DEEP DIVE | AD-TECH · AI PLATFORM · STREAMING ECONOMY
OpenAI’s monetization experiment, Perplexity’s ad pause, falling streaming CPMs — from conversational AI ads to Netflix, reading the future of platform economics through CPM comparisons
Executive Summary
OpenAI is officially bringing advertising to ChatGPT. Ahead of an early February 2026 beta launch, the company has been pitching dozens of advertisers across retail, streaming, and internet verticals with minimum commitments starting at $200,000 (and up to under $1 million), pricing impressions at a premium CPM of $60. This rivals the $65 CPM that Netflix set when it first entered the ad market in 2022.
Yet when viewed alongside Netflix’s cautionary precedent—where oversupply slashed CPMs from $65 to below $30 in just two to three years—Perplexity’s decision to pause new advertising deals due to absent measurement infrastructure, and media buyers’ forecasts of further streaming CPM declines, the durability of ChatGPT’s $60 price tag demands careful scrutiny.