Udemy, Inc. (UDMY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da aprendizagem digital, a UDEMY revolucionou a aquisição de habilidades, criando uma plataforma transformadora que conecta instrutores apaixonados a alunos ansiosos em todo o mundo. Com Mais de 4 milhões de cursos E um ecossistema diversificado que abrange o desenvolvimento profissional, o crescimento pessoal e a educação tecnológica, o inovador modelo de negócios da Udemy interrompeu os paradigmas de aprendizagem tradicionais. Essa exploração abrangente da tela de modelo de negócios da UDEMY revelará os mecanismos estratégicos que impulsionaram esse mercado de aprendizagem on -line a se tornar uma potência educacional global, oferecendo acessibilidade e flexibilidade sem precedentes para milhões de estudantes em todo o mundo.

Udemy, Inc. (UDMY) - Modelo de negócios: Parcerias -chave

Criadores e instrutores do curso on -line

A partir de 2024, a UDEMY possui 62.000 instrutores independentes em todo o mundo. A plataforma oferece um modelo de compartilhamento de receita em que os instrutores recebem 50% da receita do curso para cursos vendidos através do tráfego orgânico e 37% para os cursos vendidos pelos canais de marketing da UDEMY.

Categoria de instrutor	Número de instrutores	Porcentagem de participação em receita
Instrutores independentes	62,000	50%/37%

Plataformas de tecnologia

A UDEMY conta com provedores de infraestrutura em nuvem para escalabilidade e desempenho.

Provedor de nuvem	Serviços utilizados
Amazon Web Services (AWS)	Infraestrutura de nuvem primária
Plataforma do Google Cloud	Serviços em nuvem suplementares

Processadores de pagamento

A UDEMY integra várias plataformas de pagamento para facilitar as transações globais.

• Stripe: Gateway de pagamento primário
• PayPal: método de pagamento secundário
• Sistemas de pagamento locais em mais de 180 países

Redes de marketing e afiliados

A Udemy faz parceria com várias redes de afiliados para expandir o alcance do mercado do curso.

Rede de afiliados	Taxa de comissão
Raio de impacto	Até 20% Comissão
Junção da comissão	Até 15% Comissão

Parceiros de treinamento corporativo

A Udemy for Business atende a mais de 14.000 clientes corporativos a partir de 2024.

Categoria de parceiro corporativo	Número de clientes
Clientes de treinamento corporativo	14,000+
Fortune 500 empresas	2,500+

Udemy, Inc. (UDMY) - Modelo de negócios: Atividades -chave

Plataforma de desenvolvimento de conteúdo do curso

A Udemy opera um mercado digital com mais de 213.000 instrutores criando cursos a partir do quarto trimestre 2023. A plataforma hospeda mais de 62.000 cursos focados nos negócios e mais de 5.500 clientes corporativos.

Métricas de plataforma	2023 dados
Total de instrutores	213,000
Cursos de negócios	62,000
Clientes corporativos	5,500

Manutenção do sistema de gerenciamento de aprendizagem

O sistema de gerenciamento de aprendizado da UDEMY suporta 57 milhões de alunos globalmente com a disponibilidade de cursos em 75 idiomas.

• A plataforma suporta acesso de múltiplos dispositivos
• Fornece rastreamento de curso em tempo real
• Ativa os caminhos de aprendizado personalizados

Curadoria de conteúdo e controle de qualidade

A UDEMY mantém diretrizes estritas de instrutores com mais de 4.500 cursos liderados por especialistas e uma garantia de devolução do dinheiro de 30 dias.

Métricas de controle de qualidade	2023 Estatísticas
Cursos liderados por especialistas	4,500
Taxa de conclusão do curso	35%

Escala de infraestrutura de tecnologia

A UDEMY investiu US $ 126,5 milhões em pesquisa e desenvolvimento em 2022, com foco na expansão da infraestrutura tecnológica.

