Udacity sees 260% H1 2020 revenue growth

Udacity sees 260% H1 2020 revenue growth

Online learning platform Udacity has stated that it has seen a 260% increase in its annual recurring revenue growth for H1 2020.

Edtech company Udacity has attributed its rapid growth to an influx of demand for individuals skilled in artificial intelligence and machine learning, cloud computing, data science, programming, and autonomous systems.

Recently, Udacity has entered into many relationships with various organisations such as the United States Air Force’s BESPIN agile development lab and Egypt’s Information Technology Industry Development Agency.

The former will help Udacity to upskill in the AI field while the latter will help provide tech-forward job skills to around 100,000 young people. 

Udacity also claims to have improved its retention rate amongst its existing customers, which includes companies from various sectors such as pharmaceutical, aerospace, and so on.

The company states that it has seen net dollar retention of over 140% in the first half of the fiscal year 2020, most of which is coming from their customers expanding their license courts. 

Udacity growth driven by strong COVID-19 planning and preparedness

In the wake of COVID-19 pandemic, Udacity launched a scholarship to help laid-off workers upskill, and the company states that due to this the average monthly usage by single individuals increased by more than 50%.

It also saw an increase in the sign-up rates for its weekly Nanodegree programme. 

Udacity anticipates a stronger demand for its e-learning platform when individuals who have been replaced due to technological changes sign-up to upskill themselves to prepare themselves for the future.

It is also collaborating with tech companies such as Microsoft, Amazon, and others to provide scholarships and training to individuals who want to upskill in these areas. 

Gabe Dalporto, CEO of Udacity, said: “New technologies like AI and robotics, and the upheaval caused by COVID-19, have disrupted billions of people’s lives and livelihoods and highlighted the need for individuals, companies, and governments to take responsibility for mastering new skills.

“The strong demand for Udacity’s Nanodegree programs the past six months reflects our commitment to deliver transformational, employable job skills in the careers of the future.”

Zahra Hamdani - Reporter, Global Education Times (GET News)

Zahra Hamdani is an Ireland-based reporter for Global Education Times who focuses on European and South Asian education news. When she is not writing for GET News, Zahra is a school-teacher and educationist with experience in both Primary and Secondary schools in the Republic of Ireland as well as in Pakistan.

You can reach Zahra at zahra@globaleducationtimes.org

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