MasterClass explained

MasterClass
Founded: (as Yanka Industries)
Type:Private
Industry:Online education
Location:San Francisco, California, U.S.
Key People:David Rogier (CEO)[1]
Valen Tong (CFO)
David Schriber (CMO)[2]
Len Amato (CCO)[3]
Num Employees:480 (2022)

Yanka Industries, Inc., doing business as MasterClass, is an American online education subscription platform on which students can access tutorials and lectures pre-recorded by experts in various fields. The concept for MasterClass was conceived by David Rogier and developed with Aaron Rasmussen.[4]

History

MasterClass was founded by David Rogier while a student at Stanford University, originally under the name "Yanka Industries".[5] [6] Rogier, who continues to serve as chief executive officer (CEO),[7] asked Aaron Rasmussen to join the company as a co-founder and chief technology officer; Rasmussen would also serve as creative director,[8] before leaving in January 2017. The website launched under the MasterClass name on May 12, 2015.[9] [10] [11]

MasterClass launched in 2015 with three instructors, and twelve classes were added in 2017.[12] In late 2017, an acting class given by Kevin Spacey was removed after multiple sexual assault allegations were publicly made against the actor.[13] By late 2018 MasterClass had about 50 classes and 1,000 lessons.[14] Support for mobile devices was first added in April 2018. MasterClass hired David Schriber as chief marketing officer in June 2019.

MasterClass was started with $4.5 million in initial funding and two seed-funding rounds totaling $1.9 million.[15] This was followed by $15 million in funding announced in 2016, $35 million in 2017,[16] and $80 million in 2018.[17] In May 2020, MasterClass raised $100 million in a Series E funding round led by Fidelity Investments,[18] bringing total funding to approximately $240 million.[19]

In May 2021, the company received $225 million in a Series F round, giving it a $2.75 billion valuation according to CNBC reporting.[20]

In June 2022, the company laid off 20% of its staff, citing the worsening macroeconomic environment.[21]

Classes

MasterClass produces online classes with well-known instructors in their field of expertise.[22] Classes cover topics like writing, sports, and cooking.[23] As of 2019, the company was expanding into politics, economics, and video game design.[24] Many instructors do live demonstrations if the topic is easy to illustrate visually, while writers lecture.

The courses are available through an annual subscription.[25] The classes are typically not interactive, though at least one course included interactive assignments where the student acted with other students, either in person or over Skype.[26] [27]

Reception

Reviewers have noted that some of the courses, such as those related to the performing arts, require that students already have some basic proficiency. The courses were also noted for their high production values, and for inspiring students to continue to pursue the subject matter. Exposure to popular celebrities was also reported as a benefit.[28] [29] [30] [31] [32] [33] The Verge noted that while the subscriptions initially lasted a lifetime, different courses have different replay value. The publication also noted the challenge of keeping students on the site to take additional classes.[34]

In 2019, chef Dominique Ansel's MasterClass on French pastries received a James Beard Foundation Broadcast Media Award in the Online Video, Fixed Location and/or Instructional category.[35] [36]

In 2020, MasterClass won two Webby Awards, for Education & Reference in the Apps, Mobile & Voice category, and for Media Streaming in the Web category.[37]

In 2021, MasterClass again won two Webby Awards, as well as a Webby People's Voice Award.[38]

Notable instructors

Notable past and present instructors include:[39] [40]

