NEW YORK, Jan. 13, 2021 /PRNewswire/ -- The past year proved to hold a sizeable challenge for the education systems of many countries. However, with the crisis of traditional educational systems came the opportunity to modernize, specifically in the online education market. Due to the pandemic and its implications, online institutions were forced to transition to accelerate some of the transformations that were already being slowly implemented over time – making education available to everyone with an internet connection. Eventually, after the pandemic is behind us, hybrid teaching is expected to emerge as the most popular approach to restore a more traditional classroom setting, while also allowing for some students to continue learning from home, part- or full-time. According to findings from surveys of teachers and administrators in a new report from the Clayton Christensen Institute, a nonprofit research organization that promotes innovation in education and other fields, "many teachers have tried to re-create the physical classroom experience for students by hosting long whole-group videoconference calls and sharing documents in the learning management system, approaches that are contrary to the advice of online learning experts. Slightly more than 40% of educators said their synchronous remote instruction, in which they're 'face to face' virtually with students, lasts as long as a regular school day." Meten EdtechX Education Group Ltd. (NASDAQ: METX), TAL Education Group (NYSE: TAL), Chegg, Inc. (NYSE: CHGG), Perdoceo Education Corporation (NASDAQ: PRDO), Stride, Inc. (NYSE: LRN)
Besides the pandemic and its implications, the other major factors driving the growth of academic e-learning market size, in the long-term, are the increasing higher education e-Learning enrollment numbers and the launch of new online degrees. Online learning is also structured to save time and opens several doors to immersive learning. Instead of being passive, learners can choose what they need to learn quickly and easily, from wherever they are. Overall, the global online education market size is projected to reach USD 245.9 Billion by 2026, from USD 153.18 Billion in 2020 while witnessing a CAGR of 8.2% during 2021-2026, according to data provided by Valuates Reports.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced on December 31st that, " After the acquisition of ABC Education Group, a junior ELT service provider operating under the "ABC" brand, in 2018, the Company has been constantly upgrading and optimizing the brand. The business of ABC junior ELT has gradually matured, and starts to show the profitability.
ABC junior ELT is an independent brand of Meten EdtechX, focusing on providing junior ELT service for children aged three to 16. Since the resumption of classes in September this year, the resumption rate of ABC junior ELT has exceeded approximately 90%, and the attendance rate of which has reached 100%. The gross billing of ABC junior ELT in November 2020 increased by approximately 10% on a year-on-year basis, and the business has returned to pre-pandemic levels. Recently, the dual-teacher classrooms have been introduced at 16 learning centers of ABC junior ELT, integrating the online and offline business model. The Company has optimized the structure and functions of ABC junior ELT in the fourth quarter of 2020, which is expected to lower the cost of foreign language teaching for ABC junior ELT by approximately 25% on a year-on-year basis in 2021, significantly improving operating efficiency.
At present, there is still a large space for the development of the junior ELT training market in China and the penetration rate is expected to increase going forward. Relying on the network of existing adult and junior offline learning centers, Meten EdtechX will continue to explore the high-end junior ELT training market in China, which may consolidate the long-term competitive advantages of the Company."
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TAL Education Group (NYSE: TAL) is K-12 after-school tutoring services provider in China. Back in October the Company announced unaudited financial results for the second quarter of fiscal year 2021 ended August 31st, 2020. Net revenues increased by 20.8% year-over-year to USD 1,103.3 Million from USD 913.2 Million in the same period of the prior year. "TAL's financial results of the second fiscal quarter reflected a combination of the continued strong growth momentum of our online courses and the lingering pressure on our offline business in this period. Although the second fiscal quarter was marked by the extended impact of the COVID-19 outbreak, we are encouraged to see that the public health situation and general economy began to improve in China, and offline teaching and tutoring gradually resumed during the summer months," said Rong Luo, TAL's Chief Financial Officer.
Chegg, Inc. (NYSE: CHGG) reported back in October financial results for the three months ended September 30th, 2020. "We have always said that the future of education was inevitable; to become increasingly online, on demand, and more affordable," said Dan Rosensweig, CEO & President of Chegg, Inc., "The trends we are seeing in the industry and the momentum we are experiencing globally give us the confidence to raise our guidance again for 2020 and provide our initial outlook for 2021." Total Net Revenues of USD 154.0 Million, an increase of 64% year-over-year and Chegg Services Revenues grew 72% year-over-year to USD 118.9 Million, or 77% of total net revenues, compared to 74% in Q3 2019.
Perdoceo Education Corporation (NASDAQ: PRDO) academic institutions offer postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Last month the company announced financial results for the quarter and year to date ended September 30th, 2020. Total student enrollments at September 30th, 2020 increased 17.2%. CTU's total student enrollments increased 4.8% while AIU's total student enrollments increased 37.7%. "The year to date results underscore our commitment to student experiences, retention and academic outcomes and I'm proud of the entire Perdoceo team for their efforts to educate, serve and support our students," said Todd Nelson, President and Chief Executive Officer. "Investments in data analytics and technology across our academic platforms have enhanced student learning and strengthened the efficiency and effectiveness of our student support processes. Our financial position continues to strengthen and we remain focused on executing against our objective of sustainable and responsible growth."
Stride, Inc. (NYSE: LRN) announced earlier this month its partnership with 21K School, India's first online school that offers personalized and structured education programs for online students at home across the Indian subcontinent. "Stride, Inc. has a proven curriculum designed to help advance the education for learners of all ages, and in all places," said Scott Durand, Senior Vice President and General Manager, Learning Solutions. "This collaboration with 21K School in India gives Indian students the opportunity to advance their education and get ahead of the competition." Presently, 21K School offers their National Curriculum to over 300 K-5 students across 25+ cities in India and abroad. The international programs in association with Stride, Inc. would be available in India from the start of the next academic year and enrollment would begin on Jan. 14th, 2021.
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