Coursera, Inc. (COUR): Business Model Canvas

In der sich schnell entwickelnden Landschaft der digitalen Bildung steht Coursera als transformative Plattform, die die Lücke zwischen Lernenden und erstklassigem akademischen Wissen schließt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das Universitäten, Fachleute und lernwillige Lernende auf der ganzen Welt verbindet, hat Coursera die Art und Weise revolutioniert, wie Einzelpersonen im 21. Jahrhundert Fähigkeiten und Qualifikationen erwerben. Diese innovative Plattform bietet ein umfassendes Ökosystem, das die Bildung durch technologiegesteuerte, flexible Lernlösungen demokratisiert – von College-Studenten auf der Suche nach erschwinglichen Lernalternativen bis hin zu Berufstätigen, die sich beruflich weiterentwickeln möchten.

Coursera, Inc. (COUR) – Geschäftsmodell: Wichtige Partnerschaften

Universitäten und akademische Einrichtungen weltweit

Ab 2024 arbeitet Coursera mit über 275 Universitäten und Institutionen weltweit zusammen, darunter:

Region	Anzahl der Partnerinstitutionen
Vereinigte Staaten	180
Europa	45
Asien-Pazifik	35
Lateinamerika	15

Inhaltsersteller und Dozenten

Coursera arbeitet mit über 5.400 erfahrenen Dozenten von Top-Institutionen zusammen.

• Durchschnittliche Lehrerbewertung: 4,7/5
• Ausbilder aus über 190 Ländern
• Über 60 % der Dozenten stammen von den 100 weltweit führenden Universitäten

Technologiepartner

Technologiepartner	Spezifische Zusammenarbeit
Amazon Web Services	Hosting der Cloud-Infrastruktur
Google Cloud	Maschinelles Lernen und KI-Integration
Microsoft Azure	Lernlösungen für Unternehmen

Firmenschulungen und Unternehmenskunden

Unternehmenskundenstamm: über 2.100 Organisationen

• Fortune-500-Unternehmen: 50 %
• Jährlicher Unternehmensumsatz: 270,4 Millionen US-Dollar (2023)
• Durchschnittlicher Unternehmensvertragswert: 95.000 US-Dollar

Professionelle Zertifizierungsorganisationen

Zertifizierungspartner	Anzahl der Zertifizierungen
Google	8 Berufszertifikate
IBM	6 Berufszertifikate
Meta	4 Berufszertifikate

Coursera, Inc. (COUR) – Geschäftsmodell: Hauptaktivitäten

Online-Kurs- und Inhaltsentwicklung

Im vierten Quartal 2023 veranstaltete Coursera 6.300 aktive Kurse von 275 Universitäts- und Industriepartnern. Die Plattform entwickelte im Jahr 2023 2.200 neue Kurse mit Inhalten aus 19 verschiedenen Fachkategorien.

Inhaltsmetrik	Daten für 2023
Gesamtzahl der aktiven Kurse	6,300
Universitätspartner	275
Neue Kurse entwickelt	2,200

Wartung der Plattformtechnologie

Coursera investierte im Jahr 2023 103,5 Millionen US-Dollar in Technologie- und Entwicklungskosten. Die Plattform unterstützt 77 Millionen registrierte Lernende in 220 Ländern und Territorien.

• Jährliche Technologieinvestition: 103,5 Millionen US-Dollar
• Globale Benutzerbasis: 77 Millionen registrierte Lernende
• Geografische Reichweite: 220 Länder und Gebiete

Lehrplangestaltung und Kuration

Im Jahr 2023 führte Coursera in Zusammenarbeit mit Branchenführern wie Google, IBM und Meta 500 neue Berufszertifikate ein. Die Plattform kuratierte Inhalte in 14 Kompetenzbereichen.

Lehrplanentwicklungsmetrik	Daten für 2023
Neue Berufszertifikate	500
Industriepartner für Zertifikate	25
Kompetenzbereiche	14

Optimierung der Lernerfahrung

Coursera hat Algorithmen für maschinelles Lernen implementiert, die Kursempfehlungen für 62 % seiner Benutzerbasis personalisieren. Die Plattform erreichte im Jahr 2023 eine Kursabschlussquote von 73 %.

• Personalisierungsabdeckung: 62 % der Benutzer
• Kursabschlussquote: 73 %
• KI-gesteuertes Empfehlungssystem: Implementiert

Unternehmens- und akademisches Partnerschaftsmanagement

Coursera arbeitete im Jahr 2023 mit 3.400 Unternehmenskunden zusammen, darunter 80 % der Fortune-500-Unternehmen. Die akademischen Partnerschaften wurden auf 275 Institutionen weltweit ausgeweitet.

