In response to the surge in global demand for learning English, Perfectly Spoken has created an affordable and flexible solution for students worldwide to learn English online.
Already, the company has attracted over 80,000 users across more than 100 countries, whom they are now looking to monetise through a subscription model, which will be delivered via a cutting-edge platform they have just developed.
The digital learning market is currently valued at USD$3.8Bn and growing at a CAGR of 17.89% (for period 2019-2023), reflecting the growing trend of learners transitioning from traditional classrooms to online.
By 2020, the British Council estimates that there will be 2 billion learners of English, 85% of whom will seek self-learning methods.
The Perfectly Spoken business model provides a freemium service with high quality structured online courses, similar to traditional teaching methods offered in bricks and mortar language schools, with proprietary learning content delivered by real teachers.
Delivered by a team that combines experts from English Language teaching and online business professionals, including the Founder of Cambridge School Barcelona (currently with 5000 students in 9 centers), the free structured online courses range from Elementary to Advanced levels.
A set of compelling benefits, including certification and premium learning materials, is available for subscribers.
The Perfectly Spoken advantage lies in free structured courses being delivered by highly qualified real teachers (as opposed to bots or virtual activities driven by a computer), and the completeness of the learning offer - task submission, speech recognition and preparation for globally recognized English Language qualifications, normally only available in costly traditional language schools with inflexible timetables.
It’s why the company has already attracted such a large user-base, which is expected to organically grow to 90,000 by April 2019.
The subscription model makes the financials compelling. A conservative 0.75% conversion rate for the company’s basic “Student” subscription model and a 0.1% for its “Pro” subscription, will deliver a combined revenue of £400k (yr 1) rising to £1.6m (yr 3) and potential net profit of £1.3m in year three.