OpenAI on track to earn $1 billion in annual revenue through ChatGPT

Artificial Intelligence is being widely used in multiple industries today. Specifically generative AI has caused major waves in the way processes are conducted. ChatGPT, the generative AI toolbot that started it all is being adopted and applied by multiple small and big companies alike. As a result, OpenAI, the parent company behind ChatGPT is on track for $1 billion of annual revenue.

OpenAI, founded by Sam Altman and backed by Microsoft Corp is currently earning $80 million dollars in revenue monthly. OpenAI reportedly also lost around $540 million in 2022 developing GPT-4 and ChatGPT. OpenAI is one of the companies at the forefront of generative AI that can create content, write emails, poetry to make presentations with just a few basic commands. ChatGPT was only launched in November last year and has since worked with companies from fledgling firms to major corporations to incorporate the technology in their businesses and products.

OpenAI has launched a corporate version of ChatGPT this month called ChatGPT Enterprise. It includes additional features and privacy safeguards. This is OpenAI’s attempt to attract a larger scale of customers and businesses to boost its revenue. This a step forward in the company’s plans to make money from its chatbot. Additionally, they have also taken steps to sell a premium subscription and offer paid access to its application and programming interface.