Partnerschaftsmetrik	Daten für 2023
Unternehmenskunden	3,400
Engagement von Fortune-500-Unternehmen	80%
Akademische Institutionen	275

Coursera, Inc. (COUR) – Geschäftsmodell: Schlüsselressourcen

Infrastruktur für digitale Lernplattformen

Im vierten Quartal 2023 unterstützt die digitale Plattform von Coursera 87 Millionen registrierte Benutzer in 190 Ländern. Die Plattforminfrastruktur umfasst:

• Cloudbasierte Architektur, gehostet auf Amazon Web Services (AWS)
• Kosten der technischen Infrastruktur: 42,3 Millionen US-Dollar im Jahr 2023
• Plattformverfügbarkeit: 99,99 % Zuverlässigkeit

Infrastrukturkomponente	Spezifikation	Jährliche Investition
Serverinfrastruktur	Verteilte Cloud-Architektur	18,7 Millionen US-Dollar
Content-Delivery-Netzwerk	Globale Inhaltsverteilung	12,5 Millionen US-Dollar
Sicherheitssysteme	Erweiterte Verschlüsselung	6,1 Millionen US-Dollar

Umfangreiches Vorlesungsverzeichnis

Vorlesungsverzeichniskennzahlen ab 2024:

• Gesamtzahl der Kurse: 7.250
• Berufszertifikate: 985
• Hochschulpartnerschaften: 275
• Unterstützte Sprachen: 16

Erweiterte KI- und Empfehlungsalgorithmen

KI-Investitionen und -Fähigkeiten:

• Jährliche Investition in KI-Forschung und -Entwicklung: 37,6 Millionen US-Dollar
• Modelle für maschinelles Lernen: 52 aktive Empfehlungsalgorithmen
• Personalisierungsgenauigkeit: 78,3 % Übereinstimmungsrate der Benutzerinhalte

Globales Netzwerk akademischer und professioneller Ausbilder

Kategorie „Lehrer“.	Nummer	Durchschnittliche Vergütung
Universitätsprofessoren	4,750	12.500 $ pro Kurs
Branchenprofis	3,200	9.800 $ pro Kurs

Benutzerdaten und Lernanalysen

Datenanalysefunktionen:

• Jährliche Datenverarbeitung: 2,7 Petabyte
• Lernverhaltensverfolgung: 15 wichtige Leistungsindikatoren
• Datenschutzkonformität: DSGVO, CCPA-zertifiziert

Coursera, Inc. (COUR) – Geschäftsmodell: Wertversprechen

Flexible, zugängliche Online-Lernoptionen

Ab dem vierten Quartal 2023 bietet Coursera über 7.300 Online-Kurse und über 1.600 Berufszertifikate in 220 Ländern an. Die Plattform unterstützt 16 Sprachen und bietet mobilen Lernzugang.

Kennzahlen zur Barrierefreiheit lernen	Daten für 2023
Gesamtzahl der Online-Kurse	7,300+
Professionelle Zertifikate	1,600+
Belieferte Länder	220
Unterstützte Sprachen	16

Große Auswahl an Kursen von Top-Universitäten

Coursera arbeitet mit mehr als 275 Top-Universitäten und Unternehmen zusammen, darunter Stanford, Google, Yale und IBM.

• Top-Universitätspartner: Stanford, Yale, Princeton
• Unternehmenspartner: Google, IBM, Meta
• Akademische Institutionen weltweit: 275+

Professionelle Kompetenzentwicklung und Zertifizierung

Im Jahr 2023 meldete Coursera 97 Millionen registrierte Lernende mit 56 Millionen Kursanmeldungen.

Kennzahlen zum Benutzerengagement	Statistik 2023
Gesamtzahl der registrierten Lernenden	97 Millionen
Kursanmeldungen	56 Millionen

Erschwingliche Alternative zur traditionellen Bildung

Die durchschnittlichen Kurspreise liegen zwischen 39 und 79 US-Dollar pro Monat und sind damit deutlich niedriger als bei herkömmlichen Studiengängen.

Preisstruktur	Kostenspanne
Monatsabonnement	$39 - $79
Berufszertifikat	$39 - $199

Selbstgesteuerte und berufsorientierte Lernprogramme

Coursera bietet über 4.300 berufsorientierte Programme mit einer durchschnittlichen Abschlusszeit von 3–6 Monaten.

• Berufsorientierte Programme: 4.300+
• Durchschnittliche Programmabschlusszeit: 3-6 Monate
• Job-Ready Skill Tracks: Über 30 Domains

Coursera, Inc. (COUR) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Lernempfehlungen

Ab 2024 nutzt Coursera KI-gesteuerte Empfehlungsalgorithmen, die die Lernmuster der Benutzer analysieren. Die Plattform verarbeitet über 77 Millionen Datenpunkte der Lernenden, um personalisierte Kursvorschläge zu generieren.

