NEW YORK (March 10, 2020) – McGraw-Hill, the leading learning science company, today announced its full-year results for FY 2019, reporting that the company’s digital product sales grew more than 8% year-over-year and accounted for more than 50% of McGraw-Hill’s total billings for the year (52%). Digital billings grew across all business segments with growth across all key digital metrics. McGraw-Hill Connect activations grew 8% to a record 4.2 million activations while McGraw-Hill ALEKS unique users grew to a record 4.9 million.
“Our 2019 results clearly show that our focus on providing digital products that offer better outcomes at meaningfully lower prices continues to resonate with educators and students,” said Simon Allen, CEO of McGraw-Hill. “We’re excited about our strong performance in 2019 and look forward to continuing our commitment to product investment and enhancements that enable all learners to succeed.”
McGraw-Hill’s digital billings are driven largely by the company’s Higher Education division and its Affordability & Outcomes initiatives. For FY 2019, 74% of higher education billings were digital, an increase of seven percentage points over the previous year, and the company’s “Inclusive Access” partnership program expanded to more than 1,000 campuses and grew by 53% to $91 million. The company’s Affordability & Outcomes initiatives, including Inclusive Access, textbook rental and loose-leaf print options, saved students an estimated $120 million in 2019 and have saved students an estimated $175 million in 2018 and 2019 combined.
The Inclusive Access model is a partnership among an educational institution, a bookstore, and a course material provider 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 proven, curated, high-quality course materials on or before the first day of class improves a student’s likelihood of success (students with Inclusive Access in one study scored 20% higher in their courses). Inclusive Access gives the instructor the academic freedom to choose the course materials that best support their needs and allows for student choice in participating in the program. Per U.S. Department of Education regulations, students are given the ability to opt-out and obtain their course materials independently.
“It is essential that we focus on ways to increase student success and to make college more affordable,” said Dr. Donna Agovino Vandergrift, Dean of Liberal Arts and Associate Professor of Psychology at Rowan College at Burlington County. “Inclusive Access options help us to address these important issues. Inclusive Access allows us to provide high quality course learning resources at lower costs, with more flexible payment options, and a first-day access. Additionally, knowing that all students have immediate access to course materials allows faculty to maximize instruction starting with the first day of class.”
For more information about McGraw-Hill’s focus on affordability and outcomes, visit: https://www.mheducation.com/highered/explore/affordability-outcomes.html
Throughout 2019, McGraw-Hill announced a series of updates to its offerings and platforms designed to help students get more value out of their digital learning materials, including:
- The launch of Reveal Math for K-12, two new core programs designed to actively engage students in math and science instruction while empowering educators with the tools they need to help each student unlock their full potential.
- The expansion of its Connect Master® suite of course materials, providing affordable, adaptive learning experiences to improve students’ engagement, critical thinking skills and ability to apply knowledge to real-world challenges.
- New Open Learning Solutions that provides instructors with the tools and support needed to create tailor-made courseware solutions that support engaging digital learning experiences that are affordable and drive student success.