Coursera, Inc. (Cour): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'éducation numérique en évolution, Coursera est une plate-forme transformatrice qui comble l'écart entre les apprenants et les connaissances académiques de classe mondiale. En tirant parti d'un modèle commercial sophistiqué qui relie les universités, les professionnels et les apprenants impatients à travers le monde, Coursera a révolutionné comment les individus acquièrent des compétences et des références au 21e siècle. Des étudiants qui recherchent des alternatives d'apprentissage abordables aux professionnels poursuivant l'avancement de carrière, cette plate-forme innovante offre un écosystème complet qui démocratise l'éducation à travers des solutions d'apprentissage flexibles axées sur la technologie.

Coursera, Inc. (Cour) - Modèle commercial: partenariats clés

Universités et établissements universitaires du monde

En 2024, Coursera s'associe à 275+ universités et institutions dans le monde, notamment:

Région	Nombre d'institutions partenaires
États-Unis	180
Europe	45
Asie-Pacifique	35
l'Amérique latine	15

Créateurs et instructeurs de contenu

Coursera collabore avec plus de 5 400 instructeurs experts des meilleures institutions.

• Évaluation moyenne de l'instructeur: 4,7 / 5
• Instructeurs de 190+ pays
• Plus de 60% des instructeurs des premières universités mondiales

Partenaires technologiques

Partenaire technologique	Collaboration spécifique
Services Web Amazon	Hébergement d'infrastructures cloud
Google Cloud	Apprentissage automatique et intégration en IA
Microsoft Azure	Solutions d'apprentissage d'entreprise

Formation d'entreprise et clients d'entreprise

Base de clientèle d'entreprise: 2 100+ organisations

• Fortune 500 Compagnies: 50%
• Revenu annuel des entreprises: 270,4 millions de dollars (2023)
• Valeur du contrat moyen de l'entreprise: 95 000 $

Organisations de certification professionnelle

Partenaire de certification	Nombre de certifications
Google	8 certificats professionnels
Ibm	6 certificats professionnels
Méta	4 certificats professionnels

Coursera, Inc. (Cour) - Modèle d'entreprise: activités clés

Cours en ligne et développement de contenu

Au quatrième trimestre 2023, Coursera a accueilli 6 300 cours actifs de 275 partenaires universitaires et industriels. La plate-forme a développé 2 200 nouveaux cours en 2023, avec du contenu couvrant 19 catégories de sujets différentes.

Métrique de contenu	2023 données
Cours actifs totaux	6,300
Partenaires universitaires	275
De nouveaux cours développés	2,200

Maintenance de la technologie des plateformes

Coursera a investi 103,5 millions de dollars dans les frais de technologie et de développement en 2023. La plate-forme soutient 77 millions d'apprenants enregistrés dans 220 pays et territoires.

• Investissement technologique annuel: 103,5 millions de dollars
• Base d'utilisateurs mondiaux: 77 millions d'apprenants enregistrés
• Reach géographique: 220 pays et territoires

Conception et conservation du programme

En 2023, Coursera a lancé 500 nouveaux certificats professionnels en collaboration avec des leaders de l'industrie comme Google, IBM et Meta. La plate-forme a organisé du contenu dans 14 domaines de compétences.

Métrique de développement du curriculum	2023 données
Nouveaux certificats professionnels	500
Partners de l'industrie pour les certificats	25
Domaines de compétences	14

Optimisation de l'expérience d'apprentissage

Coursera a mis en œuvre des algorithmes d'apprentissage automatique qui personnalisent les recommandations de cours pour 62% de sa base d'utilisateurs. La plate-forme a atteint un taux d'achèvement de cours de 73% en 2023.

• Couverture de personnalisation: 62% des utilisateurs
• Taux d'achèvement du cours: 73%
• Système de recommandation dirigée par l'IA: implémenté

Gestion des partenariats d'entreprise et académique

Coursera s'est engagé avec 3 400 clients d'entreprise en 2023, dont 80% des entreprises du Fortune 500. Les partenariats académiques se sont étendus à 275 établissements dans le monde.