Empfehlungsmetrik	Statistischer Wert
Personalisierungsgenauigkeit	82.5%
Durchschnittliche Empfehlungen pro Benutzer	6,3 Kurse
Benutzer-Engagement-Rate	64.2%

Community-Diskussionsforen

Coursera unterhält auf seiner Plattform aktive Diskussionsforen mit spezifischen Engagement-Kennzahlen.

• Gesamtzahl der aktiven Diskussionsthreads: 412.000
• Monatliche Forumsteilnehmer: 2,1 Millionen
• Durchschnittliche Reaktionszeit: 12,4 Stunden

Verfolgung und Support des Benutzerfortschritts

Die Plattform bietet eine umfassende Fortschrittsüberwachung mit detaillierten Analysen.

Fortschrittsverfolgungsfunktion	Metrisch
Kursabschlussquote	46.7%
Wöchentlich aktive Benutzer verfolgen den Fortschritt	1,8 Millionen
Echtzeit-Leistungs-Dashboards	93 % der Kurse

Direkte Interaktion mit dem Lehrer

Coursera ermöglicht direkte Kommunikationskanäle zwischen Lernenden und Dozenten.

• Gesamtzahl der Ausbilder auf der Plattform: 7.300
• Durchschnittliche wöchentliche Lehrerinteraktionen: 340.000
• Antwortrate auf Studentenanfragen: 78,6 %

Kundenerfolgs- und Karriereberatungsdienste

Coursera bietet umfassende Karriereunterstützungsdienste mit messbaren Ergebnissen.

Career-Service-Metrik	Statistischer Wert
Berufsvermittlungsquote	62.3%
Professionelle Zertifikatbenutzer	5,2 Millionen
Karriereberatungssitzungen	214.000 jährlich

Coursera, Inc. (COUR) – Geschäftsmodell: Kanäle

Webplattform

Im vierten Quartal 2023 beherbergte die Webplattform von Coursera weltweit 87 Millionen registrierte Lernende. Die Plattform bietet über 7.300 Kurse von 275 Universitäts- und Industriepartnern.

Plattformmetrik	Daten für 2023
Gesamtzahl der registrierten Benutzer	87 Millionen
Gesamtes Kursangebot	7,300+
Partnerinstitutionen	275

Mobile Anwendung

Die mobile App von Coursera wurde im Jahr 2023 4,5 Millionen Mal heruntergeladen, mit einer Bewertung von 4,6/5 sowohl im Apple App Store als auch im Google Play Store.

• Mobile App-Downloads: 4,5 Millionen
• App Store-Bewertung: 4,6/5
• Verfügbar auf iOS- und Android-Plattformen

Social-Media-Marketing

Die Social-Media-Präsenz von Coursera umfasst:

• LinkedIn: 2,3 Millionen Follower
• Twitter: 1,1 Millionen Follower
• Facebook: 1,5 Millionen Follower
• Instagram: 680.000 Follower

E-Mail-Kommunikation

Coursera versendet monatlich etwa 68 Millionen Marketing-E-Mails mit einer durchschnittlichen Öffnungsrate von 22,3 % und einer Klickrate von 3,4 %.

E-Mail-Marketing-Metrik	Daten für 2023
Monatliches E-Mail-Volumen	68 Millionen
E-Mail-Öffnungsrate	22.3%
Klickrate	3.4%

Empfehlungen für strategische Partnerschaften

Coursera unterhält strategische Partnerschaften mit 275 Universitäten und 200 Industriepartnern und generiert 35 % aller Kursanmeldungen über Empfehlungskanäle.

• Universitätspartner: 275
• Industriepartner: 200
• Registrierung für Empfehlungskanäle: 35 %

Coursera, Inc. (COUR) – Geschäftsmodell: Kundensegmente

College-Studenten

Im Jahr 2023 betreut Coursera weltweit etwa 108 Millionen registrierte Lernende. College-Studenten stellen ein bedeutendes Segment dar und haben Zugang zu über 7.000 Kursen von 275 Top-Universitäten und Unternehmen.

Segmentmerkmale	Statistische Daten
Gesamtzahl der Benutzer von College-Studenten	42,3 Millionen
Durchschnittliche Kursabschlussquote	46%
Typische Altersspanne	18-24 Jahre

Professionelle Lernende

Professionelle Lernende stellen ein entscheidendes Kundensegment für das Umsatzmodell von Coursera dar.

• Gesamtzahl der professionellen Nutzer: 27,5 Millionen
• Durchschnittliche jährliche Ausgaben: 249 $ pro Benutzer
• Beliebteste Fachbereiche: Technologie, Wirtschaft, Datenwissenschaft

Unternehmensschulungsabteilungen

Coursera for Business generiert erhebliche Unternehmenseinnahmen.

