8. 8

9. 9

10. 10

11. 11

13. English learning platform
English education
open platform
(64% of the market)
1270M Speakers, 360M Natives,
5.43% of the World Population
Global language
Tutoring platform
Mandarin ( )
M Natives, 14.4% of the World Population
Spanish ( ñ
M Natives, 6.15% of the World Population
Korean (
M Natives, 1.14% of the World Population
1:1 Open Edu platform
Math
Science
BiologyBiologyBiology
geography
History
Calculus
Chemistry
HistoryHistoryHistoryHistory
IT
Medical
Account/
Finance
Medical LawMedical
Real-estateestateestateestate
DesignEngineering
GMAT
CPA
GMATSAT
GRECPA
PMP
CMA AICPA
19

14. Digital
English
Learning
$3.1B
20

15. Mobile (High mobility)
System learning
(Machine interaction)
Live tutoring
(Human interaction)
PC/Online (Low mobility)
Self-paced mLearning Collaboration-based mLearning
Digital Reference-ware Collaboration-based eLearning
21
Duolingo
SpeakingMax
Memrise
Busuu
Livemocha
italki
Fluentify
Memrise
Babbel
Voxy
Cambly
Storivers
Open
Egnlish

16. Duolingo
Speaking
Max
Memrise
Busuu
Livemocha
italki
Fluentify
Babbel
Voxy
Open
Egnlish
Cambly
22

19. 25
0
2000
4000
6000
8000
10000
12000
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
8/28 9/4 9/11 9/18 9/25 10/2 10/9 10/16 10/23 10/30 11/6 11/13 11/20 11/27 12/4
New Subscriber Revenue

20. 26
Download Subscriber Active user
Re-visit
Speaker
Paid
User
68% 93% 14% 31%
70%

21. 27

22. 28

23. 29
2
4
5
1
3
6
3
7

26. KOREA LANGUAGE CHINESE LANGUAGE

27. 35
( : ) 2016 2017 2018 ACC
User (Acc.) 11,920 205,820 559,970
Total revenue 55 6,212 13,876 20,144
Net revenue 34 3,106 6,938 10,078
Cost 189 1,477 1,648 3,313
SG&A 167 937 1,288 2,392
R&D 22 540 360 922
Margin -155 1,629 5,290
ROI -82% 110% 321%
Total( ) 1 2 3 4 5 6 7 8 9 10 11 12
35,410 740 880 2,710 2,560 2,960 2,960 3,460 4,060 4,430 3,510 3,210 3,930
17,610 440 480 1,260 960 1,460 1,460 1,460 1,460 2,230 1,960 2,010 2,430
Google Play 2,400 150 100 300 150 200 200 200 200 350 200 150 200
Appstore 1,100 70 50 80 50 100 100 100 100 100 100 100 150
(SSG, ) 240 20 20 20 20 20 20 20 20 20 20 20 20
- 900 50 100 100 50 50 50 50 50 100 100 100 100
- 900 50 100 100 50 50 50 50 50 100 100 100 100
- 300 30 30 30 30 30 30 30 30 30 30
(Gmarket, Auction) 350 20 30 30 30 30 30 30 30 30 30 30 30
500 50 50 50 50 50 50 50 50 50 50
11 160 30 10 10 10 10 10 30 10 10 30
( , ) 4,100 200 200 500 400 400 400 500 500 500 500
( Wechat page) 4,500 200 200 300 300 300 300 600 600 700 1000
240 20 20 20 20 20 20 20 20 20 20 20 20
( ) 1,920 60 60 100 100 100 200 200 200 300 200 200 200
17,800 300 400 1,450 1,600 1,500 1,500 2,000 2,600 2,200 1,550 1,200 1,500
3,500 200 200 300 300 300 300 300 300 300 300 300 400
(10) 4,900 100 500 500 500 500 300 1000 700 500 200 100
(3) 2,000 200 300 500 500 200 300
(20) 1,600 100 100 100 100 100 100 100 100 200 200 200 200
/ (10) 3,800 300 300 300 300 300 300 500 500 500 500
2,000 50 100 300 300 500 400 300 50
B2B
B2C
2017

28. (100)
0
100
200
300
400
500
600
700
800
900
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Net Profit Cost (EBITDA)
< 5 Year Revenue Projection >

29. 3
2
6.5
3
/
Kick-off Beta launching Official launching
:
: