Cybersecurity incident or data breach
The platform processes large volumes of learner, instructor, and customer data, making it a target for attacks.
- Scope
- Personal data, proprietary data, and service availability
- Materiality
- high
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.
2,7 %
65,6 %
0,5 %
+0,4 %
1.31
1.31
| % | |
|---|---|
| Consumer learning marketplace | 25% On-demand online courses sold to individual learners through the Udemy marketplace. |
| Enterprise subscriptions | 70% Subscription access for organizations through Team Plan, Enterprise Plan, and related offerings. |
| Premium enterprise learning products | 4% Higher-value enterprise offerings such as Udemy Business Pro and Leadership Academy. |
| AI-focused learning solutions | 1% New enterprise SKUs designed around AI readiness, AI growth, and digital transformation skills. |
Udemy sells to two broad customer groups: individual learners who buy courses directly, and organizations that...
- Individual learnerssecondary
Buy single courses or consumer subscriptions for personal skill development and career advancement.
- Small and mid-sized businessessecondary
Purchase team-based access to training content for a limited number of employees.
- Large enterprise customersprimary
Buy enterprise subscriptions for broader employee learning, technical training, and leadership development.
- Enterprise partners and resellerssecondary
Help distribute Udemy Business in local markets and extend reach where direct sales is less effective.
Udemy operates globally and generates a majority of revenue outside North America. Its business depends on...
- •Majority of revenue is generated outside North America
- •Global learner base spans nearly 84 million learners
- •Asia Pacific growth is supported by local partnership models
- •Japan, South Korea, China, and Vietnam use reseller partners
- •International expansion depends on localized content and sales reach
Udemy’s strategy centers on expanding enterprise adoption, especially among large customers, while deepening usage...
01
Upmarket enterprise expansionmedium-term
Large organizations offer bigger deal sizes, more use cases, and stronger expansion potential.
02
Land-and-expand within existing accountsshort-term
Growth comes from adding seats, departments, and new use cases after initial adoption.
03
International partnership expansionmedium-term
Local partners help with language, distribution, and market penetration.
04
AI-enabled product developmentmedium-term
AI tools and AI-skills products can improve relevance for enterprise buyers and learners.
Udemy faces execution risk in converting more organizations to cloud-based learning and in retaining and expanding...
Weak enterprise retention or expansion
A large share of growth depends on seat expansion, upsell, and broader deployment within existing accounts.
- Scope
- Udemy Business NDRR and large customer renewals
- Materiality
- high
Slow adoption of cloud-based skill development
Customers may remain with in-person or legacy training approaches instead of migrating online.
- Scope
- Enterprise learning demand and new customer acquisition
- Materiality
- high
Partner concentration in certain international markets
Some regions depend on local resellers and co-sell partners to reach customers and localize content.
- Scope
- Asia Pacific markets including Japan, South Korea, China, Vietnam
- Materiality
- medium
Intellectual property protection
The marketplace depends on protecting course content, platform technology, and proprietary information.
- Scope
- Instructor content and platform IP
- Materiality
- medium
Revenue recognition over subscription term
Affects quarterly revenue timing and comparability
Estimated service period for consumer courses
Can shift revenue between periods
Advance billing and deferred revenue
Creates deferred revenue balances and timing differences
Judgment in customer and contract metrics
Supports analysis of recurring revenue quality
: 29.4.2026