ChatGPT to Generate Nearly £1 Billion in Revenue by 2024, Report Finds

OpenAI’s most talked-about artificial intelligence-powered language model, ChatGPT, has gained 57 million users. This impressive number came about in just 1 month of operation. BanklessTimes reports that currently, the figure has quadrupled, with around 200 million active users monthly, while desktop and mobile visits stood at 1.8 billion this April.

A Quick View At ChatGPT’s Features

ChatGPT began its journey with GPT-3.5, and has since evolved to the GPT-4 model. This advanced system blends human-labelled data and reinforcement learning, adapting to multimodal inputs that include both text and imagery.

Its ability to seamlessly interpret vast text instructions, and while image processing is an area of ongoing refinement, its capabilities are still really impressive.

The target audience for this tool spans industries worldwide, as every kind of person and sector continues to find the models useful. The country with the largest userbase is the US, which reports a 12.12% rate of the total platform’s traffic.

The rest of the Top 5 userbases belong to:

India with a 7.61% rate
Japan with 4.14%
Brazil, 3.34%
Colombia, with 3.16%

Last year, the US reported about 6.3 million users. Analysts predict an 882% year-on-year increase to 61.5 million in 2023. The report also predicts that 1 in every 4 US citizens will become ChatGPT users by 2025.


Economic Trajectory of ChatGPT

ChatGPT, the platform that was once a non-profit company, is expected to see a turnover of $200 million by the end of the year. It is predicted that in 2024, the company will join its parent, OpenAI, in becoming worth over a billion dollars.

AI’s Impact on Jobs and Education

With all of these successes in artificial intelligence tools and systems, there still come the fears and concerns over job replacement and job loss. Many stories have already been told about the frustrations human workers have faced over losing jobs to AI. A study reveals a 49% regular usage rate in US companies, with 48% of those companies stating that the tool has already replaced their human employees.

The education sector has also shown a rise in the use of the tool. It is reported that 3 in 10 US university students have used ChatGPT to assist them with their schoolwork. This led to the banishment of the tool in many US and Australian states.

With its global usage increasing by the year, it is important to ensure how ChatGPT is used still protects people’s livelihoods, education systems, and ethical considerations overall.