Caso da EdTech Chegg: como adaptar seu negócio a novas tecnologias | Inglês para executivos
- há 20 horas
- 4 min de leitura
Aulas de inglês podem ser muito mais do que gramática e exercícios artificiais.
Na Lingualize, os alunos desenvolvem fluência discutindo casos reais de negócios, tecnologia e estratégia — tudo em inglês.
Em uma das aulas, por exemplo, analisamos o caso da Chegg, uma empresa que construiu um negócio bilionário ajudando estudantes a resolver exercícios e estudar para provas.
Então surgiu a inteligência artificial.
Ferramentas como ChatGPT passaram a responder praticamente qualquer pergunta acadêmica em segundos — muitas vezes de graça.
O resultado? Em 2023, após um anúncio de resultados, as ações da empresa despencaram cerca de 48% em um único dia.
Durante a aula, os alunos analisam os dados reais da empresa, calculam métricas de negócios como CAC e LTV e discutem quais decisões estratégicas a empresa deveria tomar.
Tudo isso enquanto desenvolvem vocabulário, argumentação e confiança para discutir negócios em inglês.
Porque aprender inglês também pode significar aprender a pensar melhor sobre o mundo dos negócios.
Warm up
Have you ever used AI tools like ChatGPT for learning? How?
Can AI replace human expertise in some industries? Explain.
Can you think of companies that were once very successful but later failed? Why did it happen? Could they have done anything differently?
AI Shock: The Strategic Crisis of Chegg
Opening Scene
May 2023.
Dan Rosensweig, CEO of Chegg, had just finished the company’s earnings call. During the call he admitted that student growth was slowing because many students were experimenting with ChatGPT.
Within hours, Chegg’s stock price fell about 48%.
Investors suddenly questioned the future of the company.
If artificial intelligence could generate answers to nearly any homework problem, what role remained for Chegg?
Company Background
Chegg was founded in 2005 by students from Iowa State University. The company originally rented college textbooks.
During the 2010s Chegg transformed into a digital learning platform. Its main product, Chegg Study, allowed students to access a large database of solved academic problems and explanations.
Students paid a monthly subscription to access the service.
By the early 2020s Chegg had become one of the largest homework-help platforms in the United States.
Business Model
Chegg’s core product was a subscription service. Students paid a monthly fee to access a large database of solved academic problems and explanations.
The platform included:
step-by-step solutions to textbook questions
expert answers to student-submitted questions
study guides and explanations
The model relied on scale. The more problems the platform solved, the more valuable the database became for future users.
Selected Data (2022)
Revenue: approximately $766 million
Subscribers: approximately 8.2 million students
Average monthly subscription price: about $15–20
Gross margin: roughly 70%
The company had built a large library of millions of solved problems across subjects such as mathematics, chemistry, engineering, and economics.
Industry Context
Digital learning tools had been growing steadily for more than a decade. Students increasingly relied on online resources rather than traditional textbooks or in-person tutoring.
Platforms offering tutoring, homework help, and study resources expanded rapidly. Chegg became one of the most recognized brands in the homework-assistance market.
The company’s value proposition was simple: faster answers to academic problems.
The Disruption
In November 2022, OpenAI released ChatGPT, a conversational AI system capable of generating explanations, solving problems, and answering questions in natural language.
Students quickly discovered that they could type almost any homework question and receive a detailed explanation instantly.
Unlike Chegg’s database model, the AI system generated new answers dynamically rather than retrieving existing ones.
Within months, many students began experimenting with the tool as an alternative to traditional study platforms.
Strategic Impact
In early 2023 Chegg reported that new user growth had slowed. Management noted that students were increasingly exploring AI tools.
Investors began questioning whether generative AI might fundamentally change the economics of homework assistance.
If answers could be generated instantly and at near-zero cost, the value of large databases of solved questions might decline.
At the same time, Chegg possessed a massive dataset of verified academic solutions created over many years.
Some analysts argued that this dataset could become valuable training material for educational AI systems.
Strategic Dilemma
Chegg’s leadership faced several possible strategic directions.
The company could attempt to integrate artificial intelligence into its own platform and compete directly with AI-based learning tools.
It could reposition itself as a structured learning platform rather than simply a provider of answers.
Another possibility involved focusing on institutional markets such as universities, offering AI-supported learning tools integrated with academic curricula.
A more radical option would involve positioning Chegg as a specialized educational layer built on top of large AI systems.
Each path carried risks and uncertainty.
Decision Point
As Rosensweig reviewed the company’s options, the core question became increasingly clear.
Was Chegg fundamentally an answer engine that artificial intelligence could replace?
Or did the company possess educational data and expertise that could become even more valuable in an AI-driven learning ecosystem?
What should Chegg do next?
Exhibit
Exhibit 1
Revenue Growth (USD)
2018: $321 million
2019: $411 million
2020: $644 million
2021: $776 million
2022: $766 million
Exhibit 2
Subscribers
2018: 2.2 million
2019: 3.9 million
2020: 6.6 million
2021: 7.8 million
2022: 8.2 million
Exhibit 3
Subscription Data
Chegg Study monthly price: $15.95
Average subscription duration: 18 months
Exhibit 4
Profitability Indicators
Gross margin: 70%
Exhibit 5
Stock Price
2021 peak: about $113 per share
After AI concerns in 2023: about $17 per share
Market value decline: more than $10 billion.
Exhibit 6
Sales and Marketing Expenses
2020: $241 million
2021: $290 million
2022: $275 million
New Subscribers Added (approx.)
2020: 2.7 million
2021: 1.2 million
2022: 0.4 million
Analytical Questions
Calculate the average revenue per subscriber (ARPU) using the data provided.
Calculate LTV (Lifetime Value).
Calculate CAC for 2020–2022 using Exhibit 6.
Calculate LTV/CAC for each year. What conclusion do you reach?
Discussion Questions
Do they have real reason to worry, or is the market overreacting? What consequences does this drop in stock price have for the company’s owners and management?
What was Chegg’s real competitive advantage before the arrival of AI?
Can and should they defend their moat? Should they invest in creating another?
Which strategic direction would you recommend for the company?
