Part
01
of one
Part
01
I want to numbers on existing spend by individual consumers and companies on personal development and career education products.
Hello! Thanks for asking tp provide you with information on existing spend by individual consumers and companies on personal development and career education products. I found the company websites of BetterUp, Lynda, LinkedIn Premium, Grovo, Skillshare, and the Muse, as well as TechCrunch, helpful in answering your question. On estimates, LinkedIn Premium has 870,897 premium users, with premium accounts costing $30, $60, 80, or 120 per month, each with varying features and functionalities. Lynda's billing is $359.88 yearly or $35.99 monthly plan for premium; $24.99 monthly or $239.88 yearly for the basic plan, and has about 2 million paying users. I have provided a deep dive of my answers below. Please read on for details.
BETTERUP
BetterUp Inc. is a privately held company and doesn't publicly release data on their customers spending trends. However, this source is a paid service that gives access to the information this request seeks to address.
According to BetterUp's AngelList profile "As Millennials increasingly enter the workplace, the demand for coaching will continue to grow. They are the most stressed generation and are not receiving the support they want. Over 75% of Millennials wish their manager was more of a coach. They are seeking coaching that's proven, affordable, and optimized for their busy, on-the-go lifestyle."
_______________
LYNDA
According to TechCrunch, Lynda supplements the learning content of schools; they provides paid online learning content to almost every Ivy League school. They also provide paid learning content to such companies as Time Warner, ABC, Disney, Pixar, HBO, and Sony. TechCrunch says that Lynda has more than 1 million paid memberships and that in 2011 they had a revenue of about $70 million. By 2012 the numbers had grown. Their revenue was about $100 million and they had reached 2 million paying subscribers.
Other colleges that subscribe to Lynda, and that sometimes use its courses for professional development, and that their faculty members often use Lynda's video lectures to supplement their own teaching include the Chaminade University of Honolulu, The University of the Arts, in Philadelphia, Emerson College in Boston, Indiana University. In 2015 LinkedIn acquired Lynda for $1.5 Billion.
Lynda's billing is $359.88 yearly or $35.99 monthly plan for premium; $24.99 monthly or $239.88 yearly for the basic plan. For group membership pricing, Lynda asks to be contacted. On the average they charge $32.99 for premium membership and $22.49 for basic. Overall, the average price of a Lynda membership is $27.74.
_______________
LINKEDIN PREMIUM
LinkedIn Premium services starts at $30 per month and range all the way up to $120. Here's a breakdown of pricing categories for LinkedIn Premium,
(a) The $30 package of LinkedIn Premium targets job seekers who can afford $30 per month, in exchange for 3 InMail messages (i.e. messages that any LinkedIn user may be sent, without needing any prior connection). Subscribers to this package enjoy the additional detailed information on the people viewing their profiles, and they gain access to more tools to help improve their profiles, in order to stand out to recruiters.
(b) The $60 per month plan is a Business Plus plan. This includes such benefits as 15 InMail messages, access to advanced search filters and unlimited searches in users' extended network.
(c) The Sales Navigator Professional plan costs $80 a month. This plan grants users access to a lead-builder tool, gives them lead recommendations and the benefit of real-time insights on existing accounts and leads.
(d) The Recruiter Lite plan comes with a price tag of $120 monthly. The plan gives users access to 30 InMail messages, grants them advanced search capabilities, gives them unlimited visibility to their extended network; users can get automatic candidate tracking function, as well as integrated hiring, they also enjoy a recruiting-specific design.
22% of LinkedIn's income is generated from Premium Subscription. The company's Q1 2016 earning was $861 million.
Calculation:
22% X $861 million = $189.42 million for Q1 2016. Divided by 3 months (since Q1 equals 3 months), LinkedIn's earnings would be $63.14 million from Premium Subscription monthly.
If the average Premium Account costs ($30 + $60 + 80 +120 ) divided by 4, would be $72.5 per month.
To get the estimated number of premium users. $63.14 million from premium subscription monthly divided by the average premium account costs of $72.5 per month, would be 870,897 premium users.
_______________
GROVO
Grovo Learning is a privately held company and doesn't publicly release data on their customers spending trends. However, this source is a paid service that gives access to the information client seeks. Here's Grovo's pricing plan: Starter $69. Plus $109. Premium $139. Grovo makes Enterprise Pricing available upon request; their Enterprise Pricing
solutions targets organizations that have more than 5,000 learners.
_______________
SKILLSHARE
Skillshare's premium membership goes for $12 for the monthly plan or $96 for the yearly plan. The platform boasts having 10,000 classes and 2 million users, as of October 2016. According to TechCrunch, Skillshare withholds granular information about their platform.
_______________
THE MUSE
Fortune reports that the largest revenue source of the Muse comes from companies paying for advertisement placements, Fortune 500 companies such as Dropbox, Target, Zappos, KPMG, Facebook, AT&T, Goldman Sachs, Aflac, Slack, The Gap, HBO, Conde Nast, and Wells Fargo, are advertisers with the Muse. The Muse charges $99 to $479 for career coaching services.
On their CrunchBase profile, it says that "The Muse (TheMuse.com) is the most trusted career destination for Millennials and beyond, helping over 50 million people every year answer the question, "What do I want to do with my life (and how do I get there)?" through expert advice, online skill-building classes..."
_______________
MILLENNIAL'S SPEND ON SELF-CARE AND PERSONAL DEVELOPMENT
Millennials expect to spend about $300 monthly on self-improvement, this includes life coaching and therapies, as well as apps designed to improve well-being. In fact, Field Agent reported that "94% of millennials reported making personal improvement commitments" Millennials are also embracing alternative medicine. In 2013, nearly 70% of millennials reported taking some form of supplement in the last 30 days, a jump from the 50% in 2009.
CONCLUSION
In summary, LinkedIn Premium has 870,897 premium users (estimated), with premium accounts costing $30, $60, 80, or 120 per month, each with varying features and functionalities. Lynda's billing is $359.88 yearly or $35.99 monthly plan for premium; $24.99 monthly or $239.88 yearly for the basic plan, and has about 2 million paying users. I have also profiled the other companies, BetterUp, Grovo, Skillshare, and the Muse.
Thanks for using Wonder! Please let us know if you need more help with your research.