Sales of Digital Learning Solutions Continue to Drive Strong Performance for McGraw Hill in Fiscal Q3 2021
The success in Q3 is the result of McGraw Hill's continued investment in digital learning solutions, which have proved invaluable to students and educators worldwide during the COVID-19 pandemic.
NEW YORK, Feb. 24, 2021 /PRNewswire/ -- McGraw Hill reported strong fiscal Q3 2021 results today, with company-wide increases in digital billings and significant growth in Inclusive Access, which provides digital course materials to students by the first day of class at a cost that is as much as 70% lower than traditional print. The success in Q3 is the result of McGraw Hill's continued investment in digital learning solutions, which have proved invaluable to students and educators worldwide during the COVID-19 pandemic.
"McGraw Hill's investment in developing digital learning solutions over the last decade, combined with our 130-year history of creating quality content in partnership with esteemed authors, has positioned us for the strong growth we've seen in the last 11 months," said Simon Allen, CEO of McGraw Hill. "By continuing to invest in the future of learning, not only are we a leader in meeting the needs of educators and students during this challenging period, but we are also uniquely prepared to support them in the years to come."
Key results in the fiscal Q3 2021 report include:
- On a run-rate basis, annual digital billings now exceed $1 billion.
- Digital billings for the company are up 12% when excluding its K-12 division.
- Paid activations of the company's flagship McGraw Hill Connect digital learning platform were 3.3 million in the first three quarters, marking an increase of 27% YTD. This month, Connect paid activations surpassed 5 million for the 2021 fiscal year.
- Inclusive Access sales are up 53% YTD, now reaching more than 1,300 college campuses.
McGraw Hill has accelerated development and investment in its digital platforms to offer timely solutions to meet the challenges of remote learning amidst the pandemic, with the well-timed release of innovative products like McGraw Hill Rise, Reveal Math, Virtual Labs, and Reading Mastery Transformations, among several others. At the same time, the company has continued to focus on affordability and outcomes in higher education, helping drive down the cost of course materials for students in recent years and deliver solutions that improve student performance. McGraw Hill's affordability-oriented initiatives like Inclusive Access have saved students over $400 million in total since 2018.
McGraw Hill
McGraw Hill is a learning science company that delivers personalized learning experiences that drive results for students, parents, educators and professionals. We focus on educational equity, affordability and learning success to help learners build better lives. Headquartered in New York City, McGraw Hill has offices across North America, Asia, Australia, Europe, the Middle East and South America, and makes its learning solutions for PreK-12, higher education, professionals and others available in more than 75 languages. Visit us at mheducation.com or find us on Facebook, Instagram, LinkedIn or Twitter.
Contact:
Tyler Reed
McGraw Hill
(914) 512-4853
[email protected]
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SOURCE McGraw Hill