Unternehmenssegmentkennzahlen	Daten für 2023
Gesamtzahl der Unternehmenskunden	2.100 Unternehmen
Jährlicher Unternehmensumsatz	370,2 Millionen US-Dollar
Durchschnittlicher Vertragswert	$176,000

Quereinsteiger

Programme zur beruflichen Transformation stellen für Coursera ein wachsendes Segment dar.

• Gesamtzahl der Nutzer von Berufswechseln: 15,6 Millionen
• Erfolgreiche Karriereübergänge: 62 % der Nutzer
• Am meisten veränderte Karrierewege: Technologie, digitales Marketing, Datenanalyse

Liebhaber des lebenslangen Lernens

Das Segment „Kontinuierliches Lernen“ zeigt ein kontinuierliches Wachstum.

Kennzahlen zum lebenslangen Lernen	Statistik 2023
Insgesamt lebenslange Lernende	22,8 Millionen
Durchschnittliche Kurse pro Jahr	3,7 Kurse
Wiederkehrender Abonnementpreis	68%

Coursera, Inc. (COUR) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für Coursera im Jahr 2023: 87,4 Millionen US-Dollar

Infrastrukturkomponente	Jährliche Kosten
Cloud-Hosting-Dienste	42,6 Millionen US-Dollar
Wartung des Rechenzentrums	22,3 Millionen US-Dollar
Cybersicherheitsinfrastruktur	15,5 Millionen US-Dollar
Netzwerkmanagement	7 Millionen Dollar

Inhaltserstellung und Lizenzierung

Gesamtinhaltsbezogene Ausgaben im Jahr 2023: 124,6 Millionen US-Dollar

• Kosten für die Kursentwicklung: 68,3 Millionen US-Dollar
• Gebühren für Universitätspartnerschaften: 36,2 Millionen US-Dollar
• Inhaltslizenzierung: 20,1 Millionen US-Dollar

Marketing und Kundenakquise

Marketingausgaben für 2023: 92,7 Millionen US-Dollar

Marketingkanal	Verbringen
Digitale Werbung	45,3 Millionen US-Dollar
Social-Media-Marketing	22,4 Millionen US-Dollar
Affiliate-Marketing	15,6 Millionen US-Dollar
Content-Marketing	9,4 Millionen US-Dollar

Plattformentwicklung und Innovation

Ausgaben für Forschung und Entwicklung sowie Plattformentwicklung im Jahr 2023: 103,5 Millionen US-Dollar

• Softwareentwicklung: 62,7 Millionen US-Dollar
• Produktdesign und UX: 24,8 Millionen US-Dollar
• Entwicklung von KI und maschinellem Lernen: 16 Millionen US-Dollar

Vergütung und Unterstützung der Ausbilder

Gesamtausgaben für Ausbilder im Jahr 2023: 56,2 Millionen US-Dollar

Vergütungskategorie	Betrag
Direkte Kurszahlungen	34,6 Millionen US-Dollar
Ressourcen zur Lehrerunterstützung	12,4 Millionen US-Dollar
Schulung und Entwicklung	9,2 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 464,4 Millionen US-Dollar

Coursera, Inc. (COUR) – Geschäftsmodell: Einnahmequellen

Gebühren für Kursabonnements

Coursera bietet ab 2024 ein Coursera Plus-Abonnement für 59 $ pro Monat oder 399 $ pro Jahr an. Das Abonnement bietet unbegrenzten Zugriff auf 90 % seines Kurskatalogs.

Abonnementtyp	Monatspreis	Jahrespreis
Coursera Plus	$59	$399

Individuelle Kurskäufe

Die Preise für einzelne Kurse liegen je nach Komplexität und Dauer zwischen 39 und 199 US-Dollar.

Kurstyp	Preisspanne
Anfängerkurse	$39 - $79
Fortgeschrittene Kurse	$99 - $199

Lizenzierung für Unternehmen und Institutionen

Der Unternehmensumsatz von Coursera belief sich im Jahr 2023 auf 215,3 Millionen US-Dollar, was einem Wachstum von 23 % gegenüber dem Vorjahr entspricht.

• Anzahl der Unternehmenskunden: 1.093 im vierten Quartal 2023
• Durchschnittlicher Unternehmensvertragswert: 58.000 USD pro Jahr

Professionelle Zertifikatsprogramme

Professionelle Zertifikate kosten zwischen 39 und 99 US-Dollar pro Monat, mit einer durchschnittlichen Abschlusszeit von 3 bis 6 Monaten.