Métrique de partenariat	2023 données
Entreprenants	3,400
Fortune 500 Engagement de l'entreprise	80%
Institutions universitaires	275

Coursera, Inc. (Cour) - Modèle d'entreprise: Ressources clés

Infrastructure de plate-forme d'apprentissage numérique

Au quatrième trimestre 2023, la plate-forme numérique de Coursera prend en charge 87 millions d'utilisateurs enregistrés dans 190 pays. L'infrastructure de plate-forme comprend:

• Architecture basée sur le cloud hébergé sur Amazon Web Services (AWS)
• Coût d'infrastructure technique: 42,3 millions de dollars en 2023
• Avance de la plate-forme: fiabilité de 99,99%

Composant d'infrastructure	Spécification	Investissement annuel
Infrastructure de serveur	Architecture cloud distribuée	18,7 millions de dollars
Réseau de livraison de contenu	Distribution mondiale de contenu	12,5 millions de dollars
Systèmes de sécurité	Cryptage avancé	6,1 millions de dollars

Catalogue de parcours étendu

Catalogue de cours Métriques à partir de 2024:

• Cours totaux: 7 250
• Certificats professionnels: 985
• Partenariats universitaires: 275
• Langues soutenues: 16

AI avancée et algorithmes de recommandation

Investissement et capacités de l'IA:

• Investissement annuel de R&D AI: 37,6 millions de dollars
• Modèles d'apprentissage automatique: 52 algorithmes de recommandation actifs
• Précision de la personnalisation: 78,3% du taux de correspondance du contenu utilisateur

Réseau mondial d'instructeurs académiques et professionnels

Catégorie d'instructeur	Nombre	Compensation moyenne
Professeurs d'université	4,750	12 500 $ par cours
Professionnels de l'industrie	3,200	9 800 $ par cours

Données utilisateur et analyse d'apprentissage

Capacités d'analyse des données:

• Traitement annuel des données: 2,7 pétaoctets
• Suivi du comportement d'apprentissage: 15 indicateurs de performance clés
• Conformité à la confidentialité des données: RGPD, CCPA certifié

Coursera, Inc. (Cour) - Modèle d'entreprise: propositions de valeur

Options d'apprentissage en ligne flexibles et accessibles

Au quatrième trimestre 2023, Coursera propose plus de 7 300 cours en ligne et plus de 1 600 certificats professionnels dans 220 pays. La plate-forme prend en charge 16 langues et offre une accessibilité d'apprentissage mobile.

Apprentissage des mesures d'accessibilité	2023 données
Cours en ligne totaux	7,300+
Certificats professionnels	1,600+
Pays desservis	220
Langues prises en charge	16

Large gamme de cours des meilleures universités

Coursera s'associe à 275+ grandes universités et entreprises, notamment Stanford, Google, Yale et IBM.

• Top University Partners: Stanford, Yale, Princeton
• Partenaires d'entreprise: Google, IBM, Meta
• Institutions universitaires dans le monde: 275+

Développement et certification professionnels des compétences

En 2023, Coursera a signalé 97 millions d'apprenants enregistrés avec 56 millions d'inscriptions de cours.

Métriques d'engagement des utilisateurs	2023 statistiques
Apprenants enregistrés totaux	97 millions
Inscription au cours	56 millions

Alternative abordable à l'éducation traditionnelle

Le prix moyen des cours varie de 39 $ à 79 $ par mois, nettement inférieur aux programmes d'études traditionnels.

Structure de tarification	Gamme de coûts
Abonnement mensuel	$39 - $79
Certificat professionnel	$39 - $199

Programmes d'apprentissage à votre rythme et à carrière

Coursera propose plus de 4 300 programmes axés sur la carrière avec un délai d'achèvement moyen de 3 à 6 mois.

• Programmes axés sur la carrière: 4 300+
• Temps d'achèvement du programme moyen: 3-6 mois
• Pistes de compétences prêtes à l'emploi: 30+ domaines

Coursera, Inc. (Cour) - Modèle d'entreprise: relations avec les clients

Recommandations d'apprentissage personnalisées

Depuis 2024, Coursera utilise des algorithmes de recommandation dirigés par l'IA qui analysent les modèles d'apprentissage des utilisateurs. La plate-forme traite plus de 77 millions de données de l'apprenant pour générer des suggestions de cours personnalisées.

Métrique de recommandation	Valeur statistique
Précision de la personnalisation	82.5%
Recommandations moyennes par utilisateur	6.3 cours
Taux d'engagement des utilisateurs	64.2%

Forums de discussion communautaire

Coursera maintient des forums de discussion actifs sur sa plate-forme avec des mesures d'engagement spécifiques.

