A Growing Number of Students Turn to Online Education
NEW YORK, March 1, 2021 /PRNewswire/ -- Rapid technological developments have allowed for internet infrastructure to grew tremendously all over the world, which in turn has created the right environment for the online education industry to succeed. Then, the pandemic prompted schools and universities to adjust for a more online model of curriculums. Now, the education system is expected to continue to rely on remote online solutions even after the pandemic. Ipsos Group S.A. conducted a survey for the World Economic Forum in 29 countries on how they see higher education being delivered in five years' time. According to the survey's results, in 2025, higher education will be a hybrid of in-person and online learning. Since the pandemic's inception, about 1.3 billion learners have been affected as schools and universities were forced to close, and eventually adopt 'blended' learning strategies. And, according to Research and Markets, the global online education market is projected to witness a CAGR of 9.23% during the forecast period to reach a total market size of USD 319.167 Billion in 2025, increasing from USD 187.877 Billion in 2019. Meten EdtechX Education Group Ltd. (NASDAQ: METX), GSX Techedu Inc. (NYSE: GSX), 2U, Inc. (NASDAQ: TWOU), New Oriental Education & Technology Group Inc. (NYSE: EDU), TAL Education Group (NYSE: TAL)
Around the world, the Asia-Pacific region is leading in terms of market share growth, as the region is expected to provide the highest revenue generating opportunities. This growth is the result of a rapidly expanding internet infrastructure, which has caused numerous investments in the market. For example, according to a report by Bloomberg from earlier this week, Alibaba Group Holding Ltd. and Tiger Global Management LLC led a USD 1.6 Billion investment in Chinese online education startup Zuoyebang, highlighting how the pandemic has turned web-based learning into an attractive industry.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) reported last week breaking news that, "the gross billing and student enrollment of its junior ELT business increased by 238% and 192%, respectively, in January compared to the same period last year.
The Company's junior ELT business enjoys the competitive advantage in geographical coverage brought by the Company's nationwide network of more than 100 existing learning centers. The Company values the teaching quality, the growth experience of outstanding students, and the integration of online and offline high-quality learning resources, striving to provide students with effective and fruitful learning products and a shortcut to becoming talents. Quality teaching and good brand reputation has led to increases in renewal and referral rates, which helped lower the Company's customer acquisition cost.
Looking forward, the Company will continue to strengthen its R&D capabilities and optimize its business structure. The Company believes the Junior ELT market will maintain growth momentum. The Company will be more well-positioned as the economy of China continues recovering from the COVID-19 epidemic. The Company expects to gain market share from those small and medium-sized institutions that did not survive the epidemic."
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GSX Techedu Inc. (NYSE: GSX) an online K-12 large-class after-school tutoring service provider in China, announced back in November its unaudited financial results for the third quarter ended September 30th, 2020. Net revenues was RMB 4,913.7 Million, a 316.5% year-over-year increase. Net revenues of online K-12 increased 356.5% year-over-year to RMB 4,262.2 Million. Larry Xiangdong Chen, GSX's founder, Chairman and CEO, commented, "We achieved another robust quarter, with net revenues hitting an all-time-high of RMB 1.966 Billion, which is 3.5 times that of the same quarter of last year. These outstanding results speak to our continued focus of providing the highest quality services to our students and parents, our consistent training to frontline employees and our unwavering efforts to improve the operational efficiencies and organizational capabilities."
2U, Inc. (NASDAQ: TWOU) announced last year an expanded portfolio of 10 new professional online short courses in Health and Wellness, Leadership and Management, Digital Transformation in Healthcare, and Innovation and Research developed by the Stanford Center for Health Education (SCHE). These courses will be available to global learners through GetSmarter, 2U's short course brand. "Health and wellness has never been more relevant to families, organizations, and society as a whole," said Andrew Hermalyn, President of Global Partnerships at 2U. "We're excited to expand our agreement with Stanford Center for Health Education and offer a broader portfolio of online short courses covering timely and important topics in healthcare."
New Oriental Education & Technology Group Inc. (NYSE: EDU) a provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of language training and test preparation, primary and secondary school education, online education, content development and distribution, overseas study consulting services, pre-school education and study tour. The company offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People's Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to achieve better scores on entrance exams for admission into high schools or higher education institutions, as well as for children to teach English.
TAL Education Group (NYSE: TAL) reported last month unaudited financial results for the third quarter of fiscal year 2021 ended November 30th, 2020. Net revenues increased by 35.0% year-over-year to USD 1,119.1 Million from USD 829.0 Million in the same period of the prior year. Total student enrollments of normal priced long-term course increased by 46.5% year-over-year to approximately 3,397,030 from approximately 2,318,000 in the same period of the prior year. "In the third quarter, along with the effective measures China's government has taken to continuously improve the public health situation and economy, we are pleased to see our tutoring business has also demonstrated on-track performance in this fiscal quarter. Looking ahead, we will keep making every effort to optimize our products, service and technology, and further build up our all-round education services with top quality content and customer experience," said Rong Luo, TAL's Chief Financial Officer.
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