a. Anyone can create a course on Udemy and so 'anyone' does - and 'anyone' does not even have to be human. So supply of courses on Udemy is increasing quite rapidly
b. Udemy's competitors - both in number and in range of courses - are increasing
c. The growth of AI - free - means people are less likely to enrol in courses unless the course is by someone who is famous and/or an acknowledged expert
d. YouTube is expanding all the time as is Tik Tok
e. The subscription model means you can now enrol and not start many more courses than before for under $10
f. If you are a subscriber you're less likely to ALSO buy a course. There's probably a competitor available in the subscription
g. Negative comments about Udemy some by Instructors - are appearing in more places on the internet plus the Trust Pilot rating is very poor
h. There are many sites offering FREE COUPONS
i. There are many pirate sites
j. Many Instructors have upped their game to survive - this increases competition