I'm less interested in the financials than I am in the lessons. Like Udemy, Thinkific allows creators to launch and sell their own online course. Unlike Udemy, Thinkific allows creators to brand their own courses. You can see how it would be a pretty good business model, and Thinkific certainly caught on: "In 2020, Thinkific boasted 50,000 active creators and an impressive 66 million course enrollments from 21 million students." But here's what happened: it raised a pile of money from investors, aggressively sought growth over profitability, and began to tank. Maybe it will survive, maybe it won't, but it doesn't matter, because it will now pursue the mediocre middle all such companies pursue.
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