Geostationary Earth Orbit (GEO)

GEO - Geostationary Earth Orbit :

 These satellites are in orbit 35,863 km above the earth’s surface along the equator.

i.e., Geostationary or communications satellites are PARKED in space 22,300 miles (35,900 km) above the equator of the STATIONARY earth. 

Objects in Geostationary orbit revolve around the earth at the same speed as the earth rotates.  This means GEO satellites remain in the same position relative to the surface of earth.
Geostationary satellites are used for weather forecasting, satellite TV, satellite radio and most other types of global communications.