I initially thought the same but he did write "All signs point to another Teledesic or Iridium" and I can't argue to the contrary.
Mass adoption is the key to reasonable per-user costs here.
Amazon, and possibly SpaceX are at an advantage here, since they have other revenue streams, so they might be able to wait out the rest of the field and grab customers from failed networks.
Amazon has retail and aws, and satellites will be nowhere near a majority.