The decline in mobile revenue has accelerated since the launch of 5G but the situation may be improving

5G was supposed to help operators to reinvigorate a declining mobile market, especially through the development of new services. New services have not emerged (other than 5G FWA). Instead, 5G added substantial new capacity that outstripped demand for data. Mobile revenue has fallen faster (in real terms) after 5G was launched than before. 

The fall of mobile revenue may be depressing, but there is cause for optimism. Spend on 5G capex has peaked. Operators struggled to keep up with high levels of inflation, but it may be that annual price rises have been normalised. In many countries, competitive intensity has levelled off or may be falling.