Mobile Language Learning Market Could Exceed $37 Billion in 2020
November 18, 2020 at 08:45 AM EST
Palm Beach, FL – November 18, 2020 – Globalization has brought people and cultures closer together. However, to survive and thrive in a global economy, people, companies and governments must overcome language barriers and it has observed that overseas consumers prefer information in their own language and it is estimated that 60% of online consumers hardly or never buy from English-only websites. Moreover, 72.4% of customers are more likely to buy products that have information available in their native language. All of this has driven the online and mobile language learning market to continue significant growth. According to a report from Meticulous Research, the online language learning market is expected to grow at a CAGR of 18.7% from 2020 to 2027 to reach $21.2 billion by 2027… while another report from MarketsAndMarkets expected the total mobile learning market to grow from $7.98 billion in 2015 to $37.60 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 36.3% during the forecast period. Active companies with recent developments in the Tech Industry include: Hello Pal International Inc. (OTCQB:HLLPF) (CSE:HP), Dropbox, Inc. (NASDAQ: DBX), Xunlei Limited (NASDAQ: XNET), HUYA Inc. (NYSE: HUYA), Momo Inc. (NASDAQ: MOMO).
The Meticulous report said that: “The online language learning market is changing at a rapid pace due to the globalization of the economy and adoption of cost-efficient technology-based products. The growth in this market is majorly driven by the factors such as globalization and growing need for communication across borders, growing E-learning market, COVID-19 impact, and penetration of artificial intelligence in e-learning. Further, the increasing spending on education sector, rising internet and mobile phone user base, and preference for multilingual employees by multinational companies provide growth opportunities for the players operating in the online language learning market.” It continued: “In addition to this, rising number of multinational companies globally is further boosting the demand for foreign language learning in an attempt to facilitate communication and performance across geographically diverse functions and business endeavors… This growth in multinational companies is contributing significantly to the growth of the trade and businesses among countries, ultimately leading to the growth of the language learning market.”
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Announces $1,500,000 in Revenue for October 2020 – Asian subsidiary achieves profitability – Hello Pal International Inc., a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it achieved over $1,500,000 in revenue for the month of October.
Livestreaming Service – Hello Pal’s livestreaming service revenue for the month of October was $1,500,000 with its Asian subsidiary being cashflow positive
“As our business has continued to grow and evolve over recent months, we are pleased to report monthly revenue for the first time. We will continue to refine our user experience, roll out new products and features, and operate in increasingly efficient manner as Hello Pal continues its growth plans.” said KL Wong, Founder and Chairman of the Company.
Second Quarter Financial Results – The Company is also pleased to report its financial results for the quarter period ended August 31, 2020. A copy of the financial statements and management discussion and analysis has been filed on www.sedar.com
User Base Performance – As of the date of the news release, Hello Pal’s registered user base is over 5.2 million users from over 200 countries and regions. The positive increase in registered users continues to be driven by our livestream service. The livestreaming service continues to be active with over 15,000 active daily users interacting with one another. This is an increase of 5,000 daily users from previously reports from the company. Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Dropbox, Inc. (NASDAQ: DBX) recently unveiled the next iteration of its collaborative workspace—Dropbox Spaces—in addition to several new features that help teams get organized, collaborate, and keep work moving securely from anywhere. The news comes on the heels of the company’s recent Virtual First announcement, and demonstrates a holistic approach to leading the remote work revolution as more businesses embrace this long-term shift.
“Since our founding, our customers have turned to Dropbox to get organized and work from anywhere,” said Dropbox co-founder and chief executive officer Drew Houston. “We’ve gone through a one-way door—the dramatic shift we’ve all experienced to distributed work will continue far beyond when the pandemic ends. While the shift to distributed work creates a lot of flexibility and opportunity, it also introduces new challenges and pain points that Dropbox is uniquely positioned to solve. By adopting a Virtual First approach ourselves, we’ll be able to design better products for this new environment. Our latest launch is an example of this.”
Xunlei Limited (NASDAQ: XNET) recently announced that the Company established cooperation with Shijilong Information Network Co., Ltd. on November 6, 2020 to develop joint cloud storage services. Shijilong is a wholly-owned subsidiary of China Telecom.
According to this cooperation, Xunlei will leverage its technological expertise by providing e-Surfing Cloud Storage, the cloud storage product run by Shijilong, with “Xunlei Space” services, a public cloud product. The cooperation will enable e-Surfing Cloud Storage to cover both public cloud and private cloud services. As part of the cooperation, the parties intend to launch a joint membership program, under which users will have simultaneous access to both of their cloud storage services. The cooperation represents a first step for the parties to develop collaboration in their product portfolios. And the parties intend to explore other consumer-related products to achieve resource sharing and mutual benefits.
HUYA Inc. (NYSE: HUYA) recently announced its unaudited financial results for the third quarter ended September 30, 2020. “Despite a relatively shorter summer vacation period due to the impact of COVID-19 in China, we were still able to increase our user base by offering enriched content and enhanced experience, as well as through our deepened collaboration with Tencent,” said Mr. Rongjie Dong , Chief Executive Officer of Huya. “In the third quarter of 2020, average MAUs of Huya Live reached 172.9 million. The continued user growth momentum sets a solid foundation for the strengthening of user engagement and incremental monetization opportunities.”
“We are also excited about the opportunities that lie ahead of us with the potential merger with DouYu. We believe the potential combination will allow us to build on our complementary strengths, achieve significant synergies, and create more value for our users, our business partners and our shareholders,” concluded Mr. Dong.
Momo Inc. (NASDAQ: MOMO) recently announced that it will release its unaudited financial results for the third quarter ended September 30, 2020 before U.S. markets open on Tuesday, December 1, 2020. Momo’s management will host an earnings conference call on Tuesday, December 1, 2020, at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing / Hong Kong Time on the same day). Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.
Momo is a leading player in China’s online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application for the younger generation. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people.
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