Udemy, Inc. (UDMY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del aprendizaje digital, Udemy ha revolucionado la adquisición de habilidades al crear una plataforma transformadora que conecta a instructores apasionados con estudiantes ansiosos en todo el mundo. Con 4+ millones de cursos Y un ecosistema diverso que abarca el desarrollo profesional, el crecimiento personal y la educación tecnológica, el innovador modelo de negocio de Udemy ha interrumpido los paradigmas de aprendizaje tradicionales. Esta exploración integral del lienzo de modelo de negocio de Udemy presentará los mecanismos estratégicos que han impulsado este mercado de aprendizaje en línea para convertirse en una potencia educativa global, ofreciendo accesibilidad y flexibilidad sin precedentes para millones de estudiantes en todo el mundo.

Udemy, Inc. (UDMY) - Modelo de negocios: asociaciones clave

Creadores e instructores en línea

A partir de 2024, Udemy tiene 62,000 instructores independientes a nivel mundial. La plataforma ofrece un modelo de participación de ingresos en el que los instructores reciben el 50% de los ingresos del curso para los cursos vendidos a través del tráfico orgánico y el 37% para los cursos vendidos a través de los canales de comercialización de Udemy.

Categoría de instructor	Número de instructores	Porcentaje de participación de ingresos
Instructores independientes	62,000	50%/37%

Plataformas tecnológicas

Udemy se basa en proveedores de infraestructura en la nube para la escalabilidad y el rendimiento.

Proveedor de nubes	Servicios utilizados
Servicios web de Amazon (AWS)	Infraestructura de la nube primaria
Plataforma en la nube de Google	Servicios en la nube complementarios

Procesadores de pago

Udemy integra múltiples plataformas de pago para facilitar las transacciones globales.

• Stripe: pasarela de pago primario
• PayPal: método de pago secundario
• Sistemas de pago locales en más de 180 países

Redes de marketing y afiliados

Udemy se asocia con múltiples redes de afiliados para expandir el alcance del mercado de cursos.

Red de afiliados	Tarifa de comisión
Radio de impacto	Hasta 20% de comisión
Junction de la comisión	Hasta 15% de comisión

Socios de capacitación empresarial

Udemy for Business atiende a más de 14,000 clientes corporativos a partir de 2024.

Categoría de socios empresariales	Número de clientes
Clientes de capacitación corporativa	14,000+
Fortune 500 Companies	2,500+

Udemy, Inc. (UDMY) - Modelo de negocio: actividades clave

Plataforma de desarrollo de contenido del curso

Udemy opera un mercado digital con más de 213,000 instructores que crean cursos a partir del cuarto trimestre de 2023. La plataforma aloja más de 62,000 cursos centrados en el negocio y más de 5,500 clientes empresariales.

Métricas de plataforma	2023 datos
Instructores totales	213,000
Cursos de negocios	62,000
Clientes empresariales	5,500

Mantenimiento del sistema de gestión de aprendizaje

El sistema de gestión de aprendizaje de Udemy admite 57 millones de alumnos a nivel mundial con disponibilidad del curso en 75 idiomas.

• La plataforma admite el acceso a múltiples dispositivos
• Proporciona seguimiento de cursos en tiempo real
• Habilita caminos de aprendizaje personalizados

Curación de contenido y control de calidad

Udemy mantiene directrices de instructor estrictas con más de 4,500 cursos dirigidos por expertos y una garantía de devolución de dinero de 30 días.

Métricas de control de calidad	2023 estadísticas
Cursos dirigidos por expertos	4,500
Tasa de finalización del curso	35%

Escala de infraestructura tecnológica

Udemy invirtió $ 126.5 millones en investigación y desarrollo en 2022, centrándose en la expansión de la infraestructura tecnológica.

• Arquitectura de plataforma basada en la nube
• Diseño de microservicios escalables
• Sistemas avanzados de recomendación de aprendizaje automático

Optimización de la experiencia del usuario

La plataforma genera $ 518.7 millones en ingresos para 2022, con inversión continua en mejoras de interfaz de usuario.

