MasterClass
David Rogier stood in a Stanford University classroom while still a student, sketching the idea for what would become Yanka Industries. He asked Aaron Rasmussen to join him as co-founder and chief technology officer before the company officially launched. The website debuted under the MasterClass name on the 12th of May 2015, offering just three instructors and twelve classes to its first users. Rogier continues to serve as chief executive officer today, steering the platform through rapid expansion. Rasmussen left his role as creative director in January 2017 after two years of building the initial product. By late 2018, the catalog had grown to about 50 classes containing roughly 1,000 lessons. Support for mobile devices arrived in April 2018, allowing students to watch lectures on phones and tablets. David Schriber joined as chief marketing officer in June 2019 to help scale the brand's reach.
The startup began with $4.5 million in initial funding plus two seed rounds totaling $1.9 million from early investors. A $15 million funding announcement followed in 2016, signaling growing confidence in the online education model. Another $35 million round closed in 2017, bringing total capital raised to over $50 million at that point. An $80 million investment in 2018 pushed the company toward broader market penetration. Fidelity Investments led a Series E round in May 2020 worth $100 million, raising total funding to approximately $240 million. The next major milestone came in May 2021 when MasterClass secured $225 million in Series F financing. That same month CNBC reported the company reached a valuation of $2.75 billion based on the latest round. By June 2022, the firm laid off 20% of its staff citing worsening macroeconomic conditions affecting the tech sector.
MasterClass produces online classes featuring well-known instructors who demonstrate expertise in their specific fields. Early offerings covered writing, sports, and cooking while later years added politics, economics, and video game design by 2019. Many instructors perform live demonstrations if the topic allows visual illustration while writers deliver lectures without physical props. Courses operate through an annual subscription model rather than one-time purchases or free access. Most classes lack interactivity though at least one course included assignments where students collaborated with peers either in person or via Skype. The platform expanded beyond entertainment into practical skills like business strategy and personal development over time. Students gain exposure to popular celebrities as part of the core value proposition according to early reviews.
In late 2017 an acting class taught by Kevin Spacey was removed after multiple sexual assault allegations became public knowledge. The decision reflected growing scrutiny around celebrity partnerships and ethical standards for educational platforms. By mid-2022 the company faced external pressure from a deteriorating economic environment impacting venture capital availability. Management announced layoffs affecting 20% of employees during June 2022 to reduce operational costs. These cuts followed years of aggressive hiring aimed at scaling content production and marketing efforts. The restructuring marked a shift from pure growth mode toward financial sustainability amid broader industry headwinds. No new instructor contracts were signed immediately following the personnel reductions as leadership reassessed priorities.
Reviewers noted that performing arts courses required students to already possess some basic proficiency before enrollment. High production values distinguished MasterClass offerings from other online learning platforms available at the time. Critics reported that exposure to famous instructors inspired learners to continue pursuing their chosen subjects independently. The Verge observed that while subscriptions initially lasted a lifetime, replay value varied significantly between different course categories. Another challenge identified was keeping students engaged enough to complete additional classes beyond their first purchase. In 2019 chef Dominique Ansel received a James Beard Foundation Broadcast Media Award for his French pastries lesson. The award recognized excellence in Online Video under Fixed Location and/or Instructional category guidelines. Two Webby Awards arrived in 2020 covering Education & Reference Apps plus Media Streaming Web categories. A third Webby win occurred in 2021 alongside a People's Voice Award reflecting public appreciation.
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Common questions
When did MasterClass officially launch its website?
The website debuted under the MasterClass name on the 12th of May 2015. The platform initially offered just three instructors and twelve classes to its first users.
Who founded MasterClass and when did they start working together?
David Rogier stood in a Stanford University classroom while still a student and asked Aaron Rasmussen to join him as co-founder and chief technology officer before the company officially launched. David Rogier continues to serve as chief executive officer today.
How much funding has MasterClass raised by May 2021?
MasterClass secured $225 million in Series F financing in May 2021, raising total funding to approximately $240 million. This milestone followed an $80 million investment in 2018 and a $15 million funding announcement in 2016.
What happened to Kevin Spacey's class on MasterClass in late 2017?
An acting class taught by Kevin Spacey was removed after multiple sexual assault allegations became public knowledge in late 2017. The decision reflected growing scrutiny around celebrity partnerships and ethical standards for educational platforms.
When did MasterClass announce layoffs affecting 20% of its staff?
Management announced layoffs affecting 20% of employees during June 2022 to reduce operational costs. These cuts followed years of aggressive hiring aimed at scaling content production and marketing efforts.