5G is often described as a transformational technology. Through its superior technical characteristics compared to previous generations of mobile technologies, 5G supports the development of innovative services and products across the whole economy. As a consequence, the potential impact of 5G is frequently described as being significant, with estimates of $1 trillion or more being added to global GDP by the end of the decade being common. For mobile operators, 5G provides an opportunity to generate new sources of revenue. This would boost their revenues, and thus their market capitalisations which have fallen in recent years as value has migrated to other parts of the digital economy. In this paper we argue that mobile operators face a number of inter-woven challenges that will shape their ability to utilise 5G to generate new sources of revenues. These reflect the multi-faceted role that 5G will play in today's economy, where it is both a service in its own right but also one that enables the delivery of other services. Not only may users be unwilling to pay a premium for 5G, but as it is used in other sectors the role of mobile operators is thrown into doubt. Local licences question the role of and need for mobile operators, who may find providing 5G-enabled services to vertical industries difficult due to the nature of these sectors.

5G 通常被描述为一种变革性技术。与前几代移动技术相比，5G 具有卓越的技术特性，支持整个经济中创新服务和产品的开发。因此，5G 的潜在影响经常被描述为重大，预计到本十年末全球 GDP 将增加 1 万亿美元或更多。对于移动运营商来说，5G 提供了创造新收入来源的机会。这将增加他们的收入，从而提高他们的市值，而近年来，随着价值转移到数字经济的其他部分，他们的市值已经下降。在本文中，我们认为移动运营商面临着许多相互交织的挑战，这些挑战将影响他们利用 5G 创造新收入来源的能力。这些反映了 5G 将在当今经济中发挥的多方面作用，它本身既是一种服务，又可以提供其他服务。不仅用户不愿意为5G支付额外费用，而且随着5G被用于其他领域，移动运营商的角色也受到质疑。当地牌照对移动运营商的作用和需求提出了质疑，由于这些行业的性质，移动运营商可能会发现向垂直行业提供 5G 服务很困难。