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Udemy

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Udemy, Inc.
Screenshot
Type of businessPublic
Type of site
Online education
Available in
Traded asNasdaq: UDMY
FoundedMay 11, 2010; 15 years ago (2010-05-11)
HeadquartersSan Francisco, California, U.S.
Created by
Key peopleHugo Sarrazin (CEO)[2]
IndustryE-learning
RevenueIncrease US$786.6 million (2024)[3]
Operating incomeDecrease US$−89 million (2024)[3]
Net incomeDecrease US$−85 million (2024)[3]
Total assetsIncrease US$605 million (2024)[3]
Total equityIncrease US$197.4 million (2024)[3]
Employees1,000 (2024)[3]
URLwww.udemy.com
CommercialYes
RegistrationRequired
UsersNearly 80 million (2025)[4]
Current statusActive

Udemy (/ˈjuːdəmi/ YOO-də-mee) is an American global massive open online course provider. It was founded in May 2010 by Eren Bali, Gagan Biyani, and Oktay Caglar. It is based in San Francisco, California, United States.[5] The platform hosts online courses, mostly connected to job-related skills.[6]

History

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In 2007, Eren Bali and Oktay Caglar created a live virtual classroom while living in Turkey. They moved to Silicon Valley two years later, where they founded Udemy with Gagan Biyani in early 2010.[7] In February 2010, the founders tried to raise venture capital funding, but the idea failed to impress investors and they were rejected 30 times, according to Gagan Biyani. In response to this, they bootstrapped the development of the product and launched Udemy in May 2010.[8]

Within a few months, 1,000 instructors had created about 2,000 courses, and Udemy had nearly 10,000 registered users. Based on the favorable market reaction, they attempted another round of financing, raising $1 million in venture funding by August.[9][10]

On April 22, 2014, the Wall Street Journal's digital edition reported that chief operating officer of Udemy, Dennis Yang, was named CEO, replacing Eren Bali.[11] In 2014, Forbes named Bali as part of their "30 Under 30" list.[12]

In November 2015, Udemy was accused of publishing and profiting from pirated courses on its platform.[13][14]

On February 5, 2019, Udemy announced that the board of the company appointed Gregg Coccari as its new chief executive officer.[15]

As of November 2020, Udemy had raised $273 million in funding from investors including Tencent Holdings. Its valuation was estimated at $3.25 billion.[16]

In 2020, Udemy Ranked on the Annual 'Change the World' List by Fortune.[17]

Udemy has not yet generated a profit as is common among high-growth startups who invest heavily in their own growth.[18] Udemy reported net losses of $69.7 million for 2019 and $77.6 million in net losses for 2020. In 2020, Udemy spent $192.6 million on marketing and advertising. By June 30, 2021, Udemy had an accumulated deficit of $407.9 million.[19]

On October 29, 2021, Udemy held their IPO in the US and is listed under the symbol UDMY.[20]

In February 2023, the company laid off 10% of its employees.[5]

In 2024, Udemy announced that it would be cutting the percentage of revenues that academic labor received.[21] In September 2024, it laid off 20% of its employees and announced plans to hire new workers from "lower cost geographies."[5]

In 2025, it was announced that Hugo Sarrazin would replace Coccari as CEO. Shares in the company fell by 8.5% in response.[22]

Overview

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Udemy is a platform that allows instructors to host online courses on their preferred topics. Instructors can upload videos and other educational material.[23] Courses are offered in various categories, including business, academics, health and fitness, and music.[23] Most classes are in practical subjects such as AWS and Azure training, Excel software or using an iPhone camera.[24]

Udemy has been described by some sources as a massive open online course (MOOC) platform, similar to platforms like Udacity and Coursera.[25][26] Courses on Udemy can be paid or free, depending on the instructor.[27] In 2015, the top 10 instructors made more than $17 million in total revenue.[28]

In April 2013, Udemy offered an app for Apple iOS, allowing students to take classes directly from iPhones;[29] The Android version was launched in January 2014.[30] As of January 2014, the iOS app had been downloaded over 1 million times, and 20 percent of Udemy users access their courses via mobile.[31] In July 2016, Udemy's iOS platform includes Apple TV.[32]

