ChatGPT ads do not yet give the same value as Google Search ads, according to a study that Frankfurt School announced on 3 November 2026. In the same online shops, 1 visit from a ChatGPT ad earned $0.89, and 1 visit from a Google Search ad earned $2.45.

The gap is 64%. The study uses US data up to 22 August 2026, so Indonesia is not in the data. This article explains the study numbers, the data limits, and how to test ChatGPT Ads with your own data before you increase the budget.

Revenue per session is the total revenue from one traffic source divided by the number of visits from that source. Parity price per click is the ChatGPT click price that returns the same revenue per ad dollar as a Google Search click. These 2 numbers help a budget decision more than CTRCTRClicks divided by impressions, as a percentage. CTR shows how often people press the ad or the search result they saw.Open the glossary does.

What does this ChatGPT Ads study measure?

The study compares the value of ChatGPT ad clicks with Google Search ad clicks in 102 online shops that record full transaction data. The title is Can Advertising Fund Free AI? Evidence from ChatGPT's International Advertising Rollout, working paper version, October 2026.

  • Researchers: Maximilian Kaiser (Vienna University of Economics and Business) and Christian Schulze (Frankfurt School of Finance & Management).
  • Data: 1,898 online shops with $16 billion in annual sales, almost 10 billion sessions, 29 June 2025 to 22 August 2026.
  • Data source: Grips Intelligence gave the data free of charge. Kaiser is also a scientific advisor to Grips Intelligence, and the paper discloses this link.
  • Countries: 9 countries that received ChatGPT ads. The European Union is the comparison group, because ads started there only on 24 August 2026.
  • Paid ads: 387 websites received ChatGPT ad clicks. Of these, 102 websites have full transaction data.

The data records only the last click before a visit. The data does not show prompts, ad impressionsImpressionThe number of times your ad or page appeared on a screen. An impression is not a person and not a search.Open the glossary, or the subscription tier of the user.

How large is the gap between ChatGPT ads and Google Search ads?

In US traffic, a ChatGPT ad visit earned $0.89 per session, and a Google Search ad visit earned $2.45 per session.

Metric, US trafficChatGPT adsGoogle Search ads
Revenue per session$0.89$2.45
ConversionConversionThe action you count as a result, for example a paid order, a sign-up, or a chat that becomes a qualified buyer.Open the glossary rate0.37%1.17%
Advertisers with no transaction83 of 102 (82%)Not reported
Click price$1.72, largest public account$0.72, median of 16 US advertisers

The same pattern appears inside each account. Of the 87 advertisers that bought both channels, 97% earned less revenue per visit from ChatGPT, and 98% got a lower conversion rate.

Visitors from ChatGPT ads also leave sooner. Compared with direct traffic, they view 1.4 fewer pages and stay 104 seconds less.

US revenue per session: Google Search ads $2.45, ChatGPT ads $0.89. Conversion 1.17% against 0.37%. 83 of 102 advertisers had no ChatGPT transaction.
Source: Kaiser and Schulze, working paper, October 2026. US traffic, 102 advertisers, 29 June 2025 to 22 August 2026.

Why does the study say the ChatGPT click price is too high?

The study calculates a ChatGPT parity price of $0.26 per click, but the largest public account paid $1.72 per click.

The formula is simple. Take the Google Search CPCCPCThe average cost of 1 ad click. Divide the ad spend by the number of clicks.Open the glossary, then multiply it by the ratio of ChatGPT revenue per session to Google Search revenue per session: $0.72 × ($0.89 ÷ $2.45) = $0.26. When the researchers resampled the advertisers, the range was $0.05 to $0.57.

The $1.72 price is 6.6 times the parity price. The paper also states that OpenAI suggests a start bid of $3 to $5 per click. At that price, 1 ChatGPT click must earn much more than $0.89 to equal Google Search.

US click prices: ChatGPT parity price $0.26, Google Search CPC $0.72, largest public ChatGPT account $1.72, OpenAI suggested start bid $3 to $5.
Source: Kaiser and Schulze, working paper, October 2026. The paper quotes the $1.72 price and the $3 to $5 bid from public sources.

Which data limits can change your decision?

The study is strong for US online shops, but it is weak for service businesses, WhatsApp leads, and the Indonesian market.

  • Last click only. A buyer who sees a ChatGPT ad and later buys through Google or WhatsApp is not counted. The researchers found no detectable lift in other channels, but that test excludes only large indirect effects.
  • Advertisers chose to join. The researchers call the advertiser results descriptive, not cause and effect.
  • Online shops, not services. The data measures transactions on the website. Businesses that close sales through chat or phone are not in the data.
  • Data stops on 22 August 2026. OpenAI opened ChatGPT ads in Indonesia on 23 September 2026, according to the OpenAI announcement. We found no study with Indonesian results.
  • Working paper. The paper has not passed peer review. The numbers can change in a later version.

