SAN FRANCISCO–(BUSINESS WIRE)–Novakid, Europe’s leading online English platform for children and an established EdTech company reinventing English as a Second Language (ESL) learning, has expanded its presence in Asia-Pacific and delivered 2 .8 million lessons in the first half of 2022.
During 1H2022, Novakid continued to strengthen its positions in 49 markets around the world. As a result, the company’s current customer portfolio in Europe represents 70%, with Romania being a new growth market in Europe. The MENA region (Middle East and North Africa) represents 14% (2pp increase since the end of 2021). Asia-Pacific countries (Malaysia, Indonesia, Japan and South Korea) now represent nearly 16% of the company’s portfolio. Customers in the region doubled compared to the beginning of the year. The most significant results are demonstrated in South Korea (34%) and Japan (78%).
“To operate successfully in the highly competitive international EdTech and ESL markets, companies need strong diversification strategies, especially in these times of social and economic uncertainty. For this reason, Novakid’s priority for the first half of 2022 was to focus on new growth regions – Hong Kong, Japan and South Korea – where online language learning is driven by the massive digitization of education in recent years, said Dmitry Malinco-founder and COO of Novakid.
The total number of English lessons taught on Novakid’s proprietary software since the start of 2022 reached 2.8 million, 15% more than the total number of lessons taught in 2021 (2.4 million) . At peak times, the platform hosted up to 1,400 lessons simultaneously.
Novakid has increased its teaching staff to nearly 2,700 near-native English speakers and tutors. The company continued to improve the qualifications of its teachers by launching a series of webinars and trainings.
During H12022, the focus was on continuing to develop quality and innovative educational content for learning English. Following the release of the very first product on the ESL market – Novakid Magic Academy, a playful story-based English learning environment – at the end of 2021, Novakid has implemented this program with more than 130,000 students of all ages and levels in 6 months.
Novakid Magic Academy, part of Novakid Game World, has proven its effectiveness with regard to the learning outcomes of young students: the average learning performance rate is 12% higher after a minimum of four months of lessons, which translates into a better learning performance of 39 % for students enrolled in Level I Novakid Magic Academy ESL course. Text-to-speech solutions and emotion recognition software are being developed to make ongoing analysis more advanced.
For the second consecutive year, Novakid has been included in the annual GSV Top 150 EdTech List leading private companies in the field of digital learning. In March 2022, Novakid was included in the Forbes Top 500 list of America’s Top Startup Employers. Novakid was also recognized as a finalist in the 2022 competition EdTech Digest Awards in the category “Best language learning solution”.
In June 2022, Novakid was selected as the winner of the “Overall Language Learning Company of the Year” award in the 2022 EdTech Breakthrough Award. Analysts studied the work of more than 80 online schools operating in Europe. Experts assessed the number of active students and their level of satisfaction with the educational process, the level of training and experience of teachers, as well as prices.
“The combination of product expansion and innovation over the past six months has led to impressive growth. We have rolled out our new playful story-based English curriculum – Novakid Game World – to all students during H12022, and can proudly guarantee that the methodology, which is engagement-based, leads students to mastery of language. The results of our young English learners are Novakid’s greatest achievement”, commented Max Azarovco-founder and CEO of Novakid.
Accelerated by Covid-19, the online ESL industry for children and adult learners is expected to continue its growth trajectory over the coming decades. According to the latest research study Online language learning market managed by Facts & Factors, the market is expected to reach around $28.5 billion by 2028 with a CAGR of around 18.8% during the period 2022 to 2028. At the same time, the market for K-12 education grows at a compound annual growth rate of 31.6% over the next 5 years according to Mordor Intelligence.