• Arquitetura da plataforma baseada em nuvem
• Design de microsserviços escaláveis
• Sistemas avançados de recomendação de aprendizado de máquina

Otimização da experiência do usuário

A plataforma gera US $ 518,7 milhões em receita para 2022, com investimento contínuo em melhorias na interface do usuário.

Métricas de experiência do usuário	2022-2023 dados
Receita anual	US $ 518,7 milhões
Downloads de aplicativos móveis	12 milhões

Udemy, Inc. (UDMY) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia

A partir do quarto trimestre 2023, a infraestrutura tecnológica da UDEMY inclui:

Componente de infraestrutura	Especificação
Plataforma de hospedagem em nuvem	Amazon Web Services (AWS)
Capacidade total do servidor	Mais de 500 servidores dedicados globalmente
Investimento de tecnologia anual	US $ 42,3 milhões em 2023
Tempo de atividade da plataforma	99,99% de confiabilidade

Grande instrutor e biblioteca de cursos

Estatísticas da biblioteca do curso em dezembro de 2023:

• Número total de cursos: 210.000
• Número de instrutores: 64.000
• Idiomas suportados: 75
• Categorias de curso: 14 domínios primários

Dados do usuário e análise de aprendizagem

Métrica de dados	Quantidade
Total de usuários registrados	62 milhões a partir do quarto trimestre 2023
Coleção anual de dados do usuário	3.2 Petabytes
Alunos ativos mensais	9,3 milhões

Algoritmos de recomendação de aprendizado de máquina

Recursos de aprendizado de máquina:

• Processamento de mecanismo de recomendação movido a IA Diário 1,7 milhão de interações com o usuário diariamente
• Taxa de precisão de personalização: 84,5%
• Ciclos de treinamento de modelo de aprendizado de máquina: 6 por ano

Plataforma Global de Aprendizagem Digital

Alcance geográfico	Detalhes
Países com usuários ativos	180
Porcentagem de receita internacional	42% da receita total em 2023
Distribuição do servidor global	12 data centers primários

Udemy, Inc. (UDMY) - Modelo de negócios: proposições de valor

Aprendizado on -line acessível para indivíduos

A partir do quarto trimestre de 2023, a UDEMY relatou 62 milhões de alunos registrados em todo o mundo. A plataforma oferece acesso a mais de 210.000 cursos on -line com instruções em 75 idiomas.

Métricas de acessibilidade de aprendizado	Dados quantitativos
Total de usuários registrados	62 milhões
Idiomas de curso disponíveis	75
Total de cursos online	210,000+

Catálogo de cursos diversos em várias disciplinas

As categorias de cursos da UDEMY:

• Desenvolvimento: 30% do Catálogo de Claro
• Negócios: 25% do Catálogo de Claro
• ISTO & Software: 15% do catálogo de claro
• Design: 10% do Catálogo de Claro
• Desenvolvimento pessoal: 10% do catálogo de claro
• Marketing: 5% do catálogo de claro
• Fotografia: 5% do catálogo de claro

Ambiente de aprendizado flexível e auto-ritmo

Taxa média de conclusão do curso: 37%. A duração média do curso varia entre 2-5 horas.

Métricas de flexibilidade de aprendizado	Dados quantitativos
Taxa de conclusão do curso	37%
Duração média do curso	2-5 horas
Usuários de aprendizado móvel	40% do total de usuários

Opções de desenvolvimento de habilidades acessíveis

O preço médio do curso varia entre US $ 12 e US $ 25. O preço do plano corporativo começa em US $ 360 por usuário anualmente.

Métricas de precificação	Dados quantitativos
Faixa de preço do curso individual	$12-$25
Custo anual do plano corporativo	US $ 360 por usuário
Opção de assinatura mensal	$29.99

Oportunidades de crescimento profissional e pessoal

Em 2023, a UDEMY registrou 80% das empresas da Fortune 500 utilizam sua plataforma de aprendizado de negócios. 65% dos alunos relataram avanço na carreira após a conclusão do curso.

