Study Finds Paid ChatGPT Traffic Earns Less Revenue Per Visit Than Google Search Ads
TLDR
A working paper from researchers at the Frankfurt School of Finance & Management and the Vienna University of Economics and Business found paid ChatGPT visits earn far less revenue per session than paid Google Search visits.
Optimixed Overview
Optimixed's original report on this story.
Researchers at the Frankfurt School of Finance & Management and the Vienna University of Economics and Business found that paid ChatGPT visits generated an average of 89 cents in revenue per session, compared with $2.45 from paid Google Search, with conversion rates of 0.37% and 1.17%. The paper, still under review, analyzed 1,898 ecommerce sites over 60 weeks and also found ChatGPT sent 6% to 8% fewer visitors to those sites after ads launched. The study was first reported by MARTECH.
How we got here: earlier coverage
On November 2, figures reported by PPC Land put the value of a ChatGPT ad click to advertisers at about $0.26 at Google's rate of return, while one known account paid $1.72 per click. Data from the same day showed ChatGPT ad visits brought advertisers a fraction of paid search's revenue per visit in U.S. traffic, and most advertisers saw no sales from them. Now, a working paper from researchers at the Frankfurt School of Finance & Management and the Vienna University of Economics and Business finds paid ChatGPT visits earn far less revenue per session than paid Google Search visits.
Summary of earlier coverage
- Nov 2ChatGPT ad clicks earn advertisers less than Google search ad clicks, according to new figures
Figures reported by PPC Land put the value of a ChatGPT ad click to advertisers at about $0.26 at Google's rate of return, while one known account paid $1.72 per click.
- Oct 22Analysis: ChatGPT referrals represent less than 1% of Google organic search traffic across 100 websites
Analysis of 100 websites' GA4 data shows ChatGPT referrals accounted for just 0.62% of Google organic search traffic over 12 months, with referral growth stalling after August 2025.
- Oct 21ChatGPT's ad platform reaches 60,000 advertisers while missing revenue targets
ChatGPT's ad platform grew to 60,000 advertisers by October but is tracking well below its projected $2.4 billion 2026 revenue target, signaling weak monetization despite wider accessibility.
- Aug 17ChatGPT Draws More Paid Search Traffic Than Any Other Top Google Destination, Study Finds
iPullRank's analysis of 13.1 billion searches shows ChatGPT receives more paid clicks from Google than any other top destination, suggesting paid search is becoming a key channel between Google and AI tools.