With a good deal of momentum behind the language learning market, analysts at Brandessence Market Research believe it could grow from about S31 billion in 2017 to more than $172.7 billion by 2027. “The major factor driving the growth of Global Language Learning Market is demand in qualitative workforce due to rise in global economy. Lack of multi-lingual employees loses the opportunity for global business. According to the U.S. Department of Labor Estimate, there will be rise in demand for interpreters and translators by 42%,” they added. That could be a major catalyst for companies, such as Hello Pal International (CSE:HP)(OTC:LHLLPF), Duolingo Inc. (NASDAQ:DUOL), Alphabet (NASDAQ:GOOG), New Oriental Education & Technology Group (NYSE:EDU), and Chegg Inc. (NYSE:CHGG).
Look at Hello Pal International (CSE:HP)(OTC:LHLLPF) For Example
Hello Pal International, a provider of rapidly growing international live-streaming, language learning and social-crypto platform, announced that it has signed a Cooperation Agreement with Little Pal Asia Limited where the Company will be licensed, on a non-exclusive worldwide basis, to freely use LPA’s innovative “Infinity Language” language learning system throughout the Company’s product and service offerings, and in particular, in its Language Pal app.
The Infinity Language learning system has its origins in successful early childhood education literacy software since 2008, and LPA has been funded by third party investors to adapt the learning system to the language learning market for children.
Under the Cooperation Agreement, LPA will adapt the learning system in the adult market for Hello Pal’s Language Pal. Accordingly, Hello Pal will enjoy exclusive use of the learning system in the adult language learning market, and will continue to enjoy new features and functionalities which are added to the learning system by LPA over time.
As part of the terms of the agreement, the Company has taken a 15% equity interest in LPA for an investment amount of CAD 300,000, which will be mainly used for the further development of the Infinity Language learning system and adaptation for use in Language Pal. Other than this initial investment, Hello Pal will not be required to pay any other amounts to LPA for the use of the Infinity Language learning system.
“I am thrilled that Hello Pal is now able to make a significant push into the adult language learning market,” said Mr. Wong, Chairman and CEO of the Company. “As part of our overall plan to diversify our revenue sources into different yet related markets, this cooperation and investment will significantly allow us to relaunch Language Pal with the unique features it will need to be competitive in the language learning market.”
Other related developments from around the markets include:
Duolingo Inc., the world’s leading mobile language platform, announced financial results for the quarter ended June 30, 2021. “Our recent IPO was a significant milestone in our journey to develop the best education in the world and make it universally available,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “This mission has not changed since we launched Duolingo nearly ten years ago and we have kept our focus on reaching new users, increasing engagement and growing subscribers. We were pleased to see that our monthly and daily active users in Q2 were comparable to last year, despite comparing against an extraordinary Q2 2020 when a record number of learners used Duolingo during the lockdowns. We are also pleased to see the strong growth in paid subscribers as more learners around the world engaged with our premium offering. We had nearly 40 million monthly users and close to 2 million subscribers at the end of June and we believe we can drive user growth from this higher base as we continue to invest in the business.”
Alphabet announced financial results for the quarter ended June 30, 2021. Sundar Pichai, CEO of Google and Alphabet, said: “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.”
Chegg Inc. reported financial results for the three months ended June 30, 2021. “It is clear, wherever students are learning, whether online, in the classroom, or in a hybrid model, the value of Chegg is unquestionable,” said Dan Rosensweig, CEO & President of Chegg, Inc., “Chegg had a great Q2 with total revenue growth of 30%, driven by 38% growth in Chegg Services revenue with Chegg Services subscribers growing to 4.9 million in the quarter. Our international growth also continues to be strong, and we are confident we will exceed our initial expectation of over one million international subscribers for the year.”
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