Métricas de crescimento	Dados quantitativos
FORTUNE 500 Adoção da empresa	80%
Relatórios de avanço de carreira	65%
Cursos de habilidades comerciais	45,000+

Udemy, Inc. (UDMY) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma online de autoatendimento

A partir do quarto trimestre de 2023, a UDEMY relatou 62 milhões de alunos registrados em todo o mundo. A plataforma permite o acesso direto ao curso sem intervenção intermediária.

Métrica da plataforma	2023 dados
Total de usuários registrados	62 milhões
Tamanho do catálogo do curso	210.000 mais de cursos
Idiomas suportados	75+ idiomas

Revisões de usuários e sistema de classificação

O sistema de revisão da Udemy inclui:

• Classificação média de 4,5/5
• Mais de 85 milhões de revisões de cursos
• Mecanismos detalhados de feedback do aluno

Fóruns de discussão da comunidade

Udemy fornece espaços de discussão de curso integrados com:

• P&A seções dentro de cada curso
• Canais de comunicação de instrutores diretos
• Interações de aprendizado ponto a ponto

Recomendações personalizadas do curso

Recurso de recomendação	Métrica de desempenho
Precisão do algoritmo de aprendizado de máquina	78% correspondem à personalização
Recomendações médias por usuário	15-20 cursos

Canais de suporte ao cliente

A Udemy oferece suporte multicanal com:

• Suporte por e -mail 24/7
• Assistência ao vivo de bate -papo
• Centro de ajuda abrangente
• Tempo de resposta: média de 4-6 horas

Udemy, Inc. (UDMY) - Modelo de Negócios: Canais

Plataforma da Web

O canal de vendas principal da UDemy é sua plataforma da web, que hospeda mais de 210.000 cursos on -line a partir de 2023. A plataforma gera receita anual de aproximadamente US $ 518,3 milhões em 2022. O tráfego do site atinge 64 milhões de usuários ativos mensais globalmente.

Métrica da plataforma	2023 dados
Total de cursos	210,000+
Usuários ativos mensais	64 milhões
Receita anual	US $ 518,3 milhões

Aplicativo móvel

O aplicativo móvel da Udemy está disponível em plataformas iOS e Android, com mais de 50 milhões de downloads nas lojas de aplicativos. Os usuários móveis representam 38% do tráfego total da plataforma.

• App Store da iOS Classificação: 4.7/5
• Android Google Play Classificação: 4.5/5
• Downloads de aplicativos móveis: 50 milhões+

Marketing de mídia social

A UDEMY mantém a presença ativa das mídias sociais em várias plataformas:

Plataforma social	Contagem de seguidores
LinkedIn	1,2 milhão
Twitter	425,000
Facebook	680,000

Marketing por e -mail

O banco de dados de marketing por email da UDemy contém 40 milhões de contatos de assinantes. As taxas médias de abertura de email são de 22,5%, com taxas de cliques de 3,7%.

Programas de referência de afiliados

A UDEMY opera um programa de afiliados com mais de 3.500 afiliadas ativas. O programa afiliado gera aproximadamente 12% da receita total da plataforma, o que se traduz em aproximadamente US $ 62 milhões anualmente.

• Total de afiliados: 3.500+
• Contribuição da receita de afiliados: 12%
• Comissão Afiliada Média: 20-50% por venda do curso

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

Buscadores de habilidades profissionais

A partir do quarto trimestre de 2023, a UDEMY relatou 64 milhões de usuários registrados em todo o mundo que buscavam o desenvolvimento de habilidades profissionais.

Características do segmento	Dados estatísticos
Faixa etária	25-45 anos
Conclusão média do curso	Taxa de conclusão de 37%
Investimento anual de aprendizado	$ 250- $ 500 por usuário

Alunos e alunos ao longo da vida

A plataforma da Udemy hospeda 185.000 cursos on -line visando alunos e alunos contínuos.

• 18-24 Demográfico de idade representa 29% da base total de usuários
• Preço médio do curso: US $ 12,99
• 60% dos alunos buscam cursos de desenvolvimento pessoal

Departamentos de treinamento corporativo

Em 2023, a UDEMY para negócios gerou US $ 517,4 milhões em receita.

