Leaders and Laggards in the US EdTech Mobile Space

Key Takeaways:

• In the US EdTech space, only a handful of apps demonstrate clear dominance in user engagement or revenue generation. Duolingo stands out as a leader in both areas, showcasing exceptional performance in terms of consumer spending and ‘stickiness’. ClassDojo ranks as the second largest by IAP revenue, generating $29M in the first 10 months of 2023 (up 16% YoY), while Canvas Student stands out in engagement, achieving the second-highest DAU/MAU ratio after Duolingo at 27% from 1Q23-3Q23

  • Google Classroom's DAU/MAU ratio in the first 10 months of 2023 trailed behind Canvas Student, with a marked increase in variation of user engagement since the COVID-19 pandemic

• The online learning app Udemy has seen its user engagement in the US grow significantly in recent years, marked by a 14% increase in MAUs in the first three quarters of 2023 versus 2021. This growth may be attributed to higher organic downloads and increasing brand recognition, as evidenced by nearly doubled iPhone App Store searches for 'Udemy' since the beginning of 2021

• Canvas Student leads the educational platform space with the highest proportion of 'power users’, with 23% of its users engaging with the app over 15 days per month in the first three quarters of 2023, surpassing Google Classroom and Schoology. The app also showed a significant improvement in its 9-month retention rate in recent years, exceeding Google Classroom by 7ppts in 2023

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