The Success Story of Udemy
We are all aware of how important education is to our daily life. Its significance hasn’t changed throughout time. But for many, getting this education can be difficult because they don’t have the time or resources.
Imagine how convenient it would be to have access to platforms that could provide high-quality education at reasonable prices and even at the learners’ convenience. EduTech provides us with just what we need.
The days when learning was only possible through libraries, physical stores, and old-fashioned books are long gone. The emphasis on learning using programmes like Udemy, Coursera, or upGrad has increased in the modern educational environment.
The EduTech business Udemy offers its users a reliable platform for self-paced and non-degree controlled learning that focuses on both hard and soft skills.
The platform comprises roughly 13 categories, including teaching and academics, office productivity, design, marketing, lifestyle, photography, health and fitness, music, and IT and software. These categories are further divided into subcategories. The organization has a sizable library of content as well as tools that are appropriate for its educators.
Additionally, the business provides a platform for teachers to market themselves and offer their created courses to students who need them. It also offers a variety of courses taught in non-English languages like Spanish, French, Japanese, Portuguese, and German by subject-matter experts. By creating an account on the platform, you can explore the company’s activities and courses.
Over 50,000 instructors and over 40 million students teach courses on Udemy in more than 180 countries and more than 65 different languages. For businesses, Udemy for Business offers a platform for employee training and development with access to more than 7,000 courses via subscription, learning statistics, and the ability to create and share original content.
How does Udemy work?
A marketplace and online learning platform geared towards students and working adults, Udemy. Instructors, who are typically subject matter experts in their disciplines, are in charge of the courses. More than 150,000 courses are available on the platform, in categories like design, photography, IT & software, business, and entrepreneurship.
The platform’s courses are delivered through lectures, which may incorporate any materials that the instructor deems appropriate, including slides, videos, text, or other resources. In order to evaluate the knowledge that the student has acquired, the instructor may additionally include tasks, mock exams, quizzes, or coding exercises.
Eren Bali, Gagan Biyani, and Oktay Caglar launched Udemy in 2010. Gregg Coccari has been serving as the company’s CEO as of February 2019.
Origin Story of Udemy
Eren Bali had sought to complete all aspect of his schooling in a classroom using a computer with internet connectivity. He learnt math using only these two materials, and he even won the Turkish National Math Olympiads.
According to Entrepreneur, he had been a freelance web developer stationed in Turkey in the middle of the 2000s. He was working for different clients while simultaneously devoting more time and resources to another passion project. He created software for a real-time virtual classroom in 2007.
He saved up the money to relocate his base of operations to Silicon Valley after realising the enormous potential of his new idea. Together with his pals Gagan Biyani and Oktay Caglar, he established Udemy for his product. Thirty times, Eren Bali and his companions tried and failed to get investors. However, the platform’s initial success allowed them to raise $1 million in a few of months. Later, they received help from Groupon investors Eric Lefkofsky and Brad Keywell in order to raise more money for the successful business.
Udemy Business Model
Every time a course is sold on Udemy’s platform, teachers are charged a fee. This is the foundation of the company’s revenue strategy.
Depending on how the user is obtained, the cost might range from 3 to 75 percent.
The site additionally charges a yearly subscription fee to give businesses and their employees access to the company’s content.
Udemy Revenue Model
Both free and paid courses are available on the Udemy website. The platform creates value and improves word-of-mouth marketing by adopting a variety of concise and sharp free courses on its web. The paid classes, meanwhile, bring in money.
The platform’s main source of income comes from the fees it levies teachers and students for hosting courses. The income arrangement looks like this:
If the platform advertises the course that the student has selected, it receives 50% of the total payments and gives the instructor the other 50%. However, if the instructor has personally promoted the course, they will be given the full amount due without any money going to the platform.
If the platform advertises the course and the student accesses it through the affiliate link, 25% of the cost goes to the platform, 50% goes to the affiliate, and 25% goes to the teacher.
Given that it has a workforce that is motivated to get the most out of the resources at its disposal, Udemy’s platform currently has the best chance of growing its business to new heights.