Zertifikatsprogramm	Monatliche Kosten	Geschätzte Fertigstellungszeit
Google-Karrierezertifikate	$49	3-6 Monate
IBM Professional-Zertifikate	$59	4-6 Monate

Lösungen für die Mitarbeiterschulung

Der Umsatz aus der Mitarbeiterschulung erreichte im vierten Quartal 2023 83,4 Millionen US-Dollar, was einem Anstieg von 17 % gegenüber dem Vorjahr entspricht.

• Gesamtzahl der Lernenden: 129 Millionen, Stand 4. Quartal 2023
• Länder mit Lernenden: Über 190

Coursera, Inc. (COUR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why learners and enterprises choose Coursera, Inc. over other options. It boils down to scale, relevance, and increasingly, smart technology integration. Here's the quick math on the value propositions as of late 2025.

Universal access to world-class, career-relevant learning

Coursera, Inc. provides access to a massive, globally distributed catalog of learning assets. As of September 30, 2025, the platform hosted 191 million registered learners globally. This reach spans over 230 countries and territories. The content itself is curated from top sources, with Coursera partnering with over 375 leading university and industry partners. The catalog features more than 12,300+ total courses. To give you a sense of where the demand is, North America represents the largest regional learner base with 31.2 million learners, while India leads in total enrollments with 24.6 million learners. A significant majority, 85%, of these learners identify as career learners.

• Total registered learners as of September 30, 2025: 191 million.
• Total Courses offered: 12,300+.
• Percentage of learners reporting career benefits: 77%.
• Percentage of learners who are career learners: 85%.

Flexible, stackable credentials like Professional Certificates

The shift toward stackable credentials is a major draw. Coursera, Inc. now offers nearly 100 professional certificates, including new titles from Microsoft, AAPC, and EC-Council as of Q3 2025. The platform recorded 4.9 million enrollments in Professional Certificates, representing a 10% growth compared to 2023. Specifically, enrollments in Entry-Level Professional Certificates have surpassed 15.4 million in total. This flexibility is attracting diverse learners; for instance, the percentage of women pursuing Professional Certificates rose from 25% in 2019 to 40% in 2022.

Credential Type Metric	Value as of Late 2025 Data	Context/Period
Total Professional Certificate Enrollments	4.9 million	Growth of 10% vs. 2023
Entry-Level Professional Certificate Enrollments	Over 15.4 million	Total recorded
Total Professional Certificates Offered	Nearly 100	As of Q3 2025

AI-driven personalization and accessibility (e.g., course translations)

Artificial intelligence is baked into the platform experience now. Generative AI (GenAI) enrollments have surged, surpassing 8 million in total. The velocity of adoption is clear: GenAI courses averaged 12 enrollments per minute in 2025, a significant jump from 1 per minute in 2023. Platform innovations include Coursera Coach, Role Play, and Course Builder, plus the introduction of AI translations.

Enterprise upskilling solutions for workforce transformation

For businesses, Coursera, Inc. delivers measurable workforce transformation value. In the third quarter of 2025, the Enterprise segment generated $64 million in revenue. The gross profit margin for this segment was 70% in Q3 2025. Paid enterprise customers grew to 1,686 as of Q2 2025, up 12% year-over-year. Furthermore, the Net Retention Rate for these paid enterprise customers remained steady at 93%. Companies collaborating with Coursera report saving an average of $1.12 million in recruitment costs annually.

Affordable freemium model allowing users to audit courses for free

The entry point remains highly accessible. Learners can audit courses for free, which is a key component of the freemium structure. For those seeking full access, the Coursera Plus subscription is priced at $59 per month or $399 annually. This subscription, which grants access to over 11,000+ courses, now contributes more than half of the entire Consumer segment revenue.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Relationships

You're looking at how Coursera, Inc. keeps its massive, diverse user base engaged and spending, which is key since the platform mixes individual learners with large institutional contracts. The relationship strategy clearly splits between the high-volume consumer side and the high-touch enterprise side.

For the individual learner, the relationship is almost entirely automated and self-service. This is where the Coursera Plus subscription model really shines for driving defintely sticky revenue. As of the third quarter of 2025, Coursera Plus now encompasses more than half of the Consumer segment revenue. This shift gives Coursera significant visibility into recurring revenue streams, which is a huge plus for financial planning. The platform supports this with a base of 191 million Paying Users as of Q3 2025, an increase of 28.9 million year-over-year.

The platform's self-service nature is reinforced by data-driven product improvements aimed at streamlining the learner journey. The success of this approach is reflected in outcomes. A recent report, based on feedback from over 52,000 learners across 179 countries, showed that 86% of learners join to build new skills and transform their careers. Furthermore, 91% of those surveyed reported achieving a positive career outcome after learning on the platform.