• Fil de discussion active totale: 412 000
• Participants du forum mensuel: 2,1 millions
• Temps de réponse moyen: 12,4 heures

Suivi et support des progrès des utilisateurs

La plate-forme fournit une surveillance complète des progrès avec des analyses détaillées.

Fonctionnement de suivi des progrès	Métrique
Taux d'achèvement du cours	46.7%
Les utilisateurs actifs hebdomadaires suivent les progrès	1,8 million
Tableaux de bord de performance en temps réel	93% des cours

Interaction directe de l'instructeur

Coursera facilite les canaux de communication directs entre les apprenants et les instructeurs.

• Instructeurs totaux sur la plate-forme: 7 300
• Interactions moyennes de l'instructeur hebdomadaire: 340 000
• Taux de réponse aux requêtes des étudiants: 78,6%

Services de réussite des clients et d'orientation de carrière

Coursera fournit des services de soutien professionnel complets avec des résultats mesurables.

Métrique du service de carrière	Valeur statistique
Taux de placement de carrière	62.3%
Utilisateurs de certificat professionnel	5,2 millions
Séances de conseil en carrière	214 000 par an

Coursera, Inc. (Cour) - Modèle d'entreprise: canaux

Plate-forme Web

Au quatrième trimestre 2023, la plate-forme Web de Coursera a accueilli 87 millions d'apprenants enregistrés dans le monde. La plate-forme propose plus de 7 300 cours de 275 partenaires universitaires et industriels.

Métrique de la plate-forme	2023 données
Total des utilisateurs enregistrés	87 millions
Offres totales de cours	7,300+
Institutions partenaires	275

Application mobile

L'application mobile de Coursera a eu 4,5 millions de téléchargements en 2023, avec une cote de 4,6 / 5 sur Apple App Store et Google Play Store.

• Téléchargements d'applications mobiles: 4,5 millions
• Évaluation de l'App Store: 4.6 / 5
• Disponible sur les plateformes iOS et Android

Marketing des médias sociaux

La présence des médias sociaux de Coursera comprend:

• LinkedIn: 2,3 millions d'adeptes
• Twitter: 1,1 million d'abonnés
• Facebook: 1,5 million d'abonnés
• Instagram: 680 000 abonnés

Communication par e-mail

Coursera envoie environ 68 millions d'e-mails marketing par mois, avec un taux d'ouverture moyen de 22,3% et un taux de clics de 3,4%.

Email Marketing Metric	2023 données
Volume de messagerie mensuel	68 millions
Taux d'ouverture par e-mail	22.3%
Taux de clics	3.4%

Partenariat stratégique RÉFÉRATIONS

Coursera possède des partenariats stratégiques avec 275 universités et 200 partenaires de l'industrie, générant 35% des inscriptions totales de cours par le biais des canaux de référence.

• Partenaires universitaires: 275
• Partenaires de l'industrie: 200
• Inscription du canal de référence: 35%

Coursera, Inc. (Cour) - Modèle d'entreprise: segments de clientèle

Étudiants

En 2023, Coursera dessert environ 108 millions d'apprenants enregistrés dans le monde. Les étudiants représentent un segment important avec accès à plus de 7 000 cours de 275 universités et entreprises de haut niveau.

Caractéristiques du segment	Données statistiques
Total utilisateurs des étudiants	42,3 millions
Taux d'achèvement du cours moyen	46%
Tranche d’âge typique	18-24 ans

Apprenants professionnels

Les apprenants professionnels constituent un segment de clientèle essentiel pour le modèle de revenus de Coursera.

• Total utilisateurs professionnels: 27,5 millions
• Dépenses annuelles moyennes: 249 $ par utilisateur
• Domaines professionnels les plus populaires: technologie, entreprise, science des données

Départements de formation d'entreprise

Coursera for Business génère des revenus importants des entreprises.

Métriques du segment d'entreprise	2023 données
Total des clients d'entreprise	2 100 entreprises
Revenus de l'entreprise annuelle	370,2 millions de dollars
Valeur du contrat moyen	$176,000

Changeurs de carrière

Les programmes de transformation de carrière représentent un segment croissant pour Coursera.

• Total des utilisateurs de transition de carrière: 15,6 millions
• Transitions de carrière réussies: 62% des utilisateurs
• Les chemins de carrière les plus transformés: technologie, marketing numérique, analyse des données

Passionnés d'apprentissage à vie

Le segment d'apprentissage continu démontre une croissance cohérente.

