Artificial IntelligenceNews

ChatGPT is Set to Generate $1 Billion in Revenue by 2024

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Within a period of fewer than nine months, ChatGPT has quickly become one of, if not the most talked about artificial intelligence (AI). The generative AI tool was quick to gain traction, amassing a staggering 57 million users just within its first month of launching.

As of more recent months, BanklessTimes.com has revealed that this figure has almost quadrupled reaching an astounding 200 million monthly active users. Similarly visits to ChatGPT’s site from desktop and mobile have been soaring, reaching a peak of 1.8 billion in April 2023.

ChatGPT’s user base has no borders, with individuals all around the globe utilizing the AI tool. Whilst it’s userbase is dispersed, a large concentration of users is located in the US, with users here amounting to 12.12% of ChatGPT’s total traffic. The user base in the US shows no signs of slowing either. In 2022 there were 6.3 million users in the US, but analysts have predicted that this number will see a expansive 882% YoY increase to reach 61.5 million in 2023 and by 2025 more than one in every four Americans will use the AI.

Following the US, India makes up the second largest proportion of users at 7.61% of total visits to the site. Japan (4.14%), Brazil (3.34%), and Colombia (3.16%) make up the remaining top five countries with the highest traffic.

It is speculated by industry insiders that ChatGPT’s current revenue model will see the once-non-profit company turnover $200 million in revenue by the end of 2023. However, much like its parent company, OpenAI, which received a valuation of $29 billion this year, Chat GPT is set to become a billion-dollar company. In fact, it it is expected that as soon as 2024 ChatGPT will have generated $1 billion in revenue, a staggering 500% year-on-year increase.

Perhaps one of the biggest concerns with the AI tool’s mass adoption is the replacement of humans in the labour market. In a recent study, it was revealed that 49% of US companies use the AI tool regularly and 48% of those organizations say the tool has already replaced some workers.

The tool’s capabilities to perform human duties have not only sparked controversy in the workforce but also within the education sector. As many as 3 in every 10 US college students have used ChatGPT for schoolwork leading to the banning of the app in dozens of schools and universities across New York City, Seattle, Michigan, and California. The bans in educational institutions have been widespread, with schools in three Australian states — New South Wales, Queensland, and Tasmania also banning its use.

Prarthana Mary

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