Report: AI Chatbot Maker OpenAI Expects $1B in Revenue by 2024

Report: AI Chatbot Maker OpenAI Expects $1B in Revenue by 2024

AI chatbot maker OpenAI anticipates it will generate $1 billion in revenue by 2024.

That’s according to a report Thursday (Dec. 15) by Reuters, citing information from a trio of sources with knowledge of the company’s pitch to investors. One source said the company — a Silicon Valley nonprofit co-founded by Twitter/Tesla/Space X CEO Elon Musk — was recently valued at $20 billion.

OpenAI has become famous lately for its product ChatGPT, a chatbot with humanlike conversation capabilities that can, according to the company “answer follow-up questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.”

As PYMNTS wrote recently, while artificial intelligence (AI) may be loosely defined, it also has the potential to make a major impact.

“The gray area surrounding what, exactly, AI is or could be, has largely captured the public imagination,” we wrote. “Think all things science fiction, robots coming for jobs, the infamous singularity moment and much more — while simultaneously the realities of AI’s myriad business-use applications have marched on in the background, autonomous and unseen.”

The technology has gained headlines lately because of ChatGPT, along with Prisma Labs’ Lensa product, and its social media-friendly Magic Avatars.

People have been flocking to both sites to create new avatars or chat with ChatGPT. The latter site was at capacity Thursday afternoon. On the first visit, the bot wrote an acrostic poem to explain how it “felt” that the site was down. On the second visit, it wrote a screenplay.

But as PYMNTS noted, there are more practical applications at work here. When it comes to document digitization and workflow automation, it’s hard to pick a better tool than AI for running algorithms and parsing large data sets.

PYMNTS research has found that 80% of content management system firms without an automated, non-payroll spend management system are highly interested in employing one, and companies of all sizes and business types have expressed interest in consolidating all non-payroll spend management into an intelligently automated system.

“AI has been the silent workhorse powering digital transformation across the contemporary business and commerce landscapes,” PYMNTS wrote, “arguably doing just as much if not more than the pandemic-era lockdowns to enable eCommerce’s staggering rise over the past few years.”

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