Métricas de experiencia del usuario	2022-2023 datos
Ingresos anuales	$ 518.7 millones
Descargas de aplicaciones móviles	12 millones

Udemy, Inc. (UDMY) - Modelo de negocio: recursos clave

Infraestructura tecnológica

A partir del cuarto trimestre de 2023, la infraestructura tecnológica de Udemy incluye:

Componente de infraestructura	Especificación
Plataforma de alojamiento en la nube	Servicios web de Amazon (AWS)
Capacidad total del servidor	Más de 500 servidores dedicados a nivel mundial
Inversión tecnológica anual	$ 42.3 millones en 2023
Tiempo de actividad de la plataforma	99.99% Fiabilidad

Gran instructor y biblioteca de cursos

Estadísticas de la biblioteca de cursos a diciembre de 2023:

• Número total de cursos: 210,000
• Número de instructores: 64,000
• Idiomas compatibles: 75
• Categorías del curso: 14 dominios primarios

Datos de usuario y análisis de aprendizaje

Métrico de datos	Cantidad
Total de usuarios registrados	62 millones a partir del cuarto trimestre 2023
Recopilación anual de datos de usuarios	3.2 petabytes
Alumnos activos mensuales	9.3 millones

Algoritmos de recomendación de aprendizaje automático

Capacidades de aprendizaje automático:

• Recomendación con IA Procesamiento del motor de 1,7 millones de interacciones de usuario diariamente
• Tasa de precisión de personalización: 84.5%
• Ciclos de entrenamiento del modelo de aprendizaje automático: 6 por año

Plataforma de aprendizaje digital global

Alcance geográfico	Detalles
Países con usuarios activos	180
Porcentaje de ingresos internacionales	42% de los ingresos totales en 2023
Distribución del servidor global	12 centros de datos primarios

Udemy, Inc. (UDMY) - Modelo de negocio: propuestas de valor

Aprendizaje en línea accesible para personas

A partir del cuarto trimestre de 2023, Udemy reportó 62 millones de alumnos registrados a nivel mundial. La plataforma ofrece acceso a más de 210,000 cursos en línea con instrucción en 75 idiomas.

Métricas de accesibilidad de aprendizaje	Datos cuantitativos
Total de usuarios registrados	62 millones
Idiomas del curso disponibles	75
Cursos totales en línea	210,000+

Catálogo de cursos diversos en múltiples disciplinas

Categorías de cursos de Udemy en el tramo:

• Desarrollo: 30% por supuesto catálogo
• Negocio: 25% por supuesto catálogo
• ÉL & Software: 15% por supuesto catálogo
• Diseño: 10% por supuesto catálogo
• Desarrollo personal: 10% por supuesto catálogo
• Marketing: 5% por supuesto catálogo
• Fotografía: 5% por supuesto Catálogo

Entorno de aprendizaje flexible y a su propio ritmo

Tasa de finalización promedio del curso: 37%. La duración promedio del curso varía entre 2-5 horas.

Métricas de flexibilidad de aprendizaje	Datos cuantitativos
Tasa de finalización del curso	37%
Duración promedio del curso	2-5 horas
Usuarios de aprendizaje móvil	40% del total de usuarios

Opciones de desarrollo de habilidades asequibles

El precio promedio del curso oscila entre $ 12 y $ 25. El precio del plan empresarial comienza en $ 360 por usuario anualmente.

Métricas de precios	Datos cuantitativos
Rango de precios del curso individual	$12-$25
Costo anual del plan empresarial	$ 360 por usuario
Opción de suscripción mensual	$29.99

Oportunidades de crecimiento profesional y personal

En 2023, Udemy informó que el 80% de las compañías Fortune 500 utilizan su plataforma de aprendizaje comercial. El 65% de los alumnos informaron avance profesional después de la finalización del curso.

Métricas de crecimiento	Datos cuantitativos
Adopción de la empresa Fortune 500	80%
Informes de avance profesional	65%
Cursos de habilidades comerciales	45,000+

Udemy, Inc. (UDMY) - Modelo de negocios: relaciones con los clientes

Plataforma en línea de autoservicio

A partir del cuarto trimestre de 2023, Udemy reportó 62 millones de alumnos registrados a nivel mundial. La plataforma permite el acceso directo al curso sin intervención intermedia.

