Study finds paid ChatGPT visits return 89 cents a session

What the study found

Researchers at the Frankfurt School of Finance & Management and the Vienna University of Economics and Business analysed 1,898 ecommerce sites with $16 billion in annual sales and nearly 10 billion visits, according to the paper. The paper describes a 60-week window from June 2025 through August 2026. ChatGPT ads were tested in the US from February 2026 and later in eight more countries, while the EU stayed ad-free as a control, the paper said.

Paid ChatGPT visits generated an average of 89 cents in revenue per session, compared with $2.45 from paid Google Search. Conversion rates were 0.37% for ChatGPT ads and 1.17% for Google Search. Among 102 advertisers in the study, 82% recorded no purchases from their ChatGPT ads.

The researchers estimated a ChatGPT click would need to cost about 26 cents to match paid search's return. The largest publicly known account in their data paid $1.72 per click. They also concluded that Google Search delivered more than six times as much revenue per advertising dollar at publicly reported prices.

The paper remains under review, so the findings are early evidence rather than a settled verdict.

Why the comparison matters

OpenAI has pitched ChatGPT Ads as a new revenue pillar alongside subscriptions, enterprise contracts and APIs. The company said the ad business reached a $1 billion annualized revenue run rate in August, up from $100 million in March, CNBC reported. That is a run rate, not revenue already booked, and OpenAI is privately held, so the figure cannot be checked against public filings. AdExchanger noted that OpenAI's initial prediction for ad revenue this year was $2.4 billion, well above the run rate.

Advertiser counts differ by measure. OpenAI said more than 100,000 advertisers have run campaigns since ads launched just over eight months earlier. The Information reported about 60,000 active advertisers in early October, citing New Street Research, AdExchanger reported. New Street had estimated about 20,000 at the end of August. Adthena tracked 1,082 brands advertising in June, 3,741 in July and 6,333 in August.

OpenAI's 21 October expansion

OpenAI added 26 countries to ChatGPT Ads on 21 October, saying the move took availability to 89 countries worldwide. PPC Land reported that OpenAI had described availability as "more than 60 countries" in September, while its Ads Manager help page listed 63; adding 26 to 63 gives 89. OpenAI did not give a precise prior total in the announcement.

OpenAI said 14 of the additions are in Latin America, including Argentina, Chile, Colombia and Peru. It named only 11 of the 26 countries, PPC Land reported: Argentina, Chile, Colombia, Peru, Nigeria, South Africa, Serbia, Ukraine, Cambodia, Bangladesh and Pakistan. Ads run only on Free and Go plans; Plus, Pro and Enterprise subscriptions stay ad-free, OpenAI said.

OpenAI also said more than 1.2 billion people use ChatGPT each week, a figure covering all users rather than the ad-supported base.

What advertisers face

Advertisers in the new markets can buy through Ads Manager, OpenAI's sales team or agency and technology partners. Performance remains difficult to benchmark. OpenAI's advertiser guidance says ChatGPT Ads is still in beta, without established benchmarks across advertisers, industries or campaign types, TechRepublic reported.

Some new accounts initially face domestic-only targeting restrictions. International targeting becomes available after identity verification and qualifying ad spend in the advertiser's home market, according to OpenAI's campaign requirements cited by TechRepublic. Registering an account does not guarantee access.

What happens next

OpenAI said it will keep developing ad formats, measurement capabilities and buying options. An OpenAI spokesperson told AdExchanger the company is building out measurement alongside the expansion. AdExchanger reported that many advertisers want stronger measurement before committing more budget.