to find partners, share best practices, or challenge the status quo, I encourage you to connect widely, ask boldly, and think big.

The post My message for MVNO World – connect widely, ask boldly, and think big. appeared first on Graystone Strategy.

Their point was that MVNOs don’t have a structure for putting forward a proposal to an MNO. Much of that has to do with commercial naivety. But a lot has to do with the core proposition.

Fundamentally, when you approach an MNO you must have a clear story about why you are in business. Yes, you intend to make money, but how will you change the world? Why should we care? Can you articulate how you will attract customers, and explain how you will keep them?

Our opening class today was on differentiation in crowded markets. Erick O’Connor and I set out the ingredients for success and highlighted the brands getting it right from Better Life, through Redbull, to Equitel. They have answered these questions above brilliantly. And based on the feedback we received today, it’s important any MVNO in its infancy, or for the brands thinking of branching out, take note.

Get your story right and you’re halfway to getting a deal. It puts you in a stronger position to put forward realistic forecasts on what you will achieve, by when, and how you will add to the MNO’s incremental revenue.

So, what 10 things make up the story?

Target a specific customer segment or niche. This isn’t ‘target millennials’. Rather it’s to target Formula 1 fans, or target students living abroad. Know this segment inside out – what makes them tick and how can you appeal to their lifestyle?

Leverage Your Strengths. Got a retail estate? Use it for distribution. Have a loyalty scheme? Use it to win your first customers. The point is, you will have assets that others don’t and ones that can lower your cost to market, or make you stand out from the crowd.

Solve a problem. Can you lower someone’s monthly outgoings so they have more to spend on life’s little luxuries? Can you help people pay one bill for all their utilities? Can you help a council keep track of its assets across the city? Give people the answer.

Communicate to your customers. Don’t assume that if you build it people will come. They won’t. Instead have a simple message and keep it consistent, and repeat it, repeat it, repeat it.

Differentiate the customer experience. If your target customer typically communicates online, then an in-store service model probably isn’t right for them. And vice versa. If you use a digital sign up process, make it three clicks not 54. If you get it wrong, then all the effort to communicate your brand is worthless if the experience is poor.

Use price cuts sparingly. If cutting price is the only way to attract customers at the expense of margin, then you have a fundamental problem with the position. Make sure the value you offer goes beyond price.

Don’t be a copycat. The MVNOs that thrive, offer something people want, and no one else offers. Know your target market size, the potential share you can take – you’ll have more realistic growth forecasts that an MNO will take seriously.

Keep it simple. Don’t be tempted to launch all your ideas at once. Build traction with the core proposition and then add the extras that will help your brand evolve.

You’re a marginal business. Any promotion or change to proposition needs to modelled according to your wholesale model and the insights on trading to date. Cost everything carefully.

Don’t launch and leave. Invest always. This doesn’t need to be costly above the line advertising. It can be a more economical investment in selling more to existing customers or giving them more value.

These tips are part of a series of masterclasses that look at differentiation, agreeing a win-win deal with an MNO and commercial modelling. The classes were included in the delegate pass thanks to sponsorship by Pendula and .

Over 200 people attended the sessions. If you weren’t there but think your team would benefit, then drop us a line. We’d be happy to deliver a class to suit the skills gap you need to close.

The post I wish all MVNOs did that – 10 ingredients for winning a deal appeared first on Graystone Strategy.