Métriques d'apprentissage tout au long de la vie	2023 statistiques
Apprenants totaux à vie	22,8 millions
Cours moyens par an	3.7 cours
Taux d'abonnement récurrent	68%

Coursera, Inc. (Cour) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour Coursera en 2023: 87,4 millions de dollars

Composant d'infrastructure	Coût annuel
Services d'hébergement cloud	42,6 millions de dollars
Maintenance du centre de données	22,3 millions de dollars
Infrastructure de cybersécurité	15,5 millions de dollars
Gestion du réseau	7 millions de dollars

Création et licence de contenu

Total des dépenses liées au contenu en 2023: 124,6 millions de dollars

• Coûts de développement des cours: 68,3 millions de dollars
• Frais de partenariat universitaire: 36,2 millions de dollars
• Licence de contenu: 20,1 millions de dollars

Marketing et acquisition de clients

Dépenses de marketing pour 2023: 92,7 millions de dollars

Canal de marketing	Dépenser
Publicité numérique	45,3 millions de dollars
Marketing des médias sociaux	22,4 millions de dollars
Marketing d'affiliation	15,6 millions de dollars
Marketing de contenu	9,4 millions de dollars

Développement et innovation de la plate-forme

Frais de développement de R&D et de plate-forme en 2023: 103,5 millions de dollars

• Génie logiciel: 62,7 millions de dollars
• Conception des produits et UX: 24,8 millions de dollars
• Développement de l'IA et de l'apprentissage automatique: 16 millions de dollars

Compensation et soutien de l'instructeur

Total des dépenses liées à l'instructeur en 2023: 56,2 millions de dollars

Catégorie de compensation	Montant
Paiements de cours directs	34,6 millions de dollars
Ressources de support de l'instructeur	12,4 millions de dollars
Formation et développement	9,2 millions de dollars

Structure totale des coûts pour 2023: 464,4 millions de dollars

Coursera, Inc. (Cour) - Modèle commercial: Strots de revenus

Frais d'abonnement de cours

Coursera propose un abonnement Coursera Plus à 59 $ par mois ou 399 $ par an à 2024. L'abonnement offre un accès illimité à 90% de son catalogue de cours.

Type d'abonnement	Prix ​​mensuel	Prix ​​annuel
Coursera Plus	$59	$399

Achats de cours individuels

Les prix des cours individuels varient de 39 $ à 199 $ en fonction de la complexité et de la durée.

Type de cours	Fourchette
Cours débutants	$39 - $79
Cours avancés	$99 - $199

Licence d'entreprise et institutionnelle

Les revenus des entreprises de Coursera en 2023 étaient de 215,3 millions de dollars, ce qui représente une croissance de 23% en glissement annuel.

• Compte de clients d'entreprise: 1 093 au Q4 2023
• Valeur du contrat moyen de l'entreprise: 58 000 $ par an

Programmes de certificat professionnel

Des certificats professionnels au prix entre 39 $ et 99 $ par mois, avec un délai d'achèvement moyen de 3 à 6 mois.

Programme de certificat	Coût mensuel	Temps d'achèvement estimé
Certificats de carrière Google	$49	3-6 mois
Certificats professionnels IBM	$59	4-6 mois

Solutions de formation de la main-d'œuvre

Les revenus de formation de la main-d'œuvre ont atteint 83,4 millions de dollars au quatrième trimestre 2023, avec une augmentation de 17% d'une année à l'autre.

• Total des apprenants: 129 millions au quatrième trimestre 2023
• Pays avec des apprenants: plus de 190

Coursera, Inc. (COUR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why learners and enterprises choose Coursera, Inc. over other options. It boils down to scale, relevance, and increasingly, smart technology integration. Here's the quick math on the value propositions as of late 2025.

Universal access to world-class, career-relevant learning

Coursera, Inc. provides access to a massive, globally distributed catalog of learning assets. As of September 30, 2025, the platform hosted 191 million registered learners globally. This reach spans over 230 countries and territories. The content itself is curated from top sources, with Coursera partnering with over 375 leading university and industry partners. The catalog features more than 12,300+ total courses. To give you a sense of where the demand is, North America represents the largest regional learner base with 31.2 million learners, while India leads in total enrollments with 24.6 million learners. A significant majority, 85%, of these learners identify as career learners.

• Total registered learners as of September 30, 2025: 191 million.
• Total Courses offered: 12,300+.
• Percentage of learners reporting career benefits: 77%.
• Percentage of learners who are career learners: 85%.

