OpenAI Launches Cost-Efficient GPT-4o Mini Model, 88% Cheaper

Jul 18, 2024, 05:06 PM

OpenAI has launched GPT-4o Mini, a new lightweight model that promises improved performance and cost-efficiency compared to its predecessors. The GPT-4o Mini is significantly cheaper, with input tokens priced at $0.15 per million and output tokens at $0.60 per million, making it 88% cheaper than GPT-3.5 Turbo. This model is designed to be less resource-intensive and is expected to unlock new use cases due to its affordability. It offers multimodal support, handling text, images, video, and audio, and supports up to 16k output tokens. The GPT-4o Mini has been well-received in early testing, showing capabilities on par with larger models like GPT-4 Turbo, while being 30 times cheaper than GPT-4o. It is now available on platforms like OpenAI Playground and ChatGPT, with developers and enterprises eager to leverage its potential for various applications. The launch comes amid fierce competition from Microsoft-backed OpenAI, Meta, and Google.