See also

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References

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  1. ^ "Our origins". VentureBeat. June 2, 2016. Retrieved December 12, 2017.
  2. ^ "Udemy names Hugo Sarrazin as new CEO as it looks to AI and SaaS expansion". EdTech Innovation.
  3. ^ a b c d e f "Udemy, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 25, 2025.
  4. ^ "Learn about Udemy culture, mission, and careers | About Us". Udemy About. Retrieved September 9, 2020.
  5. ^ a b c Council, Stephen. "SF ed-tech company worth $1.2B lays off hundreds, will rehire in 'lower cost' places". SFGate.
  6. ^ Lomas, Natasha (May 8, 2014). "Online Learning Marketplace Udemy Raises $32M To Scale Up Internationally". TechCrunch. Retrieved March 9, 2025.
  7. ^ Eren Bali biography. Udemy.com.
  8. ^ "How Udemy got oversubscribed". Venture Hacks. September 10, 2010. Retrieved March 9, 2025.
  9. ^ Roushe, Wade (August 31, 2010). "Udemy Collects $1 Million to Expand Casual Learning Platform". Xconomy.
  10. ^ Wauters, Robin (August 31, 2010). "Udemy Scores $1M In Seed Funding, Aims To Democratize Online Learning". TechCrunch. Retrieved March 9, 2025.
  11. ^ Kolodny, Lora (April 22, 2014). "Udemy Appoints Dennis Yang CEO; Eren Bali Steps Aside to Lead Product". Wall Street Journal. ISSN 0099-9660. Retrieved March 9, 2025.
  12. ^ "30 Under 30". Forbes.
  13. ^ Dave Lee (November 30, 2015). "Anger at 'stolen' online courses on Udemy". BBC News. Retrieved December 5, 2015.
  14. ^ Amar Toor (November 29, 2015). "Udemy faces criticism for profiting from pirated online courses". The Verge. Retrieved December 5, 2015.
  15. ^ Strickland, Brooke (August 9, 2022). "Gregg Coccari came out of retirement to take Udemy to next level". www.bizjournals.com. Retrieved January 25, 2023.
  16. ^ Adams, Susan. "Udemy Adds More Than $1 Billion To Its Valuation In New Funding Round". Forbes. Retrieved March 9, 2025.
  17. ^ "Change the World". Fortune. Retrieved June 15, 2022.
  18. ^ "Udemy IPO: EdTech Unicorn Filing Information For Investors". seekingalpha.com. Seeking Alpha. Retrieved October 20, 2021.
  19. ^ "Form S-1 Registration Statement". www.sec.gov. Securities and Exchange Commission. Retrieved October 26, 2021.
  20. ^ "Education-Tech Company Udemy Falls in Debut After $421 Million IPO". Bloomberg.com. October 29, 2021. Retrieved November 18, 2024.
  21. ^ RL Insights. "Udemy: Focus On Profitability Via Reduction In Instructor Incentive". seekingalpha.com. Seeking Alpha. Retrieved February 18, 2024.
  22. ^ Andersen, Ted. "Daily Digest: 'Pokémon Go' sold to Saudi-backed company; Udemy names new CEO". SF Business Journal. Retrieved March 14, 2025.
  23. ^ a b "Udemy Review". PCMAG. February 14, 2022. Retrieved March 9, 2025.
  24. ^ Finder, Alan (September 25, 2013). "A Surge in Growth for a New Kind of Online Course". New York Times. Retrieved September 25, 2016.
  25. ^ "What You Need to Know About MOOCs". Chronicle of Higher Education.
  26. ^ LEWIN, TAMAR (March 5, 2012). "Instruction for Masses Knocks Down Campus Walls". New York Times.
  27. ^ Empson, Rip. "With Over 6,000 Courses Now Live, Udemy Brings Its Learning Marketplace To iOS To Let You Study On The Go". TechCrunch. AOL. Retrieved May 4, 2013.
  28. ^ Groden, Claire (June 22, 2016). "Udemy's Exodus, Amazon's Gain". Inverse. Retrieved September 25, 2016.
  29. ^ Grant, Rebecca (April 2, 2013). "Udemy's new iOS app turns your phone into a 24-hour classroom". VentureBeat. Retrieved March 9, 2025.
  30. ^ Farr, Christina (January 15, 2014). "Udemy launches its Android app to bring you online education on the go". VentureBeat.
  31. ^ Hockenson, Lauren (January 15, 2014). "Udemy brings its education marketplace to Android". Gigaom.
  32. ^ Reisinger, Don (September 14, 2022). "The best Apple TV apps and games right now". Tom's Guide. Retrieved March 9, 2025.
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