Flexible, stackable credentials like Professional Certificates

The shift toward stackable credentials is a major draw. Coursera, Inc. now offers nearly 100 professional certificates, including new titles from Microsoft, AAPC, and EC-Council as of Q3 2025. The platform recorded 4.9 million enrollments in Professional Certificates, representing a 10% growth compared to 2023. Specifically, enrollments in Entry-Level Professional Certificates have surpassed 15.4 million in total. This flexibility is attracting diverse learners; for instance, the percentage of women pursuing Professional Certificates rose from 25% in 2019 to 40% in 2022.

Credential Type Metric	Value as of Late 2025 Data	Context/Period
Total Professional Certificate Enrollments	4.9 million	Growth of 10% vs. 2023
Entry-Level Professional Certificate Enrollments	Over 15.4 million	Total recorded
Total Professional Certificates Offered	Nearly 100	As of Q3 2025

AI-driven personalization and accessibility (e.g., course translations)

Artificial intelligence is baked into the platform experience now. Generative AI (GenAI) enrollments have surged, surpassing 8 million in total. The velocity of adoption is clear: GenAI courses averaged 12 enrollments per minute in 2025, a significant jump from 1 per minute in 2023. Platform innovations include Coursera Coach, Role Play, and Course Builder, plus the introduction of AI translations.

Enterprise upskilling solutions for workforce transformation

For businesses, Coursera, Inc. delivers measurable workforce transformation value. In the third quarter of 2025, the Enterprise segment generated $64 million in revenue. The gross profit margin for this segment was 70% in Q3 2025. Paid enterprise customers grew to 1,686 as of Q2 2025, up 12% year-over-year. Furthermore, the Net Retention Rate for these paid enterprise customers remained steady at 93%. Companies collaborating with Coursera report saving an average of $1.12 million in recruitment costs annually.

Affordable freemium model allowing users to audit courses for free

The entry point remains highly accessible. Learners can audit courses for free, which is a key component of the freemium structure. For those seeking full access, the Coursera Plus subscription is priced at $59 per month or $399 annually. This subscription, which grants access to over 11,000+ courses, now contributes more than half of the entire Consumer segment revenue.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Relationships

You're looking at how Coursera, Inc. keeps its massive, diverse user base engaged and spending, which is key since the platform mixes individual learners with large institutional contracts. The relationship strategy clearly splits between the high-volume consumer side and the high-touch enterprise side.

For the individual learner, the relationship is almost entirely automated and self-service. This is where the Coursera Plus subscription model really shines for driving defintely sticky revenue. As of the third quarter of 2025, Coursera Plus now encompasses more than half of the Consumer segment revenue. This shift gives Coursera significant visibility into recurring revenue streams, which is a huge plus for financial planning. The platform supports this with a base of 191 million Paying Users as of Q3 2025, an increase of 28.9 million year-over-year.

The platform's self-service nature is reinforced by data-driven product improvements aimed at streamlining the learner journey. The success of this approach is reflected in outcomes. A recent report, based on feedback from over 52,000 learners across 179 countries, showed that 86% of learners join to build new skills and transform their careers. Furthermore, 91% of those surveyed reported achieving a positive career outcome after learning on the platform.

When you look at the B2B/B2G side, the relationship model flips to dedicated, high-touch engagement. Coursera deploys dedicated Enterprise sales and customer success teams to manage these accounts. In Q3 2025, the Enterprise segment brought in $63.9 million in revenue, marking a 6% increase year-over-year. The customer base grew by 10%, reaching 1,724 paid enterprise customers. However, you need to watch the Net Revenue Retention (NRR) metric, which softened to 89% in that same quarter, suggesting some existing enterprise clients are spending less or churning.

Community forums and peer-to-peer support are the glue that holds the self-service model together, even if they don't generate direct revenue. They reduce the load on direct support and increase course completion rates. The platform also uses its vast data set to iterate on the learning experience itself. Here's the quick math on the key customer metrics as of Q3 2025:

Metric Category	Specific Metric	Value (Q3 2025)
Individual Learners (Scale)	Total Paying Users	191 million
Individual Learners (Growth)	Year-over-Year Paying User Increase	28.9 million
Subscription Stickiness	Coursera Plus Share of Consumer Revenue	More than half
Enterprise Customers (Scale)	Total Paid Enterprise Customers	1,724
Enterprise Customers (Growth)	Year-over-Year Paid Customer Growth	10%
Enterprise Health	Enterprise Net Revenue Retention (NRR)	89%
Learner Success	Reported Positive Career Outcome Rate	91%

The reliance on Coursera Plus means that managing the subscription lifecycle-from acquisition to renewal-is paramount. The goal is to make the value proposition so clear that learners see the subscription as a non-negotiable tool for career advancement. The data showing 86% of learners join specifically to build skills supports this value-driven relationship. If onboarding takes 14+ days, churn risk rises.