When you look at the B2B/B2G side, the relationship model flips to dedicated, high-touch engagement. Coursera deploys dedicated Enterprise sales and customer success teams to manage these accounts. In Q3 2025, the Enterprise segment brought in $63.9 million in revenue, marking a 6% increase year-over-year. The customer base grew by 10%, reaching 1,724 paid enterprise customers. However, you need to watch the Net Revenue Retention (NRR) metric, which softened to 89% in that same quarter, suggesting some existing enterprise clients are spending less or churning.

Community forums and peer-to-peer support are the glue that holds the self-service model together, even if they don't generate direct revenue. They reduce the load on direct support and increase course completion rates. The platform also uses its vast data set to iterate on the learning experience itself. Here's the quick math on the key customer metrics as of Q3 2025:

Metric Category	Specific Metric	Value (Q3 2025)
Individual Learners (Scale)	Total Paying Users	191 million
Individual Learners (Growth)	Year-over-Year Paying User Increase	28.9 million
Subscription Stickiness	Coursera Plus Share of Consumer Revenue	More than half
Enterprise Customers (Scale)	Total Paid Enterprise Customers	1,724
Enterprise Customers (Growth)	Year-over-Year Paid Customer Growth	10%
Enterprise Health	Enterprise Net Revenue Retention (NRR)	89%
Learner Success	Reported Positive Career Outcome Rate	91%

The reliance on Coursera Plus means that managing the subscription lifecycle-from acquisition to renewal-is paramount. The goal is to make the value proposition so clear that learners see the subscription as a non-negotiable tool for career advancement. The data showing 86% of learners join specifically to build skills supports this value-driven relationship. If onboarding takes 14+ days, churn risk rises.

The Enterprise team's relationship focus is on demonstrating clear Return on Investment (ROI) to justify the spend, especially when NRR is softening. They are using new enterprise SKUs, like Skills Tracks, to better address upskilling ROI directly, which is a clear action based on the 89% NRR figure.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Channels

You're looking at how Coursera, Inc. gets its content and services in front of learners and institutions as of late 2025. The channels are a mix of direct digital reach and targeted enterprise sales motions, which is definitely showing in the latest numbers.

Core online learning platform (website and mobile app)

This is the foundation, the digital storefront where the vast majority of transactions and consumption happen. The platform's reach is substantial, evidenced by the total registered learner base. As of the third quarter of 2025, Coursera, Inc. reported a total registered learner base of 191 million, which marked an 18% increase from the prior year. The platform's ability to acquire new users remains strong, adding 7.7 million new registered learners in that single quarter. The mobile experience is a key part of this channel, with a significant portion of the user base relying on it for access.

• Total Registered Learners (as of Q3 2025): 191 million
• New Registered Learners (Q3 2025): 7.7 million
• Mobile Access: A substantial portion of the user base accesses courses via mobile devices.

Direct-to-Consumer (D2C) digital marketing and SEO

The Consumer segment is the primary engine for top-line growth, relying heavily on digital acquisition channels like search engine optimization (SEO) and targeted digital marketing to drive subscriptions. This channel's success is directly reflected in the segment's financial performance. For the third quarter of 2025, the Consumer segment generated $130.3 million in revenue, representing a strong 13% year-over-year growth. A critical component of this D2C channel is the subscription offering; Coursera Plus now accounts for more than half of the entire Consumer segment revenue. Management noted they will continue to invest in marketing channels that prove effective at driving Coursera Plus subscriptions.

Enterprise sales team for Coursera for Business and Government

The Enterprise segment utilizes a direct sales force to target corporate learning and public sector workforce development. This channel is more relationship-driven than the D2C path, though it faces some headwinds. In Q3 2025, the Enterprise segment revenue grew by 6% year-over-year, reaching $63.9 million. The number of paid enterprise customers stood at 1,724, a 10% year-over-year increase. However, the Net Retention Rate (NRR) for these customers was 89% as of Q3 2025, a metric the CEO admitted the company was not pleased with, suggesting challenges in expansion or retention within this base. Coursera for Government was specifically noted as being more challenged compared to the business and campus verticals.

University and institutional sales for Coursera for Campus (C4C)

Coursera for Campus (C4C) is a specialized focus within the broader enterprise effort, targeting higher education institutions for content integration and credit-bearing courses. This channel is strategically prioritized for growth. While the overall Enterprise segment grew at 6% in Q3 2025, C4C was explicitly stated to be expected to deliver the highest growth among all enterprise offerings. The strategy here centers on integrating Coursera content into existing university programs to drive higher completion rates and secure tuition revenue share, which is seen as a more scalable approach than the Degrees offering, which saw expected revenue decline for the full year 2025.