Métrica de plataforma	2023 datos
Total de usuarios registrados	62 millones
Tamaño del catálogo del curso	Más de 210,000 cursos
Idiomas compatibles	Más de 75 idiomas

Sistema de revisiones de usuarios y calificaciones

El sistema de revisión de Udemy incluye:

• 4.5/5 Calificación de curso promedio
• Más de 85 millones de revisiones de cursos
• Mecanismos detallados de retroalimentación de los estudiantes

Foros de discusión comunitaria

Udemy proporciona espacios de discusión integrados de cursos con:

• Secciones de preguntas y respuestas dentro de cada curso
• Canales de comunicación de instructor directo
• Interacciones de aprendizaje entre pares

Recomendaciones de curso personalizadas

Característica de recomendación	Métrico de rendimiento
Precisión del algoritmo de aprendizaje automático	78% de coincidencia de personalización
Recomendaciones promedio por usuario	15-20 cursos

Canales de atención al cliente

Udemy ofrece soporte multicanal con:

• Soporte por correo electrónico 24/7
• Asistencia de chat en vivo
• Centro de ayuda integral
• Tiempo de respuesta: promedio de 4 a 6 horas

Udemy, Inc. (UDMY) - Modelo de negocios: canales

Plataforma web

El principal canal de ventas de Udemy es su plataforma web, que aloja más de 210,000 cursos en línea a partir de 2023. La plataforma genera ingresos anuales de aproximadamente $ 518.3 millones en 2022. El tráfico del sitio web alcanza 64 millones de usuarios activos mensuales a nivel mundial.

Métrica de plataforma	2023 datos
Cursos totales	210,000+
Usuarios activos mensuales	64 millones
Ingresos anuales	$ 518.3 millones

Aplicación móvil

La aplicación móvil de Udemy está disponible en plataformas iOS y Android, con más de 50 millones de descargas en tiendas de aplicaciones. Los usuarios móviles representan el 38% del tráfico total de la plataforma.

• Calificación de iOS App Store: 4.7/5
• Android Google Play Rating: 4.5/5
• Descargas de aplicaciones móviles: 50 millones+

Marketing en redes sociales

Udemy mantiene la presencia activa de las redes sociales en múltiples plataformas:

Plataforma social	Recuento de seguidores
LinkedIn	1.2 millones
Gorjeo	425,000
Facebook	680,000

Marketing por correo electrónico

La base de datos de marketing por correo electrónico de Udemy contiene 40 millones de contactos de suscriptores. Las tasas de apertura de correo electrónico promedio son del 22.5%, con tasas de clics del 3.7%.

Programas de referencia de afiliados

Udemy opera un programa de afiliados con más de 3.500 afiliados activos. El programa de afiliados genera aproximadamente el 12% de los ingresos totales de la plataforma, lo que se traduce en aproximadamente $ 62 millones anuales.

• Afiliados totales: más de 3,500
• Contribución de ingresos de afiliados: 12%
• Comisión de afiliación promedio: 20-50% por venta de curso

Udemy, Inc. (UDMY) - Modelo de negocio: segmentos de clientes

Buscadores de habilidades profesionales

A partir del cuarto trimestre de 2023, Udemy reportó 64 millones de usuarios registrados en todo el mundo que buscaban el desarrollo de habilidades profesionales.

Características de segmento	Datos estadísticos
Rango de edad	25-45 años
Finalización promedio del curso	Tasa de finalización del 37%
Inversión de aprendizaje anual	$ 250- $ 500 por usuario

Estudiantes y estudiantes de por vida

La plataforma de Udemy alberga 185,000 cursos en línea dirigidos a estudiantes y estudiantes continuos.

• 18-24 edad demográfica representa el 29% de la base total de usuarios
• Precio promedio del curso: $ 12.99
• El 60% de los alumnos persiguen cursos de desarrollo personal

Departamentos de capacitación corporativa

En 2023, Udemy for Business generó $ 517.4 millones en ingresos.

Métricas de segmento corporativo	Datos numéricos
Clientes empresariales	Más de 14,000 organizaciones
Valor de contrato promedio	$ 36,500 anualmente
Cursos de capacitación de empleados	Más de 7,000 cursos específicos de negocios

Profesionales de la tecnología

Los cursos de tecnología y TI representan el 40% del catálogo de cursos totales de Udemy.

