In considering the economics of 5G, it’s best to look separately at the two flavors discussed earlier.A low- to mid-band 5G network, especially in bands below two gigahertz, would look and cost much the same as current LTE networks. For example, deployment costs would be similar for cell sites of comparable density.Delivering the promised performance improvements of 5G through high-band spectrum, on the other hand, would require a fundamentally different architecture with much denser networks—something like 15 to 20 sites per square kilometer in highly populated urban environments, as opposed to two to five sites today. The total cost of ownership of deploying small cells at this density would be four to six times higher than for LTE macro-cell deployment. Unless costs fall dramatically, wireless operators will need to rethink their approach to deploying 5G in these bands and carefully review their business case. Although some of them are already exploring the potential of the use cases described earlier, these use cases are unlikely to generate enough incremental revenue to justify nationwide or near-nationwide deployment in high-band spectrum.