After the threat of ChatGPT last year, Google has now released a new update to its Search engine - conversational mode in Search.
👉 Background: Google's Search business is an absolute cash cow for Google. 8.5 billion searches take place on Google every single day, and Google generated more than $224 billion USD in 2022.
👉 What happened: After the threat of ChatGPT last year, Google has now released a new update to its Search engine - conversational mode in Search. Now you can tell Google to create an image of a monkey flying in a rocket ship, or it can help you as a writing assistant... similar to Bard and ChatGPT.
👉 What else: This is interesting because it's one of the first major changes to Search in years and a direct response to the threat from Generative AI like ChatGPT. But it could also upend their existing Search product.
💡The best companies aren't afraid to replace their most profitable products aka 'self cannibalising'.
💡For many companies, self cannibalising isn't easy because it means introducing a new product that replaces (or destroys) the revenue of a previously-successful product.
💡But self-cannibalising can revolutionise businesses. For example, when Apple introduced the iPhone, it completely cannibalised its iPod and iPod Nanos. And while these old-school products were selling like hotcakes, it doesn't even compare to the more-than-200-million iPhones sold each year.
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