When US university campuses closed during Covid-19 restrictions in 2020, Chegg, a study help subscription service, looked poised to capitalise on the promise of a booming market for educational technology.
Confined to their laptops and cut off from the real-life support of lecturers, millions of students signed up to Chegg, which offers on-demand answers to college course questions for $14.95 a month. Group revenue rose 57 per cent year on year in 2020 while its subscriber count increased more than two-thirds, to 6.6m.
But 12 months on, the picture looks very different for the platform, which offers a library of answers as well as a service where freelance employees will answer a question for you.
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