Celebrating 10th anniversary, 51Talk plans to push competency-based English education for next step
2021-03-18 16:17:14

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51Talk, a China-based English education provider specializing in 1-on-1 live-streaming courses, celebrated its tenth anniversary of the establishment on March 10th with the announcement of the next-step business strategy.

According to Jack Huang, the founder and CEO of 51Talk, the company aims to develop a competency-based English education system focusing on K-12 students. The system upgrade covers several aspects including technology, product, services, and teaching research and development. Also, in the second half of 2021, 51Talk will launch its first formative education product matrix.

As hitting a ceiling at running adult English teaching businesses, the company turned to focus on providing English education service for children with 1-on-1 live-streaming courses give by Filipino English teachers, it takes 10 years for 51Talk to be profitable before tax. 

Its latest financial results show that net revenues of 2020 were RMB2,054.1 million (US$314.8 million), a 38.9% increase from RMB1,478.5 million for the fiscal year 2019, the GAAP net income of 2020 was RMB147.0 million(US$22.5 million), compared with GAAP net loss RMB104.4 million for the fiscal year 2019. And the revenue increase was primarily attributed to an increase of net revenues from one-on-one offerings, which were RMB1.96 million (US$299.9 million) for 2020, a 43.3% increase year-on-year.

At the ceremony, 51Talk also launched its first hardware product for children from 3- to 8-year-old. It is a learning tablet covering formative English education, picture book reading, and 1-on-1 English learning. 

Meanwhile, Jack Huang mentioned optimizing user experience and services by opening more offline stores to provide more universal benefits. As of March 2021, 51Talk has opened 107 offline stores in more than 100 cities across the country, with a conversion rate of over 20%.

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