ChatGPT became the fastest-growing app in history after its launch in November 2022, but after a record-breaking influx of users during their early stages, the company is seeing a gradual decline in user engagement over recent months. Data by SimilarWeb says that by July end the user base of ChatGPT dropped even further.
OpenAI, the AI studio led by Sam Altman might be on the brink of a potential financial crisis, as outlined in a report by Analytics India Magazine. The report said that the company might go bankrupt by the end of 2024.
The report says it costs OpenAI about $700,000 daily to run just one of its AI services- ChatGPT. OpenAI is burning through cash at the moment. Despite the attempt to monetise GPT-3.5 and GPT-4, the company is not able to generate enough revenue to break even at this point.