Richard Qiu, the President of New Ventures at Udemy, expressed confidence in the platform's business prospects in China for 2024, citing robust growth in the market and the country's dynamic landscape. Qiu emphasized that the Chinese market presents a significant opportunity for Udemy, and the company is optimistic about its contribution to shaping the education sector in the nation. Despite facing challenges in the macroeconomic environment, he noted that Udemy has sustained substantial growth in China over the past year. Qiu also highlighted the company's enhanced understanding of the Chinese market.
As an example, Udemy significantly boosted its course offerings in China, increasing them from 400 to nearly 1,400 based on consumption metrics. This expansion is specifically tailored to cater to various industries and enterprises, according to Richard Qiu. He also mentioned that Udemy's courses in China are gaining traction among a growing clientele, including multinational companies and Chinese tech firms in sectors such as automotive, professional consulting, and banking. Emphasizing Udemy's commitment to the long-term development of the Chinese market, Qiu stated, "We aim to establish a strong presence here. It remains a big and evolving market, and with the right individuals and partnerships, we believe we can positively influence it over time".
These statements were made in the context of Udemy establishing a significant partnership with the Chinese online job platform "51Job" earlier this year, marking a pivotal moment in the company's expansion within the Chinese education market. Richard Qiu highlighted a noteworthy shift from degree-based education to skill-based education, where individuals are increasingly interested in acquiring specific skills relevant to the rapidly evolving demands of different industries. Qiu emphasized that Udemy has benefited from this shift due to its extensive range of offerings and its ability to meet diverse learning needs. He further expressed the company's commitment to providing more content on generative Artificial Intelligence to help individuals enhance their competitiveness and innovation in the rapidly changing macroeconomic environment.