Notes and References

  1. Web site: MasterClass, the education platform featuring all-star instructors, will soon teach you how to run for office, too – TechCrunch . TechCrunch – Startup and Technology News . October 3, 2018 . May 23, 2019 . May 23, 2019 . https://web.archive.org/web/20190523202424/https://techcrunch.com/2018/10/03/masterclass-new-offerings/ . live .
  2. News: Nevins . Jake . It's the Year 2120. MasterClass Is the Only School Left. . The New York Times . May 25, 2020 .
  3. Web site: Goldberg . Lesley . Former HBO Exec Len Amato Set as Content Chief at MasterClass . The Hollywood Reporter . 18 January 2022.
  4. News: MasterClass Raises $15 Million For Online Classes Taught By Celebrities. Loizos. Connie. February 23, 2016. TechCrunch. December 27, 2017. September 29, 2020. https://web.archive.org/web/20200929104515/https://techcrunch.com/2016/02/23/masterclass-raises-15-million-for-online-classes-taught-by-celebrities/. live.
  5. News: Sahadi. Jeanne. January 23, 2020. What 12 minutes with a famous CEO can teach you. CNN Business. September 24, 2020. July 9, 2020. https://web.archive.org/web/20200709181718/https://www.cnn.com/2020/01/23/success/masterclass-explained/index.html. live.
  6. Chocano. Carina. September 2020. What Is MasterClass Actually Selling?. The Atlantic. Emerson Collective. September 24, 2020. September 24, 2020. https://web.archive.org/web/20200924192527/https://www.theatlantic.com/magazine/archive/2020/09/what-is-masterclass-actually-selling/614200/. live.
  7. 2020. 40 Under 40: Media and Entertainment: David Rogier. Fortune. 0015-8259. September 24, 2020. October 22, 2020. https://web.archive.org/web/20201022184932/https://fortune.com/40-under-40/2020/david-rogier/. live.
  8. News: Ha. Anthony. August 13, 2019. MasterClass founder launches Outlier, offering online courses for college credit. TechCrunch. December 1, 2020. November 27, 2020. https://web.archive.org/web/20201127064436/https://techcrunch.com/2019/08/13/outlier-launch/. live.
  9. Web site: Dustin Hoffman, Serena Williams and James Patterson Team for MasterClass Project. Gardner. Chris. May 12, 2015. The Hollywood Reporter. February 17, 2019. April 5, 2019. https://web.archive.org/web/20190405220920/https://www.hollywoodreporter.com/news/dustin-hoffman-serena-williams-james-794281. live.
  10. Web site: Holson. Laura. September 27, 2015. How to Take a Class From Serena Williams and Usher. February 17, 2019. The New York Times. May 14, 2020. https://web.archive.org/web/20200514000707/https://www.nytimes.com/2015/09/27/fashion/how-to-take-a-class-from-serena-williams-and-usher.html. live.
  11. Web site: Kokalitcheva. Kia. February 23, 2016. Here's How To Learn Acting From Kevin Spacey and Singing from Christina Aguilera. February 17, 2019. Fortune. March 9, 2019. https://web.archive.org/web/20190309003904/http://fortune.com/2016/02/23/masterclass-aguilera-spacey/. live.
  12. Web site: Spangler . Todd . David Mamet to Teach Online Drama Writing Course . Variety . April 20, 2017 . February 17, 2019 . April 3, 2019 . https://web.archive.org/web/20190403054528/https://variety.com/2017/digital/news/david-mamet-online-drama-writing-course-1202391344/ . live .
  13. News: Kevin Spacey MasterClass Dropped From Online Instructional Video Hub. Hayes. Dade. October 31, 2017. Deadline Hollywood. April 1, 2018. en-US. April 2, 2018. https://web.archive.org/web/20180402101342/http://deadline.com/2017/10/kevin-spacey-masterclass-dropped-from-online-video-hub-1202198664/. live.
  14. News: Online Classes to Take If You Want to Make It in the Movie Business. Variety. October 27, 2018. Tim. Chan. May 29, 2019. June 14, 2019. https://web.archive.org/web/20190614165016/https://variety.com/2018/biz/news/masterclass-review-best-online-classes-acting-directing-1202992523/. live.
  15. News: Spangler. Todd. February 23, 2016. Startup MasterClass Raises $15 Million, Launches Kevin Spacey Acting Tutorial. Variety. May 29, 2019. June 5, 2019. https://web.archive.org/web/20190605012109/https://variety.com/2016/digital/news/masterclass-15-million-kevin-spacey-christina-aguilera-1201711823/. live.
  16. Web site: Spangler. Todd. March 28, 2017. MasterClass, Purveyor of Celebrity Online Courses, Raises $35 Million Led by IVP. February 17, 2019. Variety. April 25, 2019. https://web.archive.org/web/20190425153534/https://variety.com/2017/digital/news/masterclass-funding-ivp-1202017530/. live.
  17. Web site: Clark. Kate. September 6, 2018. MasterClass raises $80M after doubling sales last year. February 18, 2019. TechCrunch. August 14, 2021. https://web.archive.org/web/20210814082932/https://techcrunch.com/2018/09/06/masterclass-raises-80m-after-doubling-sales-last-year/. live.
