Udemy, Inc. (NASDAQ: UDMY)

Udemy, Inc. operates as a global learning company, leveraging an AI-powered skills acceleration platform to empower organizations and individuals with flexible, measurable, and outcome-driven learning experiences. The company's strategic transformation in 2025 positioned it at the forefront of AI-driven workforce transformation, offering a comprehensive suite of learning solutions designed to address the evolving needs of the modern workforce. Udemy's platform connects tens of thousands of instructors with nearly 84 million learners worldwide, facilitating the development, distribution, and enhancement of content that caters to a broad global audience.

Udemy generates revenue through a subscription-first business model, with 72% of total revenue derived from subscriptions in 2025. The company's primary products include the Udemy Business enterprise SaaS platform and the direct-to-consumer marketplace. Udemy Business enables companies to offer engaging and effective learning for all employees, immersive laboratory-style learning for tech teams, and cohort-based learning focused on leadership development. The direct-to-consumer marketplace offers over 290,000 free and paid courses across technology, business, soft skills, and personal development topics. Revenue is generated through per-course purchases, subscriptions, professional services, and AI transformation packages.

• Enterprise (Udemy Business): This segment caters to organizations seeking to upskill and reskill their workforce. It offers seat-based subscription plans, including Team Plan, Enterprise Plan, and Leadership Academy, as well as the Udemy Business Pro add-on service. The Team Plan is designed for teams or organizations needing on-demand learning and development, while the Enterprise Plan offers a vast collection of high-quality courses with additional features such as a dedicated customer success team and advanced analytics. The Leadership Academy provides cohort-based leadership development platforms. The segment also includes AI Transformation Packages, such as the AI Readiness program and AI Growth program, designed to bring organizations up to AI fluency and deliver advanced training for technical teams and leadership.

• Consumer (Direct-to-Consumer Marketplace): This segment serves individual learners seeking professional and personal skills development. The marketplace consists of over 290,000 courses in 78 languages, created by over 90,000 instructors. Learners can purchase lifetime access to individual courses or subscribe through monthly and annual plans, which offer unlimited access to more than 28,000 of Udemy's top-rated courses, including AI skills pathways, career-specific journeys, and certification preparation programs. The marketplace also offers approximately 28,000 free courses, which serve as an important source of conversion to paid enrollments.

Udemy holds a strong position within the rapidly growing and highly fragmented market for developing skills. The company competes with traditional e-learning providers, technology giants, and large language models offering generative AI solutions. Udemy's competitive advantages include a comprehensive global content marketplace with over 290,000 courses, high-quality and up-to-date content, a global instructor network of over 90,000 instructors, and powerful network effects that drive continuous content optimization. The company's flexible technology platform supports continuous innovation and integration with various learning management systems and experience platforms. Udemy's AI-powered personalization, career pathways, and certification partnerships create competitive advantages in delivering measurable career advancement outcomes.

Udemy's customer base includes organizations and individual learners worldwide. The company's enterprise customers span various industries, with a particular focus on financial services, technology, and manufacturing verticals where AI adoption is accelerating. The direct-to-consumer marketplace serves a diverse global audience seeking professional and personal skills development. Udemy's strategic partnerships with companies like Emtrain, Indeed, and Workera further enhance its offerings and reach. The company's go-to-market strategy includes direct sales through its sales teams and indirect sales through third-party channels, supported by a data and technology-driven marketing engine that efficiently acquires learners across the globe.