MASTERCLASS

David Rogier had a transformative experience learning from a mentor and wanted to democratize access to the world's best teachers. He partnered with Aaron Rasmussen, who had experience building online learning platforms.

Their insight was that the instructor's fame was the product, not the curriculum. Nobody signs up for "a screenwriting course" — they sign up for "Aaron Sorkin teaches screenwriting." The first class launched in 2015 with Dustin Hoffman teaching acting.

The celebrity-driven model proved magnetic for marketing.

MasterClass sells annual subscriptions ($120-240/year) that give unlimited access to all courses. Each course is taught by a world-famous expert — Gordon Ramsay (cooking), Aaron Sorkin (screenwriting), Chris Voss (negotiation), etc.

— with Hollywood-quality production: multiple cameras, cinematic lighting, professional editing. Revenue is almost entirely from subscriptions.

They also offer a corporate tier (MasterClass at Work) for employee development.

MasterClass Standard/Plus/Premium (subscription tiers), 200+ courses, MasterClass at Work (enterprise), Sessions (structured cohort-based format)

Release more courses at a faster pace to give subscribers reasons to stay. Expand into new categories (wellness, parenting, community).

Build MasterClass at Work into a real enterprise product. Go international with local-language instructors.

Add interactive and community features to increase engagement beyond passive video watching.

Retention. MasterClass has a churn problem — many subscribers watch a few courses and do not renew.

The courses are beautiful but not deeply instructional. Critics argue it is more entertainment than education.

Justifying the subscription price when you have watched all the courses that interest you is the core renewal challenge. They also face competition from free YouTube content that covers similar topics.

Fidelity Investments, IVP, NEA, Javelin Venture Partners, 01 Advisors (Dick Costolo)