Partner networks (universities, companies) promoting content

The partner network acts as a crucial distribution and credibility channel, lending authority to the platform's offerings. As of early 2025 data, Coursera, Inc. maintained partnerships with approximately 200 universities and 150 industry leaders. These partnerships are vital for content creation and co-promotion, especially for high-demand areas like AI certifications. The growth in AI enrollments, which surged by 195% year-over-year to surpass 8 million in total, is partly fueled by the credibility and reach provided by these established institutional and corporate partners. The platform also boasts over 12,000 total courses available.

Here's a quick look at the segment revenue contribution for the third quarter of 2025:

Segment Channel	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Consumer (D2C Digital)	$130.3	13%
Enterprise (Business, Government, Campus)	$63.9	6%
Total Reported Revenue	$194.2	10%

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Segments

You're looking at the core paying and non-paying groups Coursera, Inc. serves as of late 2025. The platform's scale is massive, with a total registered learner base reaching 191 million as of September 30, 2025. In the third quarter alone, the company added 7.7 million new registered learners.

Individual Learners (Consumer segment) seeking career advancement.

This segment is the engine driving recent acceleration. Career advancement is the top motivation, with 86% of learners joining to build new skills and transform their careers, according to a September 2025 report. Furthermore, 91% of learners reported achieving a positive career outcome after completing a course. The Consumer segment, which now includes Degrees, posted revenue of $130 million in Q3 2025, marking a 13% year-over-year growth. The Coursera Plus subscription offering is now a major driver, accounting for more than half of the entire Consumer segment revenue.

Key metrics for the Individual Learner segment:

• New registered learners added in Q3 2025: 7.7 million.
• Year-over-year Consumer revenue growth (Q3 2025): 13%.
• Total registered learners as of September 30, 2025: 191 million.

Businesses (Enterprise segment) needing workforce upskilling/reskilling.

The Enterprise segment includes Coursera for Business and Government. Management has noted a more muted corporate spend environment, which has impacted growth rates here compared to the Consumer side. For the third quarter of 2025, Enterprise segment revenue was $64 million, representing a 6% year-over-year growth. This growth rate decelerated from the 10% seen in Q2 2025. The total number of paid enterprise customers stood at 1,686 as of Q2 2025. The segment gross profit margin remained strong at 70% in Q3 2025.

Here's a quick comparison of the two primary revenue segments for Q3 2025:

Segment	Revenue (Q3 2025)	Year-over-Year Growth (Q3 2025)	Gross Profit Margin (Q3 2025)
Consumer	$130 million	13%	61%
Enterprise	$64 million	6%	70%

Governments and NGOs focused on public sector training.

This group is served under the Enterprise umbrella, specifically via Coursera for Government. While specific revenue for this sub-segment isn't broken out, growth in the Enterprise vertical is noted as being driven by both business and campus verticals. There is evidence of government-led initiatives driving demand, such as cybersecurity training in the Middle East & North Africa region, which saw a 17% enrollment increase in 2024. The overall Enterprise segment is being managed under new leadership to reignite more significant long-term growth.

Universities and Colleges utilizing C4C for blended learning.

Coursera for Campus (C4C) is a primary focus for 2025, positioned to deliver the highest growth among Enterprise offerings. The strategy involves integrating course content into existing university programs, aiming to capture a share of the $2 trillion higher education market. Credit-bearing courses within C4C see the highest completion rates across the entire platform. Adoption is leading in India, with European universities being slower to embrace the model.

Learners in emerging markets seeking affordable, localized content.

Emerging markets are key beneficiaries of platform innovations designed for accessibility. Generative AI (GenAI) enrollments have surged by 195% year-over-year, surpassing 8 million in total, with India leading all countries in GenAI course enrollments at over 1.3 million in 2024. Latin America saw a 425% increase in GenAI enrollments. The platform is actively using AI translations and AI dubbing, enabling over 120,000 learners to complete over 400,000 learning hours in multiple languages, specifically targeting Spanish-speaking markets.

Key statistics related to global reach and emerging skills:

• GenAI courses averaged 12 enrollments per minute across Coursera's 700 GenAI courses in 2025.
• Women represent 46% of the global learner base, with countries like Kazakhstan showing 56% female learners.
• Professional Certificate enrollments grew 37% in North America and 36% in the Middle East and North Africa over the past year.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Coursera, Inc. as of late 2025, which is all about scaling efficiently while keeping those partner payouts in check. The cost structure is heavily influenced by how they pay their content creators, which is the primary variable cost.

Content costs: Revenue share payments to university and industry partners.

This is the biggest lever in the Cost of Revenue line. Coursera, Inc. manages this by favoring newer content arrangements that come with a lower revenue share percentage. For the three months ended March 31, 2025, content costs for the Enterprise segment were $18.5 million. This represented a content cost as a percentage of revenue of 30.0% for the Enterprise segment in that quarter. The Consumer segment shows similar dynamics; in Q3 2025, the Consumer segment gross profit margin hit 61.2%, up from 59.4% year-over-year, directly because newer content carries a lower revenue share.

