Some EdTech companies are using the opportunity created by the EdTech boom to enter public markets. The share price of iHuman Inc., a leading Chinese online childhood edutainment provider, surged by more than 30% on its first day of trading on the New York Stock Exchange.
In China, Koolearn, GSX, and Youdao – three purely online afterschool tutoring services – each saw over 10 million enrollments in free courses during the first three months of the lockdown. In the US, Chegg registered a 69% increase in subscriptions to its online learning services in Q3 2020, and the biggest online school, K12 Inc., reported 49% growth in enrollment year-on-year over the same quarter – the highest in over a decade – driven by K-5 kids, for whom social distancing is difficult. Two-thirds of US schools have used Newsela, an app providing engaging digital content and learning resources, since the outbreak of the novel coronavirus. EdTech is rapidly gaining an audience. According to surveys, 50% of US teachers believe that online learning is effective, compared to just 38% six months ago, while 73% of US students say that the coronavirus has made them more likely to consider online programs.