BloomTech’s unraveling reveals years of systemic issues and the inevitable regulatory response.

Subscriber growth and revenue are accelerating even as revenue per user declines. Udemy built its empire on a simple idea: anyone could create a course, and anyone could buy one. That marketplace model made Udemy famous and made millionaires out of its top instructors. Now the company is deliberately killing it. In Q3 2025 earnings call, Udemy’s CFO admitted they are “intentionally reducing” single course sales to push users toward subscriptions. The logic is straightforward: Udemy keeps 82.5%

Duolingo’s market value ($13.49B) now eclipses both Coursera and Udemy combined, driven by explosive user growth and surging quarterly revenue.

Discover how Udemy makes money, its different segments, instructor payouts, revenue growth, margins, and more.