• Cursos de computación en la nube: 12,500 disponibles
• CURSOS DE LANGUA DE PROGRAMACIÓN: más de 22,000 ofertas
• Capacitación de ciberseguridad: 5.600 cursos especializados

Entusiastas del desarrollo profesional individual

El segmento de desarrollo profesional representa el 35% de la participación total del usuario de Udemy.

Métricas de desarrollo profesional	Datos cuantitativos
Cursos de transición de carrera	9.300 cursos
Preparación de certificación profesional	4.700 cursos de certificación
Adquisición promedio de habilidades del usuario	2.3 nuevas habilidades por año

Udemy, Inc. (UDMY) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Udemy en 2023: $ 42.3 millones

Componente de infraestructura	Costo anual
Servicios de alojamiento en la nube	$ 18.7 millones
Mantenimiento del servidor	$ 12.5 millones
Seguridad de la red	$ 6.1 millones
Almacenamiento de datos	$ 5 millones

Compensación del creador de contenido

Pagos totales del creador de contenido en 2023: $ 224.6 millones

• Porcentaje de participación de ingresos: 50% para instructores del mercado
• Ganancias promedio del instructor: $ 3,700 por año

Marketing y adquisición de clientes

Gastos de marketing en 2023: $ 136.8 millones

Canal de marketing	Gasto anual
Publicidad digital	$ 76.4 millones
Marketing en redes sociales	$ 32.6 millones
Marketing de afiliados	$ 27.8 millones

Desarrollo e ingeniería de la plataforma

Costos anuales de ingeniería: $ 89.5 millones

• Tamaño del equipo de desarrollo de software: 650 empleados
• Salario promedio de ingeniería: $ 138,000 por año

Operaciones de atención al cliente

Gasto de atención al cliente en 2023: $ 37.2 millones

Canal de soporte	Costo anual
Soporte de chat en vivo	$ 15.6 millones
Soporte por correo electrónico	$ 12.4 millones
Soporte telefónico	$ 9.2 millones

Udemy, Inc. (UDMY) - Modelo de negocios: flujos de ingresos

Comisiones de ventas de cursos

Udemy genera ingresos a través del modelo de ventas basado en la comisión con el siguiente desglose:

Escenario de venta de cursos	Porcentaje de la Comisión de Udemy
Curso de mercado a través de Udemy Marketing	50%
Canal de marketing personal del instructor	3%

Compras de cursos individuales

El precio del curso individual varía de $ 9.99 a $ 199.99, con un precio promedio del curso de $ 49.99.

• Número total de cursos: 210,000
• Ventas promedio de cursos individuales mensuales: 32 millones

Suscripciones de capacitación empresarial y empresarial

Udemy para detalles de ingresos comerciales:

Nivel de suscripción	Precio anual	Número de licencias
Paquete corporativo básico	$ 360 por usuario	10-100 usuarios
Paquete empresarial	$ 570 por usuario	Más de 100 usuarios

Udemy para paquetes corporativos comerciales

• Total de clientes empresariales: 1.400
• 2023 Udemy para ingresos comerciales: $ 518.3 millones
• Tasa de crecimiento año tras año: 14.2%

Modelo de intercambio de ingresos del instructor

Estructura de compensación del instructor:

Método de generación de ingresos	Compartir el instructor
Ventas del curso del mercado	50%
Ventas de curso directo	97%

Udemy, Inc. (UDMY) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Udemy, Inc. (UDMY) over other options, especially as the company pushes hard into subscriptions and AI-focused corporate training. Here's the breakdown of what Udemy offers to its three main customer groups, grounded in the latest financial reporting through the third quarter of 2025.

For Enterprise: A single platform for employee upskilling and AI fluency

Udemy Business provides organizations with a centralized place to manage workforce skills, a proposition that resonated as Udemy Business ARR reached $527.2 million at the end of Q3 2025. The platform supports AI fluency initiatives, with management noting the introduction of new AI Packages designed to help organizations develop this capability. The focus is on building core workforce capabilities to extract value from AI investments.

The scale of enterprise adoption is significant, with the total number of Udemy Business customers standing at 17,111 as of the end of Q3 2025. Furthermore, the stickiness of these relationships is measured by the Large Customer Net Dollar Retention Rate (NDRR), which was 97% for Q3 2025. In 2024, 80% of Fortune 100 companies trusted Udemy for upskilling.

