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Udemy’s B2B Revenue Eclipses B2C for the First Time

Udemy’s revenue is up 22% year-over-year. But the growth came from B2B. Their B2C is on the decline.

Last week, Udemy reported their results for the third quarter of 2022. Their total revenue increased 22% year-over-year to reach $158.4 million. But the growth came from the B2B segment, while their B2C segment declined.

Earlier this year, when I compared Udemy and Coursera’s 2021, I noted the following:

Udemy’s B2B now accounts for 36% of Udemy’s revenue, compared to 24% in 2020. It’s quite possible for Udemy’s B2B segment to overtake their B2C segment by the end of 2022. 

Udemy’s B2C revenue has plateaued since 2020. In 2021, Udemy’s consumer revenue grew by just 1%, while their B2B revenue grew by 81%. In 2022, Udemy’s B2C revenue is on track for a decline.

Udemy Consumer vs Business Revenue
2019 2020 2021 2022 (Q1–Q3)
Total $276.3M $429.9M $515.7M $463.7M
Consumer $225.5M $326.4M $328.7M $240.4M
Business $50.9M $103.4M $187.0M $223.4M

Udemy’s best quarter in terms of consumer revenue was 2020 Q3, when the company made $91 million. In that same quarter, Udemy made $27.4 million in the B2B segment. Two years later, the numbers stand at $74.6 million and $83.9 million, respectively.

So far, in just the first three quarters of 2022, Udemy’s B2B revenue stands at $223.4 million, well above the $187 million their B2B segment generated in the entirety of 2021. At the time of writing, Udemy’s market cap stands at $2 billion.

To learn more about Udemy, check out Class Central’s complete coverage of the platform here.


Dhawal Shah Profile Image

Dhawal Shah

Dhawal is the CEO of Class Central, the most popular search engine and review site for online courses and MOOCs. He has completed over a dozen MOOCs and has written over 200 articles about the MOOC space, including contributions to TechCrunch, EdSurge, Quartz, and VentureBeat.

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