ChatGPT’s mobile app has had a string of positive results over the past few months, but the latest data shows that its revenue growth is slowing down.
ChatGPT’s mobile app achieved a double breakthrough in September, with a staggering 15.6 million global iOS and Android app downloads and nearly $4.6 million in total revenue. This demonstrates that ChatGPT still has a large user base and that users are willing to pay for its services.
Despite the strong performance of ChatGPT’s app, the data shows that its revenue growth is slowing down. According to the latest data from market intelligence firm App figures, the revenue growth rate has fallen to 20 per cent from over 30 per cent previously.
This could be the first sign that ChatGPT is approaching market saturation, indicating whether users are willing to continue paying for its high-priced ChatGPT+ subscription service.
Fierce Competition from Ask AI
The ChatGPT+ subscription service performed well, grossing $2.1 million in June, increasing to $2.74 million in July, $3.81 million in August, and a record $4.58 million in September. However, it’s worth noting that ChatGPT isn’t the highest-earning of the AI apps, with rival Ask AI’s ad spend putting it ahead of ChatGPT in terms of revenue.
Ask AI, a major competitor to ChatGPT, saw its revenues rise from $6.48 million in May to $6.55 million in August, and despite a slight decline in September, it is still higher than ChatGPT Other competitors such as Genie and AI Chat Smith did not see as much growth as Ask AI.
Slight Decline in September
Taking into account Apple’s and Google’s share of in-app purchases, ChatGPT’s net revenue in September was approximately $3.2 million. In addition to record revenues, ChatGPT garnered 15.6 million installs in September, bringing its total installs to 52.2 million. Google Play contributed to the increase in downloads, while the App Store contributed a larger portion of revenues.
The US remains the main source of ChatGPT’s revenue, accounting for 60% of the total. This suggests that the US market is critical to ChatGPT’s success.
ChatGPT’s mobile application is slowing down despite its impressive growth and revenue record. The presence of competitors and market trends will continue to have an impact on ChatGPT’s future growth, and ChatGPT will need to remain innovative to maintain its leadership position.
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