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At Generative AI Expo, Learn More About ChatGPT and Why It Might Generate $1B in Revenue by 2024

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Wow-inducing daily articles about OpenAI may have slowed to a more “Hey-now-this-is-totally-commonplace-to-read-about” type of updates, but that doesn’t at all mean ChatGPT-centric news has stopped flowing. ChatGPT and generative AI (GenAI) as a whole continue to spark innovation across virtually every industry: technologies, customer service, healthcare, retail, manufacturing, securities, you name it. Prevalence is a powerful thing, and ChatGPT is still riding that train.

One enterprise – albeit in the sea of interested parties – that’s been studying ChatGPT is Bankless Times. Since 2012, Bankless Times has remained dedicated to providing all the latest when it comes to transparent updates and accountability in alternative business, crypto, and consumer finance at large.

And Bankless Times has also been keeping a sharp eye on ChatGPT, too.

Here’s the breakdown from Bankless Times:

ChatGPT is set to generate $1 billion in revenue by 2024, a staggering 500% year-on-year increase.”

Over nine months, ChatGPT has become one of the most– if not the most – talked-about topics in AI and massive technology spaces. Bankless Times reported that, as it’s gained traction, ChatGPT grew by an explosive 9,900% in its first two months and still sees approximately 60 million visits per day (with a previous estimate putting its total number of unique users at 173 million). A note about that last part: 57 million of those users joined within its first 30 days.

“Adoption of GenAI tools still soars.”

As of summertime, Bankless Times revealed that – in addition to the previous figures – 200 million monthly users actively tap into ChatGPT. Moreover, this userbase doesn’t really have borders; individuals worldwide (and of varying, non-verified age groups) utilize ChatGPT. The largest chunk of its userbase is located in the U.S., that number amounting to an estimated 12.12% of ChatGPT’s total traffic. Analysts also predict that this U.S. number will see an expansive 882% increase if, as data is showing, more than one in every four Americans continues using the AI in some capacity.

Following the U.S., 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.

“ChatGPT's revenue speaks to its level of success.”

Bankless Times then went on to write, “It’s speculated by many industry insiders that ChatGPT’s current revenue model will see the once nonprofit company turn over $200 million in revenue by the end of 2023.” Notably, OpenAI received a valuation of $29 billion earlier this year and ChatGPT may have generated $1 billion as soon as 2024 (suggesting a 500% increase).

“But despite its success, ChatGPT has not gone uncriticized.”

According to Bankless Times, “Perhaps two of the biggest concerns with AI tools’ mass adoption are privacy dangers and the replacement of humans in the labor market.” Per its research, Bankless Times stated that about 49% of U.S. companies use ChatGPT on the regular, and 48% of those companies specifically have already replaced some of their workers, as a result.

As many as 3 in every 10 U.S. college students have allegedly used ChatGPT in order to complete schoolwork, and the education sector isn’t all on board; the tool has already been banned in dozens of schools and universities across New York City and California, as well as in the states of Washington and Michigan and in three different locations in Australia (New South Wales, Queensland and Tasmania).

We will continue (as I’m sure Bankless Times will, too) watching the progressions and pitfalls of ChatGPT.

Be part of the discussion about the latest trends and developments in the Generative AI space at Generative AI Expo, taking place February 13-15, 2024, in Fort Lauderdale, Florida. Generative AI Expo covers the evolution of GenAI, featuring conversations focused on its cross-industry potential and how the technology is already being used to create new opportunities for businesses to improve operations, enhance customer experiences, and create new growth opportunities.




Edited by Greg Tavarez
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