FutureLearn to ¡®significantly reduce expenditure¡¯ after losses

The chief executive of online education provider FutureLearn has told partners that 바카라사이트 company plans to ¡°significantly reduce expenditure¡± in 바카라사이트 wake of?financial difficulties.

The Open University ¨C which has invested in 바카라사이트 massive open online course (Mooc) platform since its launch in 2012 ¨C also said it was planning to sell its 50?per cent stake in 바카라사이트 business.

Just one year after joining FutureLearn as CEO, Andy Hancock revealed 바카라사이트 ¡°emerging news¡± in a letter to 바카라사이트 company¡¯s partners.

¡°As you know 바카라사이트 current external environment has become extremely challenging and FutureLearn is not immune to 바카라사이트se pressures.

¡°Today we announced to our employees that 바카라사이트 board in conjunction with 바카라사이트 shareholders are assessing 바카라사이트 strategic options for 바카라사이트 company. In 바카라사이트 meantime, we must significantly reduce our expenditure,¡± he wrote.

Launched in 2012 in partnership with 12?universities, FutureLearn currently partners with more than 260 universities, brands and government departments.

¡°The current external environment has become extremely challenging, and FutureLearn is not immune to 바카라사이트se pressures,¡± a?company spokesperson told 온라인 바카라.

¡°As a result, 바카라사이트 board in conjunction with 바카라사이트 shareholders are assessing 바카라사이트 strategic options for 바카라사이트 company. The board has appointed advisers to explore 바카라사이트 option of finding a new owner,¡± 바카라사이트 spokesperson added.

Mr Hancock, who became FutureLearn¡¯s chief executive officer in October last year, told 바카라 사이트 추천 earlier this year that he was encouraged by 바카라사이트 platform¡¯s popularity with younger learners retraining for new jobs.

However, despite securing more users, its recent annual accounts showed a loss of ?13.2?million in 2019-20 ¨C more than double 바카라사이트 ?6.6?million loss a?year previously.

The Open University said it regularly reviews its funding position and investment portfolio and confirmed that it is now seeking to sell its stake.

¡°FutureLearn has made a fantastic contribution to providing accessible online short courses to millions of learners worldwide, so we hope a buyer can be found soon,¡± said an Open University spokesperson.

Mr Hancock told partners that 바카라사이트 company plans to fulfil its obligations, but 바카라사이트 spending cuts would affect investments in reimagining its platform and in expanding its new offering targeted at businesses, Enterprise.

He added that every effort was being made to ¡°minimise 바카라사이트 impact to our learners, customers and partners¡±.

In 바카라사이트 last financial quarter of, FutureLearn launched courses from 16 new partners to its community of 18?million global users.

¡°This signals a significant moment for 바카라사이트 UK in 바카라사이트 context of higher education digital platforms,¡± said Adam Mat바카라사이트ws, a?lecturer on education, technology and society at 바카라사이트 University of Birmingham.

Dr Mat바카라사이트ws said 바카라사이트 statement suggests that FutureLearn¡¯s model ¨C which has evolved into microcredentials, corporate training and full degrees ¨C has not been financially viable.

Australian education provider ¨C which owns 바카라사이트 o바카라사이트r 50 per cent stake in 바카라사이트 company ¨C has also been contacted for comment.

patrick.jack@ws-2000.com