For Consumers: Affordable, on-demand access to a vast, practical course catalog

The consumer value proposition centers on breadth and accessibility. Udemy hosts a massive catalog, reported to be around 250,000 courses as of the end of 2024. This vast selection is supported by a global learner base of 79 million as of Q1 2025. The platform has over 70,000 instructors creating content.

The shift to subscription is key here; while consumer revenue was $62.88 million in Q3 2025, down 9.3% year-over-year, the subscription component is growing faster within that segment.

For Instructors: A global marketplace to monetize expertise with a revenue share model

Instructors gain access to a global marketplace to sell their expertise. The platform hosts over 70,000 creators. The monetization model is based on revenue share, which varies significantly depending on the sales channel. For marketplace sales, the instructor revenue share is 37%. For subscription revenue, the planned share for January 2025 was set to drop to 17.5%.

Subscription-First: Predictable, all-you-can-learn access to 26,000-31,000 top courses

The strategic pivot to subscription-first drives predictability. Consolidated subscription revenue reached $143.9 million in Q3 2025, marking an 8% year-over-year increase. This revenue stream now accounts for 74% of total revenue, a 600 basis point increase from the prior year. The consumer side has seen strong uptake, surpassing the full-year paid subscriber target early, ending Q3 2025 with 294,000 paid consumer subscribers. Revenue from consumer subscriptions increased an impressive 43% year-over-year in Q3.

Skill Validation: Hands-on practice, assessments, and certification prep

Udemy is strengthening its offering beyond passive video learning by embedding validation tools. The platform now features AI learning paths, an AI Assistant, and AI-generated assessments. This focus aims to bridge the gap between skill acquisition and career advancement through structure, support, and validation. The company is also building out features like Role Play capabilities.

Here is a snapshot of key financial and operational metrics as of late 2025:

Metric Category	Metric Detail	Value (Latest Available 2025 Data)
Total Revenue (Q3 2025)	GAAP Revenue	$195.7 million
Subscription Revenue (Q3 2025)	Consolidated Subscription Revenue	$143.9 million
Subscription Revenue Mix (Q3 2025)	As Percentage of Total Revenue	74%
Enterprise (Udemy Business)	Annual Recurring Revenue (ARR) (Q3 2025)	$527.2 million
Enterprise (Udemy Business)	Total Customers (End of Q3 2025)	17,111
Consumer	Paid Subscribers (End of Q3 2025)	294,000
Consumer	Segment Revenue (Q3 2025)	$62.88 million
Instructors	Global Instructor Base	Over 70,000
Financial Outlook (FY 2025)	Full-Year Revenue Guidance (Midpoint)	$788.5 million (Range $787M to $790M)
Financial Outlook (FY 2025)	Full-Year Adjusted EBITDA Guidance (Midpoint)	$93 million (Range $92M to $94M)

The value proposition for enterprise clients is supported by the fact that Udemy Business revenue grew 5.3% year-over-year in Q3 2025, reaching $132.8 million. For consumers, the platform offers access to a catalog of around 250,000 courses as of late 2024. The focus on subscription is clear: the year-over-year growth in consolidated subscription revenue was 8% in Q3 2025.

For instructors, the marketplace revenue share is 37%, while the planned subscription share for 2025 was reduced to 17.5%. You can see the financial commitment to scale in the full-year 2025 Adjusted EBITDA guidance midpoint of $93 million.

Udemy, Inc. (UDMY) - Canvas Business Model: Customer Relationships

For Udemy Business, the relationship is managed through dedicated structures designed to drive retention and expansion, which is critical given the subscription focus. You see this commitment in the metrics around Annual Recurring Revenue (ARR) and Net Dollar Retention Rate (NDRR).

The focus on high-touch service for enterprise clients is evident in the metrics surrounding customer value retention. Here's a look at the key performance indicators for the Enterprise segment as of late 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Enterprise Customers	17,111	Ended Q3 2025
Enterprise ARR	$527.2 million	As of quarter-end
Net New ARR (Q3)	$7 million	Added during the quarter
Udemy Business NDRR	93%	Trailing twelve-month rate
Large Customer NDRR	97%	For companies with at least 1,000 employees

The company explicitly states that subscription customers are their best customers, driving the push for this stickier revenue base. For the consumer side, the relationship relies heavily on automation and scale, though a shift is occurring.