The study also measures the effect of ads on organic ChatGPT referrals. In the first 13 weeks, organic referrals fell 5.9%, with an interval of −12.6% to +1.2%. The conversion rate of organic referrals showed no detectable change.

Who is affected in Indonesia?

Advertisers that opened a ChatGPT Ads account since 23 September 2026 must check their numbers now, before the year-end budget increases.

  • Online shops that compare ChatGPT Ads ROASROASRevenue from ads divided by ad spend. A ROAS of 4 means each Rp 1,000 of ad spend returns Rp 4,000 of gross revenue.How to calculate ROAS and break-even ROAS with Google Ads. The study is closest to your case.
  • Service and lead businesses that close sales on WhatsApp. A last-click report will show too little if the visitor code does not connect to the transaction.
  • Agencies that manage client budgets across channels. Clients will ask why the cost per transaction on ChatGPT is higher.

We also run ChatGPT Ads campaigns for our own services since 2 October 2026. The steps below are how we assess this channel.

How to calculate the ChatGPT parity price with your data

Calculate the parity price from the Google Search CPC and the revenue per session of both channels, for the same period and product.

  1. Get the average Google Search CPC for the same product, last 28 days.
  2. Calculate Google Search revenue per session: revenue from that channel divided by sessions.
  3. Calculate ChatGPT Ads revenue per session in the same way.
  4. Multiply the Google Search CPC by the result of step 3 divided by the result of step 2.
  5. Compare the result with the ChatGPT Ads CPC that you pay.
Illustration, not study dataValue
Google Search CPCRp3,000
Google Search revenue per sessionRp45,000
ChatGPT Ads revenue per sessionRp15,000
ChatGPT parity priceRp3,000 × (15,000 ÷ 45,000) = Rp1,000

If your ChatGPT Ads CPC is above the parity price, each rupiah on ChatGPT earns less than on Google Search. Move budget only if another goal that you measure closes the gap, for example new leads from a segment that does not search on Google.

6 steps to test ChatGPT Ads this week

Test ChatGPT Ads with a small budget, server tracking, and a stop rule that you write before the campaign starts.

  1. Install server tracking. Send conversions through the Conversions APICAPIA server path that sends conversion data from your system to the ad platform, without depending on the buyer browser.What is the Conversions API (CAPI)? and keep oppref. Follow the ChatGPT Ads conversion tracking guide.
  2. Use the same UTM on every ad. Use utm_source=chatgpt and utm_medium=cpc, so that reports separate paid clicks from organic ChatGPT referrals.
  3. Set a budget limit and a stop date. We recommend 5% to 10% of the budget of your main channel for the first test. This is our working advice, not a study number.
  4. Turn off creative enhancements. OpenAI turned this feature on by default from 30 October 2026. Read how to check it and opt out.
  5. Assess with revenue per session. Do not assess with CTR or cost per click only. Calculate the parity price every week.
  6. Write a stop rule. An example rule that we recommend: stop an ad group if 300 clicks give no transaction or qualified lead. At a 0.37% conversion rate, 300 clicks give about 1 transaction.

For budget split across channels, read Google Ads channel priority and budget allocation. To connect ad clicks to bank transfers and WhatsApp chats, see the Attribution Bridge service.

What is the effect on cost, measurement, and team work?

The largest effect is on measurement, because a ChatGPT Ads budget decision depends on transaction data that connects to the click.

  • Cost: at $1.72 per click and $0.89 revenue per session, each $1 of ChatGPT ads earned about $0.52 in the study data. On Google Search, $1 earned about $3.40. This calculation does not include product margin.
  • Measurement: a last-click report can show too little for ChatGPT if buyers return through another channel. Use 1 visitor code for web, chat, and transactions.
  • Team work: add 1 ChatGPT Ads row to the weekly review: sessions, transactions, revenue per session, CPC, and parity price.

Operational conclusion: do not move Google Search budget to ChatGPT Ads only because the channel is new. Run a small test with server tracking, calculate the parity price from your data, then decide after at least 300 clicks.

Questions and answers

Is ChatGPT Ads worth a test for an Indonesian business?

Yes, as a small test with a budget limit, server tracking, and a stop rule. The study uses US data up to 22 August 2026, so there are no Indonesian results yet.

Does this study prove that ChatGPT Ads always lose money?

No. The study counts only the last click in online shops, and advertisers chose to join. The researchers call the advertiser results descriptive, not cause and effect.

What is a fair ChatGPT Ads click price?

Calculate the parity price from your data: Google Search CPC multiplied by ChatGPT revenue per session, divided by Google Search revenue per session. In the US data of this study, the result is $0.26 per click.

Do ads reduce organic traffic from ChatGPT?

A little, according to this study. Organic referrals fell 5.9% in the first 13 weeks, with an interval of −12.6% to +1.2%. The conversion rate of organic referrals showed no detectable change.

What must I measure in addition to CTR?

Measure sessions, transactions or leads, revenue per session, CPC, and parity price every week. These numbers show whether each rupiah on ChatGPT Ads earns as much as on Google Search.

Sources