Udemy appointed its current COO Dennis Yang as new CEO, co-founder with current CEO Eren Bali taking the role of chairman and head of product according to WSJ.D Venture Capital Dispatch.
Yang joined the edtech startup as COO in December 2012 at the time Udemy had raised its $12 million Series B round.
Yang was appointed CEO by Eren Bali and the board to grow the overseas business according to WSJ. During his tenure as COO Udemy’s staff grew from 15 to 55 employees, the course marketplace surpassed 2 million enrolled students and 7,000 contributing instructors. Udemy also claims to have grown revenue by 300% in the past year though the startup does not comment on exact revenue and profitability.
Udemy also claims that the average instructor earns around $7000 on the platform and that 94% of the 7000 contributing instructors have sold courses to students according to WSJ.
Udemy is faced with increased competition and pressure from established players like lynda.com or Pluralsight who use their revenue and significant venture funding to consolidate the market by acquiring smaller companies that add aditional features to their respective core products.
lynda.com is also aggressively expanding into new markets like Europe and Asia since it raised $103 million in January 2013. For Udemy that started as a low cost competitor to established companies in the vertical in 2010 it will now be crucial to grab market share but also to add new features to the platform as well a course offering that is able to compete with the ones of its better funded and already established competitors.
- Udemy Appoints Dennis Yang CEO; Eren Bali Steps Aside to Lead Product | WSJ.D
- The Winner takes it all? Udemy raises $12 million | EDUKWEST
Picture via Udemy