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OpenAI’s ChatGPT Could Generate $1 Billion Revenue By 2024

ChatGPT AI to reach 500% year-on-year growth by next year, according to Bankless Times

Image source: Bankless Times

Since its release in November 2022, OpenAI’s ChatGPT has gone on to become one of the most talked about AI chatbots ever created. Recently, online publication Bankless Times revealed that ChatGPT’s MAUs have nearly quadrupled over the past couple of months, reaching 200 million users. The publication also shared that visits to the ChatGPT site on both desktop and mobile reached a peak of 1.8 billion in April 2023. 

ChatGPT’s user base includes people from across the globe, with a lot of its traffic coming from the US, making up about 12.12% of the AI’s overall traffic. And this number of users in the US continues to grow. Last year, there were 6.3 million users in the US, but experts predict that in 2023, it will increase by a staggering 882% to reach 61.5 million. By 2025, over a quarter of all Americans will be using AI.

Following the US, India has the second-largest group of users, accounting for 7.61% of all visits to the site. Japan (4.14%), Brazil (3.34%), and Colombia (3.16%) complete the list of the top five countries with the highest ChatGPT traffic.

Image source: Bankless Times

The billion-dollar chatbot

Industry insiders have speculated that ChatGPT’s current revenue model will help the company make around $200 million in revenue by the end of 2023.

Much like its parent company OpenAI which was valued at $24 billion this year, ChatGPT is on track to become a billion-dollar AI platform. ChatGPT is expected to generate up to $1 billion in revenue next year, marking an impressive 500% year-on-year growth.

Despite all of its successes, the chatbot hasn’t been without criticism. One of the major worries about AI tools becoming widely used is that they might replace humans in the labour market if companies decide to start automating jobs to AI systems. A recent study found that out of the 49% of US companies that regularly use AI tools, 48% of them have already replaced some workers. 

According to a new report from analytics firm Similarweb, desktop and mobile web traffic for ChatGPT dropped 9.7% from May to June. In the US, this month-over-month decline was 10.3%. This could be due to a combination of the novelty wearing off, alongside the rise of other AI chatbots.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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