Broadly speaking, telecom service providers have two ways of connecting traffic to a destination telco.
They can either connect directly with the destination carrier or route traffic to a wholesale carrier that connects to a destination telco.
Although many retail service providers, such as mobile operators, MVNOs, and cable broadband providers, rely heavily on wholesale carriers to transport and terminate their customers’ international calls, wholesale revenues are down 11% from ten years ago.
Let’s take a moment to dive in a bit and see what's going on.