In case you’ve been living under a rock for the past few months, OpenAI has launched ChatGPT, an AI-based conversation tool. Since its launch in November 2022, Chat GPT has taken the digital world by storm, so much so that the platform gained 1 million users in its first 5 days!
From business plans, social content and even online discount codes, the possible uses for Chat GPT are endless. Below are some recent stats that show just how powerful the tool can be.
Chat GPT can be a great tool to assist with your digital marketing efforts. To learn more feel free to get in touch with our team by phone at 0161 327 2635 or email [email protected].
Who Uses Chat GPT?
- As of February 2023, Chat GPT reported a huge 100 million users, just two months after its launch. For context, it took TikTok 9 months to reach the milestone and Instagram 2 years after its launch.
- According to Similarweb, monthly users are currently sitting at 1.8B (June 2023)
- Around 9 in 10 (87.98%) ChatGPT visits are direct traffic.
- The second most popular channel for driving traffic to the site is Social Media, in particular YouTube, driving 58.07% of the Social media traffic.
- 59.67% of Chat GPT users are males.
- 64.53% of Chat GPT users are from the 18 to 34 age group.
- The country driving the highest number of users is the United States, accounting for 15.22% of all traffic.
- ChatGPT receives approximately 10 million queries per day.
The Costs of Chat GPT
- The tool is free to use for all users, however, in February 2023, Open AI launched Chat GPT Plus. This upgraded version costs the user $20/month and grants the user the following perks;
- Access during peak times
- Faster response times
- Priority access to new features and improvements
- ChatGPT could cost OpenAI anywhere from $100,000 to $700,000 a day to run due to “expensive servers,” according to analysts.
- The average Chat GPT answer is around 30 words long, when you take into account the number of queries made, the cost of this works out at about $0.03 per word.
- Microsoft is by far its biggest backer, investing $1 billion into the company in 2019 with $2 billion in 2021 and a further investment of $10 billion in January 2023.
Training Chat GPT
- The reported costs of training ChatGPT are estimated to be just under $5 million dollars.
- ChatGPT is trained on 300 billion words and the most recent GPT 4 model is trained on more than 1 trillion parameters.
- 780 people were recruited to participate in experiments to assess whether or not humans could detect that ChatGPT-3’s answers were generated by a computer model.
- It’s possible that the training process was completed in as little as 34 days.
- The tool is trained on 570 GB of data. This data comprises information from several sources like Wikipedia, Journals, Research papers, online websites, etc.
- Humans partially trained ChatGPT. So, it may make human-like errors and mistakes while generating text.
Uses and Flaws
- One of the main issues with Chat GPT is that its learning and knowledge are limited. As it has no access to the internet and is restricted to information gathered from its training dataset, it has limited knowledge past 2021.
- ChatGPT has an accuracy of 85+ %, and it can even write flawless code snippets, making it a valuable tool for software engineering and website building.
- You can translate text from one language into another using ChatGPT. It can also help the users to learn a new language.
- One of the most popular uses for Chat GPT is Copywriting. From blogs and website content, social media posts, essays and even CVs, users can prompt the tool with a short description of what they need help with and receive it within seconds.
- During a test, 53% of participants incorrectly believed ChatGPT-generated content was created or edited by humans
- ChatGPT answered the Medical Licensing Exams similar to the level of a third-year medical student, with an accuracy of around 60% for the most difficult set of questions.
- Although Chat GPT primarily runs in English, it is able to understand and support 95 other languages that are spoken around the world,
The Future of Chat GPT
- By the end of 2024, it’s expected that Chat GPT’s revenue will be worth $1 billion which could lead to increased investment and further innovation.
- GPT-4 which is set to launch later this year, is expected to be 100x more powerful than the current GPT-3. Meaning it will be able to handle much more complex and complicated tasks.
- The newest version (GPT-4) is already at the human expert level in many fields
- A report from Goldman Sachs suggested 300 million full-time jobs could be impacted by AI systems like ChatGPT, which for obvious reasons has raised concerns about the future of AI.
- 7 nations, including China and Russia, cannot access ChatGPT. Whether more countries will join them or whether those countries will ever go back on their decision and remove the ban is unclear.
Conclusion: ChatGPT Is Here to Stay
It’s clear that Chat GPT isn’t going anywhere anytime soon. With emerging technologies and further investment, it’s becoming more powerful and will likely, in turn, become more impactful in our day-to-day lives. Therefore it’s important that we fully understand not only the risks of using Chat GPT (and other AI tools) but also that we understand the benefits and how we can utilise them to aid our both professional and personal lives.
There is enormous potential with tools like Chat GPT, learning how to use them sooner rather than later will only benefit people in the long run. To learn more about how Chat GPT can help your digital marketing efforts, get in touch with our team by phone at 0161 327 2635 or email [email protected].