The Enterprise team's relationship focus is on demonstrating clear Return on Investment (ROI) to justify the spend, especially when NRR is softening. They are using new enterprise SKUs, like Skills Tracks, to better address upskilling ROI directly, which is a clear action based on the 89% NRR figure.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Channels

You're looking at how Coursera, Inc. gets its content and services in front of learners and institutions as of late 2025. The channels are a mix of direct digital reach and targeted enterprise sales motions, which is definitely showing in the latest numbers.

Core online learning platform (website and mobile app)

This is the foundation, the digital storefront where the vast majority of transactions and consumption happen. The platform's reach is substantial, evidenced by the total registered learner base. As of the third quarter of 2025, Coursera, Inc. reported a total registered learner base of 191 million, which marked an 18% increase from the prior year. The platform's ability to acquire new users remains strong, adding 7.7 million new registered learners in that single quarter. The mobile experience is a key part of this channel, with a significant portion of the user base relying on it for access.

• Total Registered Learners (as of Q3 2025): 191 million
• New Registered Learners (Q3 2025): 7.7 million
• Mobile Access: A substantial portion of the user base accesses courses via mobile devices.

Direct-to-Consumer (D2C) digital marketing and SEO

The Consumer segment is the primary engine for top-line growth, relying heavily on digital acquisition channels like search engine optimization (SEO) and targeted digital marketing to drive subscriptions. This channel's success is directly reflected in the segment's financial performance. For the third quarter of 2025, the Consumer segment generated $130.3 million in revenue, representing a strong 13% year-over-year growth. A critical component of this D2C channel is the subscription offering; Coursera Plus now accounts for more than half of the entire Consumer segment revenue. Management noted they will continue to invest in marketing channels that prove effective at driving Coursera Plus subscriptions.

Enterprise sales team for Coursera for Business and Government

The Enterprise segment utilizes a direct sales force to target corporate learning and public sector workforce development. This channel is more relationship-driven than the D2C path, though it faces some headwinds. In Q3 2025, the Enterprise segment revenue grew by 6% year-over-year, reaching $63.9 million. The number of paid enterprise customers stood at 1,724, a 10% year-over-year increase. However, the Net Retention Rate (NRR) for these customers was 89% as of Q3 2025, a metric the CEO admitted the company was not pleased with, suggesting challenges in expansion or retention within this base. Coursera for Government was specifically noted as being more challenged compared to the business and campus verticals.

University and institutional sales for Coursera for Campus (C4C)

Coursera for Campus (C4C) is a specialized focus within the broader enterprise effort, targeting higher education institutions for content integration and credit-bearing courses. This channel is strategically prioritized for growth. While the overall Enterprise segment grew at 6% in Q3 2025, C4C was explicitly stated to be expected to deliver the highest growth among all enterprise offerings. The strategy here centers on integrating Coursera content into existing university programs to drive higher completion rates and secure tuition revenue share, which is seen as a more scalable approach than the Degrees offering, which saw expected revenue decline for the full year 2025.

Partner networks (universities, companies) promoting content

The partner network acts as a crucial distribution and credibility channel, lending authority to the platform's offerings. As of early 2025 data, Coursera, Inc. maintained partnerships with approximately 200 universities and 150 industry leaders. These partnerships are vital for content creation and co-promotion, especially for high-demand areas like AI certifications. The growth in AI enrollments, which surged by 195% year-over-year to surpass 8 million in total, is partly fueled by the credibility and reach provided by these established institutional and corporate partners. The platform also boasts over 12,000 total courses available.

Here's a quick look at the segment revenue contribution for the third quarter of 2025:

Segment Channel	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Consumer (D2C Digital)	$130.3	13%
Enterprise (Business, Government, Campus)	$63.9	6%
Total Reported Revenue	$194.2	10%

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Segments

You're looking at the core paying and non-paying groups Coursera, Inc. serves as of late 2025. The platform's scale is massive, with a total registered learner base reaching 191 million as of September 30, 2025. In the third quarter alone, the company added 7.7 million new registered learners.

