OpenAI, the company behind the popular chatbot ChatGPT is predicted to go bankrupt by the end of 2024. Due to the declining user base and high operating costs, there are questions about the company’s existence in the future.
How Long Can ChatGPT Survive?
According to a report by Analytics India Magazine, the user base of the Microsoft-backed firm is on a steady rate of decline. The company spends nearly $700,000 daily (Rs.5.8 crores) to keep the website running.
This cost is being borne by Microsoft and other investors, which won’t sustain the company long enough if OpenAI doesn’t turn profitable soon. At its current rate, ChatGPT is predicted to go bankrupt by the end of 2024.
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OpenAI, on the other hand, is optimistic about its prospects and expects about $200 in annual revenue in 2023. The company further expects to touch $1 billion in revenue by 2024, which seems to be a shot in the dark at this point.
In addition, the popular chatbot’s user base has declined since May 2023, raising further concerns about the future and viability of the chatbot. It has been mere 8 months since OpenAI made ChatGPT accessible to the general public, and it caught everyone’s eye. This resulted in tremendous growth where ChatGPT managed to acquire 1 million users in just 5 days.
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In comparison, apps like Instagram and Netflix took at least 3 months to 3.5 years to reach the same number. Despite its astonishing success, the company faces a challenge as it fails to convert its regular users into paid subscribers.
OpenAI has released a paid version of the chatbot called ChatGPT Plus for those unaware. This premium version based on the GPT-4 model offers features like faster response times and support for addons that add internet connectivity.
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Abeer Chawake
Abeer is a tech enthusiast who keeps track of all the trending gadgets and smartphones. During his free time, he can be found playing the latest PC games or binge watching TV shows.