According to a report, ChatGPT creator OpenAI is on track to surpass $1 billion in revenue over the next 12 months as more companies sign up to use its revolutionary chatbot.
The Microsoft-backed artificial intelligence company generates more than $80 million in revenue per month. The information reported on Tuesday, citing a person with direct knowledge of the situation.
OpenAI revenue growth has skyrocketed in the months since ChatGPT was released to the public last November. According to the report, the company lost about $540 million building ChatGPT last year.
As of March this year, OpenAI had “between 1 and 2 million ChatGPT subscribers paying $20 per month,” the source added.
It wasn’t immediately clear how much of OpenAI’s profit comes from ChatGPT subscriptions. The company also sells businesses access to its application programming interface (API) so developers can use the technology.
ChatGPT and other chatbots have many potential uses in the business world, from writing code to optimizing customer service and beyond. Some experts have warned that the technology will lead to major upheavals in the job market.
The post has reached out to an OpenAI representative for comment.
ChatGPT, a so-called “grand language model,” has garnered a huge following since its release last November, stunning the public with its ability to generate human-like responses to a variety of prompts.
At the same time, OpenAI has come under intense scrutiny from critics who fear its potential impact on society.
A recent study by researchers from the University of East Anglia found that ChatGPT has a “significant” bias towards liberal stances, including the Democratic Party and left-leaning leaders elsewhere.
In February, ChatGPT declined a request to do a New York Post-style story on Hunter Biden, but accepted a request to do so as if it were a left-leaning CNN channel.
As The Post reported, experts also fear that ChatGPT and other AI technologies like deepfake photos will fuel the spread of misinformation during the 2024 presidential election cycle.
The success of ChatGPT led to an increase in competition between big tech companies in the development of chatbots and other more advanced AI tools. Google has since released its own chatbot called Bard, which has received mixed reviews.