Flexible Online Courses Offer an Alternate Route to Education During Lockdown
NEW YORK, Jan. 28, 2021 /PRNewswire/ -- Throughout the past decade, various technological advancements, in addition to high demand for more accessible and low-cost education, have led to major growth for the online education industry. Furthermore, the popularity of online education is expected to accelerate even further now that the pandemic and the attempts to fight it have resulted in millions around the world to transition to online education solution. According to a research by Research and Markets, the global e-learning market is expected to reach USD 325 Billion by 2025 from USD 107 Billion in 2015. As a result of the social distancing and quarantine measures, video conferencing platforms such as Zoom and WebEx are now at peek popularity, as are learning management systems like Instructure's Canvas, Blackboard and Google Classroom. Meten EdtechX Education Group Ltd. (NASDAQ: METX), New Oriental Education & Technology Group Inc. (NYSE: EDU), American Public Education, Inc. (NASDAQ: APEI), GSX Techedu Inc. (NYSE: GSX), Chegg, Inc. (NYSE: CHGG)
Many, including those hit by furloughs and layoffs, were forced to put off attending college last fall. Meanwhile, many early-career professionals have found themselves in a different boat. Being able to continue working, often from home, many found themselves with more free time. Richard Garrett, Chief Research Officer at Eduventures explained how thousands of them decided that "this is the time to invest in myself, come what may," and enrolled in an online master's program. "The pandemic," he said, "gave them an extra shove."
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced breaking news earlier this week that, "the Company has launched SVIP courses to address the high-end adult ELT market.
As China continues its globalization efforts, the demand for international communication is becoming more urgent than ever and thus, the high-end adult ELT market has tremendous potential. Compared with other sub-fields, high-end adult ELT addresses more diversified customer needs, including, but not limited to, international business negotiations and international cultural exchanges. In order to meet different customer needs, educational institutions are required to have highly professional teachers in order to provide comprehensive teaching services.
As a key player in the Chinese ELT market, Meten EdtechX has been formulating more high-end SVIP courses for China's high-net-worth students/users by providing them with customized courses. These customized courses will be provided through flexible and diverse teaching methods, such as remote teaching via video and telephone and face-to-face teaching at our offline learning centers. Students can choose different teaching modes to suite their special needs and achieve the best learning results they expect.
Taking into account the recent positive developments relating to the COVID-19 vaccines and the continuous recovery of China's economy, the demand for international exchanges is expected to be gradually restored. The launch of the SVIP courses at this moment is strategic as we plan to lay the foundation for the growth of this segment, which we believe would enable the Company to grasp the opportunity to diversify its scope of services and address the high-end adult ELT market. Building on Meten EdtechX's years of brand awareness, the Company expects that the SVIP courses will become another strong growth point in 2021."
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New Oriental Education & Technology Group Inc. (NYSE: EDU) 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, nd 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.
American Public Education, Inc. (NASDAQ: APEI), parent company of online learning provider American Public University System, announced back in October that it has entered into a definitive agreement to acquire Rasmussen University ("Rasmussen"), a nursing- and health sciences-focused institution serving over 18,000 students at its 24 campuses across six states and online. Rasmussen offers both traditional and competency-based programs online and through its 24 on-ground campuses in six states. With over 8,200 nursing students, Rasmussen is one of the largest providers of pre-licensure nursing programs in the United States.
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."
Chegg, Inc. (NYSE: CHGG) and Arizona State University announced this week an innovative new partnership to expand access for in-demand advanced skills programs. Learners who enroll in one of the training programs can choose to study either full-time or part time and complete in 5-6 months. They'll make progress through cutting-edge, skills-focused curriculum, have access to a 1:1 mentor, receive career coaching throughout the program, and walk away with a Professional Certificate from ASU. This program is launching at a time when companies continue to face an ongoing shortage in tech talent, a trend that is only expected to grow as advancements in technology accelerate.
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