  18. News: Kellaher. Colin. May 20, 2020. MasterClass Raises $100 Million in Series E Round Led by Fidelity. The Wall Street Journal. December 1, 2020. June 15, 2020. https://web.archive.org/web/20200615053125/https://www.wsj.com/articles/masterclass-raises-100-million-in-series-e-round-led-by-fidelity-11590003855. live.
  19. Web site: Fundraising lessons from David Rogier of MasterClass . TechCrunch . September 23, 2020 . February 18, 2021 . February 28, 2021 . https://web.archive.org/web/20210228063754/https://techcrunch.com/2020/09/23/fundraising-lessons-from-david-rogier-of-masterclass/ . live .
  20. News: Bosa . Deirdre . Batchelor . Laura . MasterClass more than triples valuation in one year . June 17, 2021 . . May 13, 2021 . June 15, 2021 . https://web.archive.org/web/20210615053127/https://www.cnbc.com/2021/05/13/masterclass-more-than-triples-valuation-in-one-year.html . live .
  21. Web site: MasterClass Lays Off 120 Staffers, About 20% of Its Headcount . Spangler . Todd . . June 22, 2022.
  22. Web site: Serena Williams helping tennis players reach their goals . USA TODAY . Nick . McCarvel . May 12, 2015 . February 17, 2019 . April 5, 2019 . https://web.archive.org/web/20190405222432/https://www.usatoday.com/story/sports/tennis/2015/05/12/serena-williams-learn-to-play-tennis-master-class/27162275/ . live .
  23. Web site: Spangler . Todd . Ken Burns to Launch Documentary Filmmaking Course Online With MasterClass . Variety . August 9, 2018 . February 18, 2019 . April 25, 2019 . https://web.archive.org/web/20190425153530/https://variety.com/2018/digital/news/ken-burns-online-class-documentary-filmmaking-1202899810/ . live .
  24. Web site: Rudin . David S. . MasterClass sells the idea that successful people have something to teach you . Vox . January 16, 2019 . February 18, 2019 . February 5, 2019 . https://web.archive.org/web/20190205021415/https://www.vox.com/the-goods/2019/1/16/18177077/masterclass-subscription-video-serena-williams-how-to-famous . live .
  25. Web site: The 15 best online courses on MasterClass, from acting with Samuel L. Jackson to writing with Margaret Atwood . Business Insider . February 9, 2021 . February 17, 2021 . February 14, 2021 . https://web.archive.org/web/20210214204837/https://www.businessinsider.com/masterclass-review . live .
  26. News: David Mamet Teaches Master Class On Writing For Stage & Screen. Fleming. Mike Jr. April 20, 2017. Deadline Hollywood. December 27, 2017. December 24, 2019. https://web.archive.org/web/20191224185626/https://deadline.com/2017/04/david-mamet-masterclass-tutorial-playwriting-screenwriting-1202072976/. live.
  27. News: Dustin Hoffman's online acting class: What it's like to learn from the master. Lusher. Adam. May 29, 2015. The Independent. December 27, 2017. April 13, 2020. https://web.archive.org/web/20200413101937/https://www.independent.co.uk/arts-entertainment/films/features/dustin-hoffmans-online-acting-class-what-its-like-to-learn-from-the-master-10285753.html. live.
  28. News: Christina Aguilera's MasterClass in Singing Through the Eyes of a Non-Singer. Reed. Sam. May 10, 2016. The Hollywood Reporter. December 27, 2017. December 27, 2017. https://web.archive.org/web/20171227180344/https://www.hollywoodreporter.com/news/christina-aguileras-masterclass-singing-review-892349. live.
  29. News: In this digital self-help age, just how effective are MasterClass's A-list celebrity workshops?. Amy. Kaufman. Los Angeles Times. July 14, 2017. May 11, 2018. May 5, 2018. https://web.archive.org/web/20180505162120/http://www.latimes.com/entertainment/movies/la-et-mn-master-class-steve-martin-kevin-spacey-20170714-story.html. live.
  30. News: Can Gordon Ramsay's MasterClass Make You A Master Chef? We Tried It. Osburn. Christopher. May 29, 2017. AskMen. December 27, 2017. December 27, 2017. https://web.archive.org/web/20171227180345/https://au.askmen.com/fine_living/wine_dine_archive/gordon-ramsay-masterclass-review.html. live.
  31. News: I Took An Acting Class With Dustin Hoffman — & This Is What Happened. Golembewski. Vanessa. August 10, 2015. December 27, 2017. Refinery29. December 27, 2017. https://web.archive.org/web/20171227235511/http://www.refinery29.com/2015/08/92007/dustin-hoffman-masterclass-acting-review. live.
  32. News: An Accomplished Writer Takes a 'MasterClass' From a Gargantuan Selling Writer. Maynard. Joyce. August 4, 2015. Observer. December 27, 2017. December 27, 2017. https://web.archive.org/web/20171227235346/http://observer.com/2015/08/an-accomplished-writer-takes-a-master-class-from-a-gargantuan-selling-writer/. live.
