Aravind Srinivasmanaging director of Jeff Bezos-supported Perplexity AIhas challenged the duopoly of Alphbaet Inc.’s GOOG GOOGLE Google and Meta Platforms, Inc. META in the search and advertising industry.
The company is introducing new features aimed at improving the user experience.
What happened: Thursday, in a conversation on CNBC’s Closing Bell, Srinivas discussed the launch of Perplexity’s new “insider knowledge” search, which consolidates external and internal searches.
Srinivas stated that the new feature will allow users to conduct centralized research on the web and internal company proprietary data together. This is expected to improve decision-making processes, especially for those in the financial sector.
The platform enables users to query stock data, institutional funds and now internal proprietary data, integrated with third-party sources such as Crunchbase and FactSet.
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When asked if the duopoly of Google and Meta in the search and advertising space is breaking, Srinivas agreed, saying, “100%. It’s about what consumers do.”
He pointed out that consumer behavior is shifting from simple keyword searches to more complex queries, making platforms like Perplexity more attractive to advertisers looking for deeper engagement.
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Why it matters: Perplexity AI has previously been critical of Google’s ad-heavy model. The AI startup has been working to revolutionize the search engine industry.
In June, Srinivas was asked in an interview about AI’s impact on traditional search models like Google. He responded by saying that people love products that are tailored to their needs.
“Google used to be when it first came out, and that’s why it disrupted… but then it ended up going the same way as Yahoo by becoming an advertising platform,” he said at the time.
In August earlier this year, it was reported that Perplexity’s revenue and spending has grown 700% since the start of the year.
The startup has also been in talks with top-tier companies like Nike and Marriott International and plans to launch an ad system by the end of the year.
Earlier this week Ross Gerbermanaging director of Gerber Kawasaki Wealth also expressed concern about the sustainability of Google’s business model and highlighted the growing threat from competitors such as OpenAI’s ChatGPT and Confusion.
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