Study finds ChatGPT ad visits earn less than Google search ads
A working paper by Maximilian Kaiser and Christian Schulze analyzes the performance of ChatGPT ads versus paid Google search ads in the U.S. The study, based on data from 102 advertiser sites, found that a visit from a ChatGPT ad generated $0.89 in revenue, compared to $2.45 for a paid Google search ad. Consequently, the authors calculate that a ChatGPT ad click is worth approximately $0.26 to…
Key points
- ChatGPT ad visits generated $0.89 in revenue versus $2.45 for paid Google search visits in the U.S.
- The calculated parity price for a ChatGPT ad click is approximately $0.26, far below the $1.72 highest reported cost.
- Organic referrals from ChatGPT decreased by an estimated 6–8 percent in the U.S. following the ad launch.
Conversion rates also favored traditional search, with ChatGPT ad visits converting at 0.37 percent versus 1.17 percent for paid search. Among 87 advertisers who used both channels, 84 earned less per visit from ChatGPT ads. Notably, 73 of these advertisers generated zero sales from their ChatGPT ads, while a single advertiser accounted for 66 percent of all purchases made via the platform.
The study also examined organic traffic, finding an estimated 6–8 percent decrease in unpaid referrals from ChatGPT after the ad launch in the U.S. This decline was observed relative to organic search referrals and compared to the EU, where ads had not yet launched. The authors note that while ads appear as separate sponsored cards, OpenAI is exploring more native integration, which could alter both ad value and user trust.
Google Search Ad Visits Out-Earned ChatGPT Ads In U.S. via @sejournal, @MattGSouthern
Search Engine Journal · 2 November 2026
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