NEW YORK, July 9, 2020 /PRNewswire/ -- Online education was considered a fast-growing market even before the pandemic spread around the globe. Now, the increasing penetration of internet in many regions across the globe is a major factor driving the market growth. Furthermore, other technological advancements, such as cloud-based solutions coupled with huge investments by major market players towards enhancing the security and reliability of cloud based education platforms also play a major role in the market development. By end user segment, the online education market is comprised of K-12 education, higher education, industry and professionals, and others. Of course, it is the comfort that online education service providers offer that caused the high demand in recent years. However, online education also often provides a more personalized learning experience where students can learn at their own pace, from anywhere, as long as they have an internet connection. 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. Color Star Technology Co., Ltd. (NASDAQ: HHT), Chegg, Inc. (NYSE: CHGG), Perdoceo Education Corporation (NASDAQ: PRDO), K12 Inc. (NYSE: LRN), New Oriental Education & Technology Group Inc. (NYSE: EDU)
Now, in a time of a pandemic, online learning has become a crucial component of daily lives for million of students. Top tier universities are included, providing full curriculums via online services. Outside the university arena, there are numerous services like such as Skillshare, Lynda, Udemy, Coursera and Udacity that provide courses separately, or other specific online education formats. Earlier this year, Udemy announced that it had raised USD 50 Billion from a single investor, to which president Darren Shimkus said, according to Forbes, "The biggest challenge is for learners is to figure out what skills are emerging, what they can do to compete best in the global market. We're in a world that's changing so quickly that skills that were valued just three or four years ago are no longer relevant. People are confused and don't know what they should be learning."
Color Star Technology Co., Ltd. (NASDAQ: HHT) announced breaking news this morning that, "a company engaged in the business of providing innovative education services, is pleased to announce that its wholly owned subsidiary, Color China Entertainment Limited ("Color China") has signed a Framework Agreement with Moremoon Cartoon Cultural Diffusion (Shenzhen) Co., Ltd. ("Moremoon") which sets forth the strategic direction of the two entities' cooperation that shall be further defined in a definitive agreement. In the future, the Company plans on releasing multiple series of Moremoon products on its "Color World" platform.
Moremoon is an experienced service provider for corporate image design, brand planning, graphic design, space design, card design, commercial photography, multimedia design, as well as an integrated brand planning and resource integration. Moremoon is centered on the operation and promotion of an independent animation brand image. It constantly enriches its brand "Zombies Cat," and continues to expand into related fields, including animation image authorization and derivative product development and sales, animation image design, illustration design, long comics production, sales channel management, mobile game design, and more. Advocating the value of "creativity-driven innovation and creating value," Moremoon is committed to building China's top original animation brand and revitalizing China's cultural and creative industries.
Moremoon has participated in in-depth cooperation with platforms such as Tencent QQ, Sogou Mobile Chinese Input Method, China Mobile Fetion, WeChat emoticons, Emoticons ABC Daquan, Baidu Hi, Love Wallpaper APP. It has won the Comprehensive Group of the 2nd Northeast Asia International Animation Works Competition in 2014 and appeared in China International Animation and Video Game Festival in October 2014.
The cooperation between Color Star and Moremoon marks the prelude to the Company's plan to offer multiple variety of products on its "Color World" Platform. Management aims to build the Color World platform to be very different from the traditional online education offerings; it will not only feature online classes taught by our "Star Teachers," whom are renowned and successful professionals in various fields of the entertainment and media industry, but also sell relevant peripheral products of our Star Teachers as well as brand collaboration products. Sean Liu, CEO of Color Star, said that "Color China are currently negotiating with many well-known brands around the world. Besides our educational programs, we are also aiming to bring the users with a unique shopping experience." In the future, we plan to include top brands and customized products on our Color World platform, which will allow our subscribers to experience a creative way of shopping, while at the same time expanding the service scope of the Company so as to increase the Company's channels for increased revenue.
We plan for Color World to become a diversified platform. Once our plan is successfully implemented, subscribers on our platform will not only learn face-to-face with their favorite Star Teachers, but will also have easy access to purchase peripheral products of their idols. At the same time, the platform will also allow subscribers to send gifts to their idols. We strive for Color World to become not just an education platform, but also a joyful learning experience and interactive education social platform with our Star Teachers."
About Color Star Technology Co., Ltd.
Color Star Technology, is a holding company whose primary business is offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music and entertainment education services via a platform branded "Color World."
Chegg, Inc. (NYSE: CHGG) announced last year that it has entered into a definitive agreement to acquire Thinkful, an online learning platform that offers professional courses directly to students across America. 85% of Thinkful graduates get jobs in their field of study within six months of graduating their program. "With the anticipated addition of Thinkful to our platform, Chegg will continue to expand our offerings and make it easier for students to accelerate their path from learning to earning," said Dan Rosensweig, CEO of Chegg. "Students are increasingly looking to improve their professional opportunities by learning the most relevant job skills, either while in school or soon after. Adding Thinkful courses to our suite of Chegg Learning Services will enable us to empower students to obtain in-demand, high-quality job skills, for the fastest-growing job categories, with affordable prices. Thinkful has achieved strong revenue growth of greater than 30% year-over-year because it has focused on going directly to students and helping them gain the most valuable skills for today's workforce."
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. Earlier in May reported operating and financial results for the quarter ended March 31st, 2020. Revenue increased by 8.3% to USD 171.0 Million with both universities contributing to this growth, and Operating income increased 24.5% to USD 37.3 Million. "The COVID-19 pandemic is posing unique challenges to our society, and our highest priority is the well-being of our students, employees and communities. We have leveraged our technology and processes to move our students and employees to a remote environment, while delivering on our commitments and responsibilities to serve our students," said Todd Nelson, President and Chief Executive Officer. "Although the pandemic has not had a material impact on our operating results to date, we are closely monitoring the situation and remain focused on executing against our strategy of sustainable and responsible growth."
K12 Inc. (NYSE: LRN) announced last week that online private school is now more accessible for the 2020-2021 school year as K12 Private Academy offers families a 10% discount on tuition. The reduced tuition will open the door for more families to have a safe and secure school year by accessing quality education from licensed teachers from the comfort of their homes, or anywhere in the world with an internet connection. "We are excited to continue our mission of providing a quality, online private school education for more families in the upcoming school year," said Head of School Leslie Smith. "K12 Private Academy is committed to opening the doors to families seeking an alternative learning environment and ensuring that every student has access to a school that helps them succeed."
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, 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.
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