Riiid's 2024 Sales Hit 20.1 Billion Won, Up 161% YoY

Riiid, a leader in AI edutech, announced impressive financial results for 2024, recording 20.1 billion won in revenue, a staggering 161% increase year-on-year. This represents a significant leap from 7.7 billion won in the previous year, proving the effectiveness of the company's AI technology and market expansion strategy. Undoubtedly, the key driver of this growth was 'Santa,' the AI-based TOEIC learning solution launched in 2017. Santa's transaction volume in 2024 increased by 31% year-on-year, contributing significantly to Riiid's overall revenue growth. Its performance in the Japanese market was particularly notable. Transaction volume in the Japanese market surged by an impressive 64% year-on-year, primarily due to the service operation agreement with Japanese language education brand ALC in 2023, which helped reduce marketing costs and establish a stable revenue base. Furthermore, in 2024, Riiid secured a B2B contract with IT company FUJITSU, further expanding its influence within Japan. As of February 2024, Santa's cumulative global user base reached 4.87 million, demonstrating a strong global presence. Additionally, 'Real Academy,' the AI elementary English learning service newly launched in August 2024, rapidly emerged as a new revenue stream, adding to the growth momentum. Real Academy, characterized by its '1 output per day' learning solution with AI tutor 'LIA,' recorded 400 million won in transaction volume in 2024, and surpassed 2 billion won in cumulative transaction volume as of March 2025, signaling explosive growth. Notably, in March 2025, the service further enhanced its competitiveness by unveiling its self-developed elementary English GPT feature, 'Sokra AI.' Sokra AI applies the Socratic method of questioning, encouraging students to expand their thinking and find answers independently, and fostering English speaking and writing habits through output-focused learning. Its strength lies in elevating both learning effectiveness and reliability by providing customized conversations tailored to elementary students' levels and transparent learning reports. A Riiid official stated that the significant increase in revenue was the result of all employees focusing their efforts under CEO Park Soo-young's leadership, and expressed expectations for continuous profit improvement through securing new growth engines like Real Academy. Riiid plans to continue its steady growth by advancing its services using its unique AI technology.