Automated self-service and promotional efforts are key for the Consumer segment, which still involves millions of learners. The platform ended Q3 2025 with 294,000 paid consumer subscribers, having surpassed its full-year target early. Revenue from consumer subscriptions specifically grew an impressive 43% year-over-year in Q3. Still, the overall Consumer segment revenue was $62.88 million in Q3 2025, reflecting a decline year-over-year for the segment overall, which management expects to decline about 9% for the full year 2025. The Monthly Average Buyers count for the entire platform stood at 1.2 million in Q3 2025.

To deepen engagement beyond simple course access, Udemy is building out support mechanisms. This includes community-based Q&A forums where learners can get help from peers and instructors. Furthermore, the platform is rolling out new instructor-led support options, such as virtual instructor-led training to allow learners to participate in structured, cohort-based experiences. This is complemented by new AI tools designed to strengthen stickiness, like the AI Role Play feature, which helps learners build and refine real-world soft skills through immersive simulations.

Data-driven personalization is central to scaling the value proposition for both segments. The platform uses AI to embed personalized learning experiences, supporting career transformations for consumers. For enterprise clients, the AI-driven Skills Mapping capability was employed by more than 1,800 enterprise customers as of Q1 2025, with more than a third of learning paths created through this capability. The platform also offers AI readiness and AI growth packages to help organizations build AI fluency across roles. The focus on in-demand skills is clear: paid enrollment across GenAI courses alone surpassed 11 million.

Udemy, Inc. (UDMY) - Canvas Business Model: Channels

You're looking at how Udemy, Inc. gets its offerings-from individual courses to enterprise subscriptions-into the hands of learners and organizations. It's a multi-pronged approach, blending self-service digital access with direct sales efforts, all crucial for hitting those 2025 financial targets.

Udemy.com website and native mobile apps (iOS/Android)

This is the core, high-volume channel for the Consumer segment. The platform relies heavily on direct traffic and app engagement to drive sales, especially with the subscription pivot.

• Total registered learners on the platform reached 79 million as of the end of the first quarter of 2025.
• Monthly average buyers in Q1 2025 were 1.41 million, though this metric dipped to 1.24 million in Q2 2025.
• The platform hosts over 210,000 courses, with Technology and Business courses accounting for 74.6% of all enrollments in a prior period analysis.
• Mobile learning is a significant driver, with projections suggesting 60% of all lecture hours are consumed on mobile apps as of 2026, reflecting the late-2025 trend.

Direct Enterprise Sales Force for Udemy Business

The Enterprise segment, Udemy Business (UB), uses a dedicated direct sales force to land and expand contracts with organizations globally. This channel is the primary driver of the higher-margin subscription revenue.

Here's a look at the Enterprise segment performance as of the third quarter of 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Udemy Business Revenue	Data not explicitly broken out for Q3, but Q2 2025 was $129.3 million	Q2 2025 was up 7% year-over-year
Udemy Business Annual Recurring Revenue (ARR)	$527.2 million	Up 4% year-over-year (Q3 2025)
Total Enterprise Customers	17,111	Up 2% year-over-year (Q3 2025)
Large Customer Net Dollar Retention Rate (NDRR)	97%	(Q3 2025)

The company surpassed its 2025 consumer subscription target early, ending Q3 2025 with 294,000 paid consumer subscribers, which is a separate but related metric showing success in subscription adoption across the board.

Global network of resellers and channel partners

While direct enterprise sales are key, Udemy, Inc. also relies on partners to extend its reach, particularly in international markets where local presence matters. Specific revenue figures attributed solely to resellers aren't typically itemized in the primary earnings releases, but the global footprint gives you an idea of the channel's breadth.

• Udemy Business operates in over 75 countries as of projections for 2026, indicating a wide international channel presence beyond the core U.S. base.
• For the full year 2024, the company attracted nearly 1,400 new Enterprise accounts.

Large-scale Affiliate Marketing program

The Affiliate Marketing program acts as a performance-based digital distribution channel, leveraging external content creators and publishers to drive traffic and course/subscription purchases.

