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Hear ye, hear ye! The online education sector's heavyweights raked in a whopping 37.6 billion rubles in the first quarter, according to Smart Ranking. That's a mind-blowing 16.4% increase compared to the previous year!
The digital learning stomping ground has shown some serious robustness, thanks to companies adapting to new conditions and focusing on boosting profits. But, hang on a sec, the educational platforms segment seems to be in a bit of a funk. Seems like some corporate edtech budgets are being slashed for cost-cutting purposes as part of these yo-yo budgeting measures.
So, who rules the online education roost in Russia? "Synergy" clings onto the top spot, raking in 3.28 billion rubles, a 21.9% improvement over last year. "Skillbox Holding" (VK's baby) and "Skyeng" follow closely, with revenues of 3.25 billion rubles and 3 billion rubles, respectively, growing 5.5% and 6.2% respectively. "Yandex Praktikum" lags a bit behind, but still manages to score 2 billion rubles, keeping the fourth position. "100ballnyi repietitor" bursts into the top 10 for the first time, posting a 175% year-over-year revenue growth to hit 1.1 billion rubles. "Umskoul" snags the speediest growth rate, indicating a high level of activity in USE and GEE preparation services.
The children's education segment continues to impress with a 31.6% year-over-year revenue growth of 14 billion rubles, outstripping the additional professional education segment, which crept up by only 10.4% to reach 12.6 billion rubles.
The "Developers and Platforms" segment maintained a respectable 7.2% growth rate. Some companies, like MTS and others, have reported reductions in edtech spending in the corporate sector due to overall budget squeezes, which could explain the HR learning platform "Equio" missing its marks.
However, "Yandex Praktikum", Skillbox, "Foxford", and Ultimate Education are cheerily waving away their first quarter woes. Yandex Praktikum's CEO, Ilya Kurmyshev, reports a high level of client interest in artificial intelligence technologies, while Skillbox sees a surge in demand for educational programs in marketing, management, and design.
As for the future, Valery Fal'kov, Minister of Science and Higher Education of the Russian Federation, predicts that the 'digital' trend will continue to shape education, just like it does everything else. The CEO of "100-Ball Reпеtitor" Erik Koval'ev reports success with enrolling students and selling short courses towards the end of 2024, while Ultimate Education emphasizes process adaptations and strategic adjustments.
Smart Ranking forecasts the market will return to a steady growth rate of 15-20% this year. But, online platform reps continue to grumble about increased competition, price drops, and the squeezing of educational services due to high key interest rates. So, while the online education sector's astounding growth is catching everyone's attention, it seems the players aren't out of the woods yet.
Now that's the lowdown on Russia's online education market! Keep those brains ticking and learning! langleast lashem!
- Forbes reported a significant growth of 16.4% in the online education sector in Russia, generating 37.6 billion rubles, as per Smart Ranking's recent findings.
- Despite the overall robustness of the online education industry, the educational platforms segment appears to be facing a slight contraction due to budget cuts.
- In the first quarter of 2021, "100ballnyi repietitor" made its debut in the top 10 online education providers in Russia, recording a remarkable year-over-year revenue growth of 175%.
- In the field of education-and-self-development, "Yandex Praktikum" and Skillbox are witnessing increased demand for AI technologies and educational programs in marketing, management, and design, respectively.