  33. News: What I Learned From Usher's Online Class on 'the Art of Performance'. Zoladz. Lindsay. December 29, 2015. Vulture. December 27, 2017. December 27, 2017. https://web.archive.org/web/20171227235306/http://www.vulture.com/2015/12/masterclass-on-art-of-performance-with-usher.html. live.
  34. News: Who is MasterClass for? Talking to the people who take online classes with big-name celebs. Plaugic. Lizzie. May 15, 2017. The Verge. December 27, 2017. December 27, 2017. https://web.archive.org/web/20171227180329/https://www.theverge.com/2017/5/15/15640354/masterclass-users-werner-herzog-gordon-ramsay. live.
  35. Web site: The 2019 James Beard Media Award Winners . . December 18, 2020 . April 26, 2019 . October 31, 2020 . https://web.archive.org/web/20201031041712/https://www.jamesbeard.org/blog/the-2019-james-beard-media-award-winners . live .
  36. Web site: Canavan . Hillary Dixler . Here Is the Full List of 2019 James Beard Foundation Media Award Winners . . April 26, 2019 . . December 18, 2020 . November 12, 2020 . https://web.archive.org/web/20201112004723/https://www.eater.com/2019/4/26/18513497/james-beard-foundation-awards-2019-media-winners-cookbooks-journalism . live .
  37. Web site: Kastrenakes . Jacob . Here are all the winners of the 2020 Webby Awards . The Verge . 22 May 2020 . en . 20 May 2020 . May 21, 2020 . https://web.archive.org/web/20200521205535/https://www.theverge.com/2020/5/20/21263445/2020-webby-awards-winners-lil-nas-x-nasa-jon-krasinski . live .
  38. Web site: Variety Wins Webby Award for Best Entertainment Website. Antonio Ferme. 18 May 2021. 12 July 2021. Variety. May 25, 2021. https://web.archive.org/web/20210525204615/https://variety.com/2021/digital/news/variety-webby-awards-best-entertainment-website-1234975035/. live.
  39. Hubbard . Lauren . The Best MasterClass Classes to Pick Up a New Skill . . October 16, 2020 . March 5, 2021 . March 2, 2021 . https://web.archive.org/web/20210302045250/https://www.townandcountrymag.com/leisure/arts-and-culture/g32240187/best-masterclass-classes/ . live .
  40. Cheslaw . Louis . The Best MasterClass Classes, According to People Who've Taken Them . . October 8, 2020 . March 5, 2021 . February 19, 2021 . https://web.archive.org/web/20210219233828/https://nymag.com/strategist/article/best-masterclass-classes.html . live .
  41. MasterClass Launches Class on Philosophy with Dr. Cornel West. November 18, 2021.
  42. Web site: Meet Your Instructor: Futura . Masterclass.com . 2021-08-19 . 2021-12-13.
  43. Web site: James Cameron Teaches Filmmaking . MasterClass . 4 July 2021 . August 14, 2021 . https://web.archive.org/web/20210814082931/https://www.masterclass.com/classes/james-cameron-teaches-filmmaking . live .
  44. Web site: 'Free Solo' Director Jimmy Chin Launches Adventure Photography MasterClass. Condé Nast Traveler. December 5, 2018 . 16 July 2021. July 15, 2021. https://web.archive.org/web/20210715232214/https://www.cntraveler.com/story/free-solo-director-jimmy-chin-launches-adventure-photography-masterclass. live.
  45. Hartzog . Oscar . Best Tip for Making Your Own Movies? Start with These Filmmaking Masterclasses . . December 1, 2020 . March 5, 2021 . February 17, 2021 . https://web.archive.org/web/20210217123320/https://www.rollingstone.com/product-recommendations/lifestyle/best-masterclass-classes-filmmaking-1096704/ . live .
  46. Toumazou . Aaron . 19 best Masterclass courses to learn new skills from the pros . . November 15, 2020 . March 5, 2021 . August 14, 2021 . https://web.archive.org/web/20210814082931/https://www.gq-magazine.co.uk/culture/gallery/best-masterclass-courses?image=5faa8a9cab4311e33c32f695 . live .
  47. Web site: Me and @MariahCarey go back like babies and pacifiers. 16 April 2022. 17 April 2022.
  48. Web site: April 14, 2022. Mariah Carey Reveals A Reimagined Fan Favorite With Brandy For Her Masterclass. April 14, 2022. UPROXX.
  49. MasterClass Announces Award-Winning Author and Journalist Michael Pollan to Teach Intentional Eating . MasterClass . November 22, 2022 . . November 28, 2022.
  50. Web site: MasterClass Announces Renowned Scholar and Intellectual Noam Chomsky on Independent Thinking and Media's Invisible Power. PR Newswire. July 23, 2023. October 8, 2023.
  51. Chan . Tim . The Best Giftable MasterClass Courses Taught by Top Film Industry Icons . Variety . November 27, 2020 . March 5, 2021 . February 12, 2021 . https://web.archive.org/web/20210212150827/https://variety.com/shop/masterclass-review-best-online-classes-acting-directing-1202992523/ . live .
  52. Web site: MasterClass, headquartered in San Francisco, lays off 20% of employees . . June 22, 2022 . Bote . Joshua.