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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Both Coursera and Udemy started 2025 with new CEOs. Greg Hart took over at Coursera in February. Hugo Sarrazin started at Udemy in March. Less than a month into the job, both CEOs were in conversations to sell their companies. On April 8, Hart and Sarrazin met for the first time at ASU+GSV. The rest, as they say, is history. In my 5,000-word analysis of Coursera’s acquisition of Udemy, I called the deal rushed. Two new CEOs, both less than a year into the job, merging two public companies. I w