Confidentiality Reminder
As a reminder, the information shared during this event is confidential and shouldn't be shared with anyone else.
Captions now available here in French, Portuguese, Spanish, Turkish, German, Bahasa Indonesia - simply click on CC above within the video.
If you are only able to watch the recording of the event, please be sure to complete the event survey after viewing.
Udemy Backstage Summary - November 2024
-----
Udemy Backstage Summary - November 13, 2024
Greg Brown, CEO
- Greg Brown provided an overview of Udemy’s performance, noting a 6% year-over-year increase in revenue. In particular, Udemy Business (UB) grew 16%, while consumer revenues experienced an 8% decline. Despite this, UB's total annual recurring revenue surpassed $500 million.
- Greg emphasized the strategic focus on reinvesting in consumer growth while maintaining UB as the growth engine. He outlined plans to address consumer growth challenges by enhancing product offerings and leveraging AI and personalization.
- The significant growth of UB, with 250 new customers added, bringing the total to nearly 17,000, underscored the focus on enterprise expansion, targeting key verticals such as technology, financial services, and retail.
Eren Bali, Chief Technology Officer and Product Editor in Chief
- Eren Bali introduced himself and shared his excitement about educational technology advancements and Udemy’s role within it. He highlighted two main features that were launched: AI Assistant and Skill Mapping, both aimed at refining the learning experience. Early data suggested that users engaging with AI tools showed higher course retention.
- Eren emphasized the pivotal role AI, personalization, and immersion would play in the next decade of online education, predicting that online platforms like Udemy might eventually surpass traditional in-person learning due to these innovations.
- The current roadmap includes initiatives for creating optimal learning experiences for certification courses, expanding assessment tools, enhancing design simplicity, and providing more tools for instructors to innovate their course offerings.
Genefa Murphy, Chief Marketing Officer
- Genefa Murphy discussed Udemy’s approach to building "sustainable hype," which is focused on driving immediate and lasting excitement for Udemy’s offerings. Key efforts include the partnership with McLaren, which had been well-received across over 930 organizations, generating significant senior-level engagement.
- Udemy’s marketing strategy also involves adapting centerpieces, our pivotal site-wide sales, and refining messaging to focus on learner outcomes vs. heavy discounting, which have proven strong results in recent quarters.
- Innovative tactics we’re testing include leveraging user-generated content through influencer partnerships and increasing mobile-centric/first efforts to engage learners more effectively.
- Genefa ended with an exciting update: Instructor Partners will now have access to Udemy Business, allowing IPs to experience UB courses and tools from a learner’s perspective. This effort was taken in direct response to collective feedback, further demonstrating Udemy’s commitment to addressing instructor needs.
Q&A
- Eren’s discussion on course versioning highlighted potential new ways for instructors to manage content iterations and packaging, facilitating versatility in how courses were presented and marketed while maintaining cohesion in ratings and feedback.
- Greg addressed pressing instructor concerns regarding revenue share cuts, reiterating the focus on driving essential growth through strategic investments and operational efficiencies.
- There are ongoing plans to address payment concerns for non-US instructors by aiming to reduce currency conversion fees through updated payout options.
Other Q&A
- Promos in different regions (increased focus on organic channels)
- Response to queries around the recent ratings bug