On August 10, 2023, Goodnotes The world's No. 1 iPad note-taking app of all time, used by more than 20 million people worldwide. Released a major upgrade in 4 years.
Goodnotes 6.0 comes with a new business model change from one-time sales to subscription-based with full AI overhaul features.
such as
- Able to correct handwritten spelling.
- If you type a note, you can help write a new sentence (like Quillbot )
- Grammar correction (e.g. Grammarly )
- Customize the mood and tone of the language and make the writing short and long (e.g. Notion AI )
These AI features OpenAI's brains are not used because the creator team wants AI that is friendly and safe for people of all ages, especially school children. Students who are a large group of Goodnotes customers
Goodnotes' New Vision
But what's even better is that it includes proficiency tests such as SAT and DSE, interactive problems to watch, and an online math course to try for free. For people who subscribe to Goodnotes annually.
Goodnotes also has a math AI called AI Math Assistant and AI Math Checker that helps to correct the wrong equation, such as putting the wrong mark or calculating the wrong number.
It can also convert the handwriting used to write equations into text with instructions when learning to solve various problems.
Goodnotes' new vision is not just a simple note-taking app, but a full-fledged AI tool to help you learn.
and AI Tutor Preparer for Subjects STEM หรือ Science, Technology, Engineering and Mathematics เข้าไปเพิ่ม อีกด้วย
I intend to disrupt the education industry.
Goodnotes only makes one app.
If it is a new vision, how big will it be?
Another example of using AI to enable existing businesses to create new businesses to expand the existing customer base even further.
It's a very interesting business strategy for Goodnotes that is made up of Asian people.
Business tips, analysis, and turning points
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- A Trivia of Goodnotes
- The key turning point of Goodnotes
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A Trivia of Goodnotes
Many people may not know that Goodnotes was created by a Hong Kong company called Time Base Technology Limited in 2011 with the founder of this app, Steven Chan.
Received an investment of more than 6 million dollars from Race Capital ที่ Silicon Valley
Currently, the company employs over 200 people and earns over $3 million a month.
The key turning point of Goodnotes
Goodnotes has two important turning points: when it received investment from VC to expand to the Education and Business segments, and again, when it released the latest version upgrade (version 6).
Business Model Transformation
- Originally, Goodnotes sold the app as a one-time purchase for $7.99.
- This causes a problem that the business is not sustainable. The income only comes in when you sell the app once, but people use it for many years.
- The company must find new customers and sell at any time in order to continue to generate income, such as marketing expenses.
- But luckily, the app is well done. It has always been the No. 1 bestseller of note-taking apps and is always promoted and recommended by the App Store.
- In 2021, the company received investment from a VC called Race Capital from Silicon Valley to develop a note-sharing feature for collaborating with others.
- This makes the user base expand very quickly, because most of the users are students. Sharing notes with friends in the room, in a group, or with friends from different schools is very popular.
- New businesses have emerged from users, such as selling study sheets and lectures, and making digital products such as notebook templates in various formats, selling planners, selling stickers used.
- It has become a turning point that makes Goodnotes far ahead of its perennial competitor Notability because it has created a community + commerce to supplement its business.
- The only feature that still loses to Notability is recording and syncing notes as written, so many people still use Notability.
- But after years of waiting, Goodnotes released an upgrade, adding recording capabilities and syncing handwriting.
- Combined with many of the things Goodnotes does, it has resulted in a long way behind its all-time rivals.
- Notability itself has adapted. It has been two years since the company changed its business model from selling apps at a one-time basis of $8.99 to an annual subscription of $14.99, which has led to a surge in revenue from selling digital products on its own store, called Gallery, and returning to a competitive mode that is worthy of Goodnotes.
- However, both apps lack important features and have been requested by users for many years, namely Infinite Canvas, which allows unlimited on-screen writing.
- Moleskine Studio, an app developer, saw this niche, so they created an app called Flow that added a feature to connect to the big screen and sold well.
- 2022 Apple released a new note-taking app called Freeform, which can almost be used as a replacement for Flow. Pity the people who make the app.
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