NEW YORK (Nov. 19, 2019) – McGraw-Hill today reported results for the third quarter of 2019, showing strong growth in its digital sales and its affordability- and outcomes-focused initiatives for the higher education market. Growth was driven in large part by the rapid expansion of the company’s “Inclusive Access” partnership program, which posted 66% growth in net sales for the year-to-date period as compared to the same period in 2018, and by McGraw-Hill’s overall suite of digital learning solutions, which now account for nearly a full three-quarters of the company’s total higher education billings.
These programs are producing cost savings for students. McGraw-Hill’s expanding affordability initiatives, which include Inclusive Access, textbook rental, eBooks and more, have helped students save more than $100 million since 2018.
“Our latest results clearly show that our focus on Inclusive Access and affordability-oriented models is resonating with higher education students and educators,” said Simon Allen, McGraw-Hill CEO. “We’re pleased that these new models have enabled us to deliver McGraw-Hill’s proven educational content to more students, in formats that are both more affordable and more impactful than traditional textbooks.”
The Inclusive Access model is a partnership among an education institution, a bookstore, and a publisher to deliver course materials to students on or before the first day of class at discounted rates – up to 70% off the retail cost of print textbooks. Guaranteed access to our proven, high-quality course materials on or before the first day of class improves a student’s likelihood of success. McGraw-Hill’s Inclusive Access program now reaches 950 college campuses, up over 50% from this time in 2018.
In addition to Inclusive Access, McGraw-Hill has launched or significantly expanded several other affordability-oriented initiatives, including a new textbook rental program and an expanded range of loose-leaf print, eBook and other digital options. Digital learning solutions—which not only are less expensive than print but also leverage the latest in adaptive personalization and learning science—have seen particularly strong growth in recent years.
McGraw-Hill’s efforts to improve affordability, along with others throughout the industry, have contributed to a 14% decline in student spending on course materials in the 2018-19 school year, according to survey data from the National Association of College Stores. Students spent only $415 on average on print and digital materials during the 2018-2019 academic year, compared to over $700 in 2007-08.
For more information about McGraw-Hill’s focus on affordability and outcomes, visit: https://www.mheducation.com/highered/explore/affordability-outcomes.html
Along with increasing affordability, McGraw-Hill is focused on delivering solutions that help improve learning outcomes for students. A series of enhancements to its McGraw-Hill Connect and McGraw-Hill ALEKS digital platforms this year are aimed at helping students get more value out of their learning materials and succeed—no matter their starting point or background. Those enhancements include a new version of SmartBook, the adaptive learning engine within Connect, a new automated writing feedback tool in Connect to help students improve their writing, which is a traditionally challenging academic area, and a machine learning feature called ALEKS Insights that helps alert instructors when students are at risk of failing.
“It’s exciting to see our hard work and deep focus on lowering costs and improving learning outcomes pay off for students,” Allen said. “McGraw-Hill employees are passionate about helping educators and students learn more effectively and unlock their full potential. The more we stay focused on making our solutions affordable and work better for learners, the greater the impact we can have.”