Udemy, Inc.
Udemy, Inc. is a U.S.-based global learning company built around an online marketplace for instructor-created courses and an enterprise learning platform for organizations. Its business combines consumer access to a broad course catalog with Udemy Business, a SaaS-style offering that gives companies access to curated learning content, team and enterprise subscriptions, and related support services.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOn-demand online courses sold to individual learners through the Udemy marketplace.
Subscription access for organizations through Team Plan, Enterprise Plan, and related offerings.
Higher-value enterprise offerings such as Udemy Business Pro and Leadership Academy.
New enterprise SKUs designed around AI readiness, AI growth, and digital transformation skills.
Products
Reported · share of revenue- Enterprise Subscription Revenue66.0 %
- Consumer Transactional and Other28.0 %
- Consumer Subscription Revenue5.6 %
- Enterprise Other Revenue0.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Udemy sells to two broad customer groups: individual learners who buy courses directly, and organizations that subscribe to Udemy Business for employee upskilling. Within enterprise, the most important buyers are large companies using the platform for technical training, leadership development, and broader workforce learning. The company also works through reseller and co-sell partners in some markets to reach local customers and adapt content to local languages.
Buy single courses or consumer subscriptions for personal skill development and career advancement.
Purchase team-based access to training content for a limited number of employees.
Buy enterprise subscriptions for broader employee learning, technical training, and leadership development.
Help distribute Udemy Business in local markets and extend reach where direct sales is less effective.
Strategy
Udemy’s strategy centers on expanding enterprise adoption, especially among large customers, while deepening usage within its installed base through land-and-expand selling. It is also investing in partnerships, localized content, immersive learning capabilities, and AI-enabled products to broaden reach and make the platform more relevant to corporate buyers.
Large organizations offer bigger deal sizes, more use cases, and stronger expansion potential.
Growth comes from adding seats, departments, and new use cases after initial adoption.
Local partners help with language, distribution, and market penetration.
AI tools and AI-skills products can improve relevance for enterprise buyers and learners.
Geography
Udemy operates globally and generates a majority of revenue outside North America. Its business depends on international customer adoption, local-language content, and partner-led distribution in selected markets such as Japan, South Korea, China, and Vietnam. The company’s platform and instructor marketplace also support a broad global learner base, which makes regional localization and cross-border delivery central to the model.
Risks
Udemy faces execution risk in converting more organizations to cloud-based learning and in retaining and expanding enterprise accounts over time. The business is also exposed to cybersecurity, data privacy, intellectual property, and partner-dependency risks, while competition and slower customer migration from legacy training formats can limit adoption.
- Cybersecurity incident or data breachImpact: HighLikelihood: Medium
The platform processes large volumes of learner, instructor, and customer data, making it a target for attacks.
Exposure - Weak enterprise retention or expansionImpact: HighLikelihood: Medium
A large share of growth depends on seat expansion, upsell, and broader deployment within existing accounts.
Exposure: Udemy Business NDRR and large customer renewals
- Partner concentration in certain international marketsImpact: MediumLikelihood: Medium
Some regions depend on local resellers and co-sell partners to reach customers and localize content.
Exposure - Intellectual property protectionImpact: MediumLikelihood: Medium
The marketplace depends on protecting course content, platform technology, and proprietary information.
Exposure: Instructor content and platform IP
- Slow adoption of cloud-based skill developmentImpact: Medium
Customers may remain with in-person or legacy training approaches instead of migrating online.
Exposure: Enterprise learning demand and new customer acquisition
Accounting
Judgemental itemsEnterprise and consumer access are delivered as a series of services, so revenue is recognized ratably rather than upfront.
Impact: Affects quarterly revenue timing and comparability
Single-course offerings rely on estimated usage periods to determine recognition timing.
Impact: Can shift revenue between periods
Enterprise subscriptions are often billed quarterly or annually in advance.
Impact: Creates deferred revenue balances and timing differences
Customer counts, NDRR, and contract expansion metrics are important operating indicators.
Impact: Supports analysis of recurring revenue quality
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Last updated: 24/09/2026