OpenAI has launched a premium subscription named ChatGPT Plus, aiming to capitalize on the widespread adoption of ChatGPT and generate revenue. Within just a month of its release, the premium tier has amassed 57 million monthly active users, indicating a significant surge in popularity. This application has been one of the fastest-growing ones, with an average of 13 million daily unique visitors in January alone. The subscription plan is priced at $20 per month and offers exclusive content and services to its subscribers.
Why OpenAI is monetising ChatGPT?
To achieve its revenue target of $1 billion by 2024, OpenAI needs to start generating income promptly. According to experts, OpenAI aims to increase the probability of having a stable user base and identifying potential individuals for product development by monetizing the platform during its peak interest. The company is exploring avenues to generate revenue, cover infrastructure costs, and reduce its dependence on partners and investors like Microsoft.
What do experts have to say?
After experiencing significant growth in recent months, ChatGPT is poised to monetize its success. The subscription revenue generated from the platform will be used to enhance its user-friendliness and applicability in areas like digital marketing and content production. While acknowledging ChatGPT’s current market dominance, experts caution that maintaining high levels of innovation and market share growth will be necessary to remain competitive in the long run.
OpenAI’s decision to introduce a subscription-based ChatGPT Plus membership plan is a strategic move that demonstrates confidence in the platform’s future success. With 100 million members as of January 2023, ChatGPT has shown promising signs of growth. However, the challenge will be to retain its user base and market share by continually innovating and improving the platform.
More on ChatGPT
ChatGPT Plus users receive exclusive access to new features and benefits, like using ChatGPT in general, receiving faster answers, and getting new features and improvements before others.
OpenAI decided to monetize ChatGPT to meet its revenue goal of US$1 billion by 2024, create a revenue stream to pay for infrastructure costs, and reduce reliance on investors and partners.
Experts consider monetization as the next logical step for ChatGPT due to its rapid expansion in recent months. They anticipate that revenue from subscriptions will fund additional development, making it more user-friendly and applicable to various businesses. However, they caution that maintaining market dominance will require continuous innovation and market share growth.
It is a massive language model that can simulate human speech and writing from scratch.
ChatGPT can be used in various sectors such as customer support, marketing, and data analysis to automate answers and generate text based on learned patterns from large amounts of data.
ChatGPT is not an app but rather a model that can be embedded into other programs using application programming interfaces or other techniques.
