Novakid Maintains Growth in 2022, Launches 40-Minute Learning Sessions
22.2.2023 18:00:00 EET | Business Wire | Press release
Novakid, a leading online English as a Second Language (ESL) platform and evolving EdTech company that is reinventing learning for children, maintained customer growth with approximately 70,000 new students across 50+ countries subscribing during 2022.
Importantly, Novakid achieved double-digit YoY revenue growth, with the share of long-term subscriptions (6 and 12 months) steadily increasing. Globally, over 20% of new subscription sales are attributed to referrals from current customers and NPS is trending at above 60% (best in class), evident in the improved customer retention figures. Novakid maintained high scores for customer satisfaction - an average of 96%, depending on the region - based on internal measurement methods conducted on a regular basis.
Over 10 million lessons have been delivered since 2017, of which nearly 4.5 million lessons (4,453,732) were completed in 2022.
Novakid continued to strengthen its positions in global markets. Europe still accounts for the majority of the company’s client portfolio (55%) with the MENA region accounting for 25% of the client base and the Asia-Pacific region increasing to 20% of the total number of customers.
2023 plans
The 25-minute one-on-one English lesson format will be upgraded to a 40-minute educational journey for young students. These extended sessions are at no additional cost to clients and include three elements: a fun, context-setting pre-lesson activity, the one-on-one lesson with a teacher and gamified self-practice ‘homework’ after the lesson. Since August 2022, Novakid has noted that the average time students spend on self-practice activities beyond structured, one-to-one lessons has tripled.
New product developments that are being considered for the platform are aimed at increasing the engagement with educational content to increase motivation to learn and support learning outcomes. The team is constantly researching and testing various options, including experiments with other subjects that could be added to the product line.
Recent research has indicated that increased time spent on homework and mini games has a positive impact on the retention rate. Additionally, the monthly retention rate of users who have watched comic-based videos is 149% higher than those who have not. Ultimately, more interaction with games, videos and additional content results in higher retention rates. This insight will drive curriculum and product development going forward.
“Our focus in the upcoming year will lie on further improving the value of our product for our customers. We will do this by continuing to invest in better UX for customers, and in high-quality content for our teachers helping them to be even better at teaching. We will continue expanding our offering beyond the one-to-one tutoring format. Specifically, we are planning to add self-learning activities and start introducing 1-many learning & practice products. We are grateful for the trust that our families put in us to teach their children. The results of our young English learners remain the biggest achievement for Novakid,” said Max Azarov, CEO of Novakid.
For more information about Novakid, please visit https://www.novakidschool.com/corp/.
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Contact information
Dominique Harmse, +447932928310
dominique.harmse@novakidschool.com
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