Métricas de segmento corporativo	Dados numéricos
Clientes corporativos	Mais de 14.000 organizações
Valor médio do contrato	US $ 36.500 anualmente
Cursos de treinamento de funcionários	Mais de 7.000 cursos específicos de negócios

Profissionais de tecnologia

A tecnologia e os cursos de TI representam 40% do catálogo total de cursos da UDEMY.

• Cursos de computação em nuvem: 12.500 disponíveis
• Cursos de linguagem de programação: mais de 22.000 ofertas
• Treinamento de segurança cibernética: 5.600 cursos especializados

Entusiastas do desenvolvimento de carreira individuais

O segmento de desenvolvimento de carreira é responsável por 35% do envolvimento total do usuário da UDEMY.

Métricas de desenvolvimento de carreira	Dados quantitativos
Cursos de transição de carreira	9.300 cursos
Preparação de certificação profissional	4.700 cursos de certificação
Aquisição média de habilidades do usuário	2.3 novas habilidades por ano

Udemy, Inc. (UDMY) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para a UDEMY em 2023: US $ 42,3 milhões

Componente de infraestrutura	Custo anual
Serviços de hospedagem em nuvem	US $ 18,7 milhões
Manutenção do servidor	US $ 12,5 milhões
Segurança de rede	US $ 6,1 milhões
Armazenamento de dados	US $ 5 milhões

Compensação do criador de conteúdo

Pagamentos totais do criador de conteúdo em 2023: US $ 224,6 milhões

• Porcentagem de participação na receita: 50% para instrutores de mercado
• Ganhos médios do instrutor: US $ 3.700 por ano

Marketing e aquisição de clientes

Despesas de marketing em 2023: US $ 136,8 milhões

Canal de marketing	Gasto anual
Publicidade digital	US $ 76,4 milhões
Marketing de mídia social	US $ 32,6 milhões
Marketing de afiliados	US $ 27,8 milhões

Desenvolvimento e engenharia de plataforma

Custos anuais de engenharia: US $ 89,5 milhões

• Tamanho da equipe de desenvolvimento de software: 650 funcionários
• Salário médio de engenharia: US $ 138.000 por ano

Operações de suporte ao cliente

Despesas de suporte ao cliente em 2023: US $ 37,2 milhões

Canal de suporte	Custo anual
Suporte ao bate -papo ao vivo	US $ 15,6 milhões
Suporte por e -mail	US $ 12,4 milhões
Suporte telefônico	US $ 9,2 milhões

Udemy, Inc. (UDMY) - Modelo de negócios: fluxos de receita

Comissões de vendas do curso

A UDemy gera receita por meio do modelo de vendas baseado em comissão com a seguinte quebra:

Cenário de venda do curso	Porcentagem da Comissão de Udemy
Curso de Marketplace via Udemy Marketing	50%
Canal de marketing pessoal do instrutor	3%

Compras individuais do curso

O preço do curso individual varia de US $ 9,99 a US $ 199,99, com o preço médio do curso a US $ 49,99.

• Número total de cursos: 210.000
• Vendas médias mensais do curso individual: 32 milhões

Assinaturas de treinamento corporativo e de negócios

Udemy para detalhes da receita comercial:

Camada de assinatura	Preço anual	Número de licenças
Pacote corporativo básico	US $ 360 por usuário	10-100 usuários
Pacote corporativo	US $ 570 por usuário	Mais de 100 usuários

Udemy para pacotes corporativos de negócios

• Total de clientes corporativos: 1.400
• 2023 Udemy para receita de negócios: US $ 518,3 milhões
• Taxa de crescimento ano a ano: 14,2%

Modelo de compartilhamento de receita do instrutor

Estrutura de compensação do instrutor:

Método de geração de receita	Compartilhar do instrutor
Vendas do curso de mercado	50%
Vendas diretas do curso	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.