The company’s revenue grew from $70.8 million in 2019 to $161.7 million in 2020, a 129% increase.
Its multi-part business model appears to be paying off. (Notably, von Ahn hoped that the DET would be 20% of Duolingo’s revenue by 2019, a figure that it failed to reach by some margin.)ĭuolingo’s S-1 depicts heady growth, monetization, new focus on English certification That revenue was followed by advertising incomes and the Duolingo English Test (DET), which represented 17% and 10% of its top line in 2020. In the most recent calendar year, for example, the edtech giant generated 73% of its total top line from subscription incomes. The vast majority of Duolingo’s revenue comes from subscriptions. Luckily, the S-1 reveals that its earlier decisions led to sharp revenue growth at the company. It eventually landed on subscriptions, despite an original distaste for it thanks to its mission to provide free education.
The company has had a somewhat circuitous journey - full of trial and error - on finding the perfect business model. One of the most revealing bits of its story? It’s a route to monetization as a then rare edtech consumer business based outside of Silicon Valley.
The 400-person company, which we explored in great detail in our EC-1, was co-founded by Luis von Ahn, the inventor of CAPTCHA and reCAPTCHA, and Severin Hacker. Duolingo, a Pittsburgh-based language learning business last valued at $2.4 billion, has officially filed to go public.
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