SAN FRANCISCO, 31st Oct 2020– Global platform for online learning Udemy’s corporate learning solution, Udemy for Business scaled from $1 million to $100 million annual recurring revenue (ARR) in just five years.
On Udemy more than 57,000 instructors teach over 130,000 courses in over 65 languages. Udemy for Business curates 7,000 of the highest-rated courses from the marketplace covering the most in-demand professional skills that employees need to become better subject-matter experts, leaders, and collaborators.
“We’ve entered an era of continuous change, and companies and individuals need continuous learning to thrive,” said Stephanie Stapleton, Vice President of Customer Success at Udemy. “The pandemic has only accelerated the global movement toward online learning. We’re thrilled to partner with some of the most innovative companies in the world to help them build a culture of learning to drive business performance and results in a time of change.”
IDC found that for every dollar spent on Udemy for Business, organizations could realize an 869% return on investment in three years or nearly 9 incremental dollars for every dollar invested in Udemy for Business solutions.
When the pandemic resulted Udemy for Business experienced a 90% surge in enrollments as employees adapted to remote work.
Udemy for Business has dynamic and actionable courses taught by real-world experts. To date, nearly 2 billion minutes have been consumed by corporate customers which directly correlates to the sustained triple-digit growth of the business. In 2020, Udemy for Business has sustained a high customer retention rate while achieving a series of notable customer wins like the United States Air Force, Fandom, TIBCO Software, The Walt Disney Corp, Tata Inc., NTT, and Toyota Motors.
Following a $50 million funding round at a $2 billion valuation earlier this year, the company has been investing in markets around the world and expanding its local presence.
With a sharp focus on localizing the product experience, as a third of the corporate users are outside of the U.S, Udemy for Business expanded access to new course collections in French, German, Japanese, Spanish, and Portuguese, taught by native instructors.
In India, Japan, Australia, and the broader APAC region, the company plans on increasing the capacity of the team by 50% to add new customer success.