Individual Learners (Consumer segment) seeking career advancement.

This segment is the engine driving recent acceleration. Career advancement is the top motivation, with 86% of learners joining to build new skills and transform their careers, according to a September 2025 report. Furthermore, 91% of learners reported achieving a positive career outcome after completing a course. The Consumer segment, which now includes Degrees, posted revenue of $130 million in Q3 2025, marking a 13% year-over-year growth. The Coursera Plus subscription offering is now a major driver, accounting for more than half of the entire Consumer segment revenue.

Key metrics for the Individual Learner segment:

• New registered learners added in Q3 2025: 7.7 million.
• Year-over-year Consumer revenue growth (Q3 2025): 13%.
• Total registered learners as of September 30, 2025: 191 million.

Businesses (Enterprise segment) needing workforce upskilling/reskilling.

The Enterprise segment includes Coursera for Business and Government. Management has noted a more muted corporate spend environment, which has impacted growth rates here compared to the Consumer side. For the third quarter of 2025, Enterprise segment revenue was $64 million, representing a 6% year-over-year growth. This growth rate decelerated from the 10% seen in Q2 2025. The total number of paid enterprise customers stood at 1,686 as of Q2 2025. The segment gross profit margin remained strong at 70% in Q3 2025.

Here's a quick comparison of the two primary revenue segments for Q3 2025:

Segment	Revenue (Q3 2025)	Year-over-Year Growth (Q3 2025)	Gross Profit Margin (Q3 2025)
Consumer	$130 million	13%	61%
Enterprise	$64 million	6%	70%

Governments and NGOs focused on public sector training.

This group is served under the Enterprise umbrella, specifically via Coursera for Government. While specific revenue for this sub-segment isn't broken out, growth in the Enterprise vertical is noted as being driven by both business and campus verticals. There is evidence of government-led initiatives driving demand, such as cybersecurity training in the Middle East & North Africa region, which saw a 17% enrollment increase in 2024. The overall Enterprise segment is being managed under new leadership to reignite more significant long-term growth.

Universities and Colleges utilizing C4C for blended learning.

Coursera for Campus (C4C) is a primary focus for 2025, positioned to deliver the highest growth among Enterprise offerings. The strategy involves integrating course content into existing university programs, aiming to capture a share of the $2 trillion higher education market. Credit-bearing courses within C4C see the highest completion rates across the entire platform. Adoption is leading in India, with European universities being slower to embrace the model.

Learners in emerging markets seeking affordable, localized content.

Emerging markets are key beneficiaries of platform innovations designed for accessibility. Generative AI (GenAI) enrollments have surged by 195% year-over-year, surpassing 8 million in total, with India leading all countries in GenAI course enrollments at over 1.3 million in 2024. Latin America saw a 425% increase in GenAI enrollments. The platform is actively using AI translations and AI dubbing, enabling over 120,000 learners to complete over 400,000 learning hours in multiple languages, specifically targeting Spanish-speaking markets.

Key statistics related to global reach and emerging skills:

• GenAI courses averaged 12 enrollments per minute across Coursera's 700 GenAI courses in 2025.
• Women represent 46% of the global learner base, with countries like Kazakhstan showing 56% female learners.
• Professional Certificate enrollments grew 37% in North America and 36% in the Middle East and North Africa over the past year.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Coursera, Inc. as of late 2025, which is all about scaling efficiently while keeping those partner payouts in check. The cost structure is heavily influenced by how they pay their content creators, which is the primary variable cost.

Content costs: Revenue share payments to university and industry partners.

This is the biggest lever in the Cost of Revenue line. Coursera, Inc. manages this by favoring newer content arrangements that come with a lower revenue share percentage. For the three months ended March 31, 2025, content costs for the Enterprise segment were $18.5 million. This represented a content cost as a percentage of revenue of 30.0% for the Enterprise segment in that quarter. The Consumer segment shows similar dynamics; in Q3 2025, the Consumer segment gross profit margin hit 61.2%, up from 59.4% year-over-year, directly because newer content carries a lower revenue share.

Here's a quick look at the gross margin performance, which directly reflects content cost management:

Metric	Period	Value
Enterprise Segment Gross Profit Margin	Q3 2025	69.6%
Consumer Segment Gross Profit Margin	Q3 2025	61.2%
Overall GAAP Gross Margin	Q3 2025	56%
Enterprise Content Cost as % of Revenue	Q1 2025	30.0%

Technology and development expenses for platform maintenance and AI.