Here are the key commercial terms for affiliates promoting Udemy, Inc. products:

Promotion Type	Affiliate Commission Rate
Individual Course Purchases	14%
Monthly Personal Plans	14%
Annual Personal Plans or Other Subscriptions	7%

The program uses a 7-day cookie duration and a 50-day validation period for tracking referred sales.

Udemy, Inc. (UDMY) - Canvas Business Model: Customer Segments

You're looking at the core groups Udemy, Inc. serves to generate revenue and build its platform. This is not just about learners; the instructors are a critical, revenue-enabling segment too.

Udemy Business (UB): Organizations seeking workforce upskilling. These are enterprise clients buying seats for their employees. As of September 30, 2025, Udemy, Inc. reported having 17,111 total customers in this segment. The Large Customer Net Dollar Retention Rate for these enterprise accounts was 97% as of the end of Q3 2025. This segment generated $132.8 million in revenue for Q3 2025.

Individual Consumers: This group consists of global learners looking to advance their careers or pursue personal development through single course purchases or subscriptions. The Consumer segment generated $62.88 million in revenue for Q3 2025. The Monthly Average Buyers for the Consumer segment in Q3 2025 was 1.20 million.

Paid Subscribers (Personal Plan): Consumers opting into the recurring subscription model, which Udemy, Inc. management views as their best customer type due to better engagement and outcomes. Udemy, Inc. surpassed its full-year consumer subscription target early, ending Q3 2025 with 294,000 paid consumer subscribers. Subscription revenue within the Consumer segment grew 43% year-over-year in Q3 2025.

Course Instructors: Subject matter experts who create and publish content, forming the supply side of the marketplace. As of the Q3 2025 investor overview, Udemy, Inc. reported having 85,000 instructors on the platform. These instructors have published approximately 250,000 courses in total.

Here's a quick look at the scale across the primary segments as of September 30, 2025:

Segment Component	Metric/Count	Latest Reported Value
Udemy Business Customers	Total Customers (Q3 2025)	17,111
Udemy Business Customers	Large Customer Net Dollar Retention (Q3 2025)	97%
Individual Consumers	Paid Consumer Subscribers (Q3 2025 End)	294,000
Individual Consumers	Monthly Average Buyers (Q3 2025)	1.20 million
Course Instructors	Total Instructors (As of Q3 2025)	85,000
Course Instructors	Total Courses Hosted (As of Q3 2025)	250,000

The platform supports these segments with a massive global reach:

• Total Learners on the platform: 82 Million.
• Total Courses available: 250,000.
• Languages supported: 75.
• Companies relying on Udemy Business include Ericsson, Samsung SDS America, and Volkswagen.

Udemy, Inc. (UDMY) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Udemy, Inc.'s operations as of late 2025. Honestly, understanding these numbers is key to seeing where the profitability push is coming from, especially with the shift to subscriptions.

Instructor Revenue Share

This is definitely your largest variable cost, directly tied to what learners spend. The split varies significantly between the marketplace and the Udemy Business (UB) subscription model.

For individual course purchases through the marketplace, the instructor revenue share remains fixed at 37%. However, if an instructor drives the sale themselves using their own coupon or referral link, they keep 97% of that revenue. For the high-growth UB segment, the cost structure is different and has been actively managed to improve Udemy, Inc.'s margin.

Here's the quick math on the UB subscription share changes:

Subscription Year	Instructor Revenue Share
2023 (Baseline)	Reported as 23% in some filings, with a pool of 20% of UB subscription revenue
January 1, 2025	17.5%
January 1, 2026 (Planned)	15%

What this estimate hides is the total dollar commitment; for context, in 2023, the UB instructor revenue pool amounted to $88.62 million, which was 20% of the $443.1 million in UB subscription revenue that year. The goal is to keep total instructor payouts equal to or exceeding prior levels each year despite the lower percentage, relying on expected growth.

Technology and Platform Costs

These costs cover keeping the lights on, scaling the infrastructure, and, critically now, funding the AI development that the company is betting on. These are bundled into Cost of Revenue, alongside content costs and payment processing fees.

For the first quarter of 2025, the Cost of Revenue was $70,857 thousand. This helped drive a Gross Profit of $129,443 thousand, resulting in a Gross Margin of 65% for Q1 2025. By the third quarter of 2025, the Gross Margin improved to 66% (GAAP) or 67% (non-GAAP), partly due to this shift toward higher-margin subscription revenue and the reduced instructor share.

