ChatGPT did to Chegg what Chegg did to textbooks. Disruption is only fun when you are the one disrupting.
We built the world's largest homework help database. Then AI learned to do the same thing in real time for free. That is a problem.
The answer is not to fight AI. The answer is to use AI better than anyone else. CheggMate is our bet that human-verified plus AI equals something neither can do alone.
We pivoted from textbook rentals to digital homework help. Now we are pivoting again to AI tutoring. The companies that survive are the ones that keep pivoting.
Our stock dropped 48% in one day because I mentioned ChatGPT on an earnings call. The market priced in our disruption before we even felt it.
Eight million students were paying us for answers. The question now is whether they will pay us for understanding. That is a harder sell but a better product.