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%

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Online course platforms closely track their learners. And things have gotten worse over the past two years.

From IPO success to stabilization efforts, explore the journey of Thinkific, an ecommerce platform for online course creators, as they navigate growth, setbacks, and strive for profitability.