Key components within this area include:

• Hosting and cloud infrastructure expenses.
• Research and Development (R&D) spend, which supports AI-driven functionality.
• Capitalized software costs, which are part of capital expenditures to support ongoing operations.

Sales and Marketing Expenses

Acquiring new Udemy Business customers and driving consumer subscriptions requires substantial, ongoing investment here. This is a major operating expense category.

Looking at the first quarter of 2025, Sales and Marketing expenses were $82,500 thousand. This compares to $87,301 thousand in the first quarter of 2024, showing some initial cost management, though the focus remains on acquiring UB customers.

Here's a snapshot of the operating expense structure for Q1 2025 (in thousands):

Operating Expense Category	Q1 2025 Amount	Q1 2024 Amount
Sales and marketing	$82,500	$87,301
Research and development	$24,958	$31,223
General and administrative	$25,008	$24,769

The company is intentionally slowing transactional course sales to favor recurring subscription revenue, which management noted creates a short-term headwind for Consumer segment revenue growth but promises stronger unit economics (LTV/CAC greater than 3x for subscriptions versus approximately 1x for transactional sales).

Personnel Costs

Salaries for the teams building the product (engineering, product) and those selling to enterprises (UB direct sales team) form a significant portion of the operating expenses. You've seen active management here to improve efficiency.

The total number of employees peaked in 2022 at 1,678 and fell to 1,443 in 2023 following layoffs. The strategic restructuring plan announced in September 2024 impacted approximately 280 global employees, with the goal of completion by March 31, 2025. These cost-cutting measures in 2023 and 2024 were noted to save between $30-32 million annually. The non-GAAP Operating Expenses for Q3 2025 totaled $112 million, representing 57% of revenue.

Personnel costs are embedded within the operating expense line items, specifically:

• Salaries for the engineering and product teams (R&D).
• Salaries for the UB direct sales force (S&M).
• Salaries for G&A functions.

Finance: draft 13-week cash view by Friday.

Udemy, Inc. (UDMY) - Canvas Business Model: Revenue Streams

You're looking at how Udemy, Inc. (UDMY) converts its platform value into hard cash as of late 2025. The focus has clearly shifted to locking in more predictable income streams, which makes sense for long-term valuation.

The company's overall financial target for the full fiscal year ending December 31, 2025, is Total Revenue Guidance for FY 2025 is $787 million to $790 million.

Udemy Business (UB) Subscriptions are a major driver, representing the Annual Recurring Revenue from enterprise customers. This metric hit an ARR of $527.2 million in Q3 2025, showing continued, albeit slower, growth of 4% year-over-year.

The strategic pivot is evident in the subscription mix. Consolidated subscription revenue for Q3 2025 was $144 million, which the company stated represented 74% of total revenue for that quarter. This is a deliberate move to secure more durable revenue.

Here's a look at the revenue breakdown for the third quarter of 2025, showing the relative weight of the two main segments:

Revenue Stream Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Udemy Business Segment Revenue	$132.8	+5.3%
Consumer Segment Revenue	$62.9	-9.3%
Total Reported Revenue	$199.9	+2.8%

Within the Consumer Segment, the shift to subscriptions is aggressive. You can see the direct impact of this focus:

• Consumer Subscription Revenue for Q3 2025 was $11.7 million, a significant 43% increase year-over-year.
• This growth pushed the total number of paid Consumer Subscriptions (Personal Plan) to 294,000 by the end of Q3 2025, beating the internal 2025 target ahead of schedule.
• The remaining Consumer Segment revenue comes from Consumer Transactional Sales, which are the one-time purchases of individual courses. Based on the segment totals, this implies transactional sales were approximately $51.2 million ($62.9 million total minus $11.7 million subscription revenue) for the quarter.
• The focus on subscriptions means transactional revenue is declining, as the Consumer Segment revenue overall fell 9.3% year-over-year.

For the Enterprise side, the health of the recurring contracts is key. The Large Customer Net Dollar Retention Rate (NDRR) was reported at 97% in Q3 2025, indicating that the largest clients are largely maintaining or increasing their spend.

Finance: draft 13-week cash view by Friday.