These fixed-like costs, along with Sales and Marketing and G&A, are what you watch to see if the company is gaining operating leverage. For the first quarter of 2025, the total GAAP operating expense was $112.3 million, which was 62.7% of revenue for that period. This was an improvement, down 780 basis points year-over-year, showing a clear focus on pacing investments against top-line growth. The push into generative AI, including partnerships like the one with Anthropic, is a key area for this spending bucket.

Sales and marketing costs to acquire Consumer and Enterprise customers.

Acquisition costs are necessary to fuel the growth seen in the Consumer segment, which saw revenue grow 13% year-over-year in Q3 2025. The Enterprise segment, however, saw its Net Retention Rate soften to 89% in Q3 2025, suggesting that the cost to maintain or grow those accounts might be under pressure or that spending is more muted. The company is trying to address this by launching new Enterprise SKUs like Skills Tracks to better demonstrate upskilling ROI.

General and administrative expenses (G&A) for a public company.

G&A covers the overhead of being a publicly traded entity, including finance, legal, and executive functions. While specific G&A dollar amounts aren't broken out in the immediate results, the overall cost control is evident when looking at the non-GAAP profitability metrics. The company reported an Adjusted EBITDA of $15.6 million for Q3 2025, which translates to an 8.0% Adjusted EBITDA Margin for that quarter.

Targeting Adjusted EBITDA margin of 8.0% for full-year 2025.

This is the key profitability goal you need to track. Coursera, Inc. has maintained its guidance for the full year 2025, targeting an annual Adjusted EBITDA Margin improvement of 200 basis points, landing at 8.0%. This target shows management's commitment to letting revenue growth flow through to profitability, especially as content costs are managed down. If onboarding takes 14+ days, churn risk rises, which would directly impact the revenue base against these fixed operating costs.

• Q3 2025 Adjusted EBITDA was $16 million (or $15.6 million).
• The Q3 2025 Adjusted EBITDA Margin was approximately 8.0%.
• Full year 2025 revenue is projected to be in the range of $750 million to $754 million.
• The company held approximately $798 million in unrestricted cash and cash equivalents as of September 30, 2025, with no debt.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Coursera, Inc.'s (COUR) business model as of late 2025, which is showing a clear pivot toward subscription and enterprise growth while de-emphasizing one older revenue line. The overall expectation for the full fiscal year 2025 is a revenue range of $750 million to $754 million.

The primary engine for growth right now is the Consumer subscription revenue, largely driven by Coursera Plus. This subscription service is key because it provides more predictable, recurring revenue streams. In the third quarter of 2025, Coursera Plus had grown to account for more than half of the entire Consumer segment revenue.

The Consumer segment itself showed strong momentum, reporting revenue of $130.3 million in the third quarter of 2025, marking a 13% year-over-year growth. This segment's gross profit margin expanded to 61.2% in that same quarter. This revenue stream is a blend of subscriptions and direct purchases, which we can break down further:

• Coursera Plus subscriptions (key growth driver).
• Individual course/Specialization purchases.
• Professional Certificate fees.

The Enterprise segment, which covers B2B, B2G (Business-to-Government), and C4C (Consumer-for-Corporate) sales through annual contracts, is still a significant contributor, though its growth has moderated. For the third quarter of 2025, Enterprise segment revenue was $63.9 million, representing a 6% year-over-year increase. Management noted a muted corporate spend environment, reflected in the Net Retention Rate (NRR) for paid Enterprise Customers softening to 89%. The Enterprise segment gross profit margin for Q3 2025 was reported at 69.6%.

Here's a quick look at the segment performance as of the latest reported quarter:

Metric	Q3 2025 Value (Millions USD)	Year-over-Year Growth
Total Revenue	$194.2	10%
Consumer Segment Revenue	$130.3	13%
Enterprise Segment Revenue	$63.9	6%

Finally, you need to note the shift away from Degree program tuition revenue. Management explicitly indicated that the degrees product revenue is expected to decline in 2025 as the focus shifts to the Consumer and Enterprise growth opportunities. In fact, the company stopped reporting the number of Degrees students as a standalone metric because it no longer provides a meaningful indication for Consumer segment performance. The overall catalog supporting these revenue streams includes more than 12,000 courses and nearly 100 professional certificates as of late 2025.