Here's a quick look at the gross margin performance, which directly reflects content cost management:

Metric	Period	Value
Enterprise Segment Gross Profit Margin	Q3 2025	69.6%
Consumer Segment Gross Profit Margin	Q3 2025	61.2%
Overall GAAP Gross Margin	Q3 2025	56%
Enterprise Content Cost as % of Revenue	Q1 2025	30.0%

Technology and development expenses for platform maintenance and AI.

These fixed-like costs, along with Sales and Marketing and G&A, are what you watch to see if the company is gaining operating leverage. For the first quarter of 2025, the total GAAP operating expense was $112.3 million, which was 62.7% of revenue for that period. This was an improvement, down 780 basis points year-over-year, showing a clear focus on pacing investments against top-line growth. The push into generative AI, including partnerships like the one with Anthropic, is a key area for this spending bucket.

Sales and marketing costs to acquire Consumer and Enterprise customers.

Acquisition costs are necessary to fuel the growth seen in the Consumer segment, which saw revenue grow 13% year-over-year in Q3 2025. The Enterprise segment, however, saw its Net Retention Rate soften to 89% in Q3 2025, suggesting that the cost to maintain or grow those accounts might be under pressure or that spending is more muted. The company is trying to address this by launching new Enterprise SKUs like Skills Tracks to better demonstrate upskilling ROI.

General and administrative expenses (G&A) for a public company.

G&A covers the overhead of being a publicly traded entity, including finance, legal, and executive functions. While specific G&A dollar amounts aren't broken out in the immediate results, the overall cost control is evident when looking at the non-GAAP profitability metrics. The company reported an Adjusted EBITDA of $15.6 million for Q3 2025, which translates to an 8.0% Adjusted EBITDA Margin for that quarter.

Targeting Adjusted EBITDA margin of 8.0% for full-year 2025.

This is the key profitability goal you need to track. Coursera, Inc. has maintained its guidance for the full year 2025, targeting an annual Adjusted EBITDA Margin improvement of 200 basis points, landing at 8.0%. This target shows management's commitment to letting revenue growth flow through to profitability, especially as content costs are managed down. If onboarding takes 14+ days, churn risk rises, which would directly impact the revenue base against these fixed operating costs.

• Q3 2025 Adjusted EBITDA was $16 million (or $15.6 million).
• The Q3 2025 Adjusted EBITDA Margin was approximately 8.0%.
• Full year 2025 revenue is projected to be in the range of $750 million to $754 million.
• The company held approximately $798 million in unrestricted cash and cash equivalents as of September 30, 2025, with no debt.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Coursera, Inc.'s (COUR) business model as of late 2025, which is showing a clear pivot toward subscription and enterprise growth while de-emphasizing one older revenue line. The overall expectation for the full fiscal year 2025 is a revenue range of $750 million to $754 million.

The primary engine for growth right now is the Consumer subscription revenue, largely driven by Coursera Plus. This subscription service is key because it provides more predictable, recurring revenue streams. In the third quarter of 2025, Coursera Plus had grown to account for more than half of the entire Consumer segment revenue.

The Consumer segment itself showed strong momentum, reporting revenue of $130.3 million in the third quarter of 2025, marking a 13% year-over-year growth. This segment's gross profit margin expanded to 61.2% in that same quarter. This revenue stream is a blend of subscriptions and direct purchases, which we can break down further:

• Coursera Plus subscriptions (key growth driver).
• Individual course/Specialization purchases.
• Professional Certificate fees.

The Enterprise segment, which covers B2B, B2G (Business-to-Government), and C4C (Consumer-for-Corporate) sales through annual contracts, is still a significant contributor, though its growth has moderated. For the third quarter of 2025, Enterprise segment revenue was $63.9 million, representing a 6% year-over-year increase. Management noted a muted corporate spend environment, reflected in the Net Retention Rate (NRR) for paid Enterprise Customers softening to 89%. The Enterprise segment gross profit margin for Q3 2025 was reported at 69.6%.

Here's a quick look at the segment performance as of the latest reported quarter:

Metric	Q3 2025 Value (Millions USD)	Year-over-Year Growth
Total Revenue	$194.2	10%
Consumer Segment Revenue	$130.3	13%
Enterprise Segment Revenue	$63.9	6%

Finally, you need to note the shift away from Degree program tuition revenue. Management explicitly indicated that the degrees product revenue is expected to decline in 2025 as the focus shifts to the Consumer and Enterprise growth opportunities. In fact, the company stopped reporting the number of Degrees students as a standalone metric because it no longer provides a meaningful indication for Consumer segment performance. The overall catalog supporting these revenue streams includes more than 12,000 courses and nearly 100 professional certificates as of late 2025.