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%

It has cost Coursera $8 million to deal with Meta Pixel privacy lawsuits, according to their latest financial report.

Some companies are exploring entirely new markets: from hardware sales to TikTok e-commerce.

In this analysis, Udemy and Coursera go head-to-head: revenue, growth, losses — here are all the numbers.