They would be 90% smaller (though hopefully on higher volume). From the S-1: >We incur content costs in the form of payments to our instructors, generally dete

They would be 90% smaller (though hopefully on higher volume). From the S-1: >We incur content costs in the form of payments to our instructors, generally determined as a percentage of total revenue generated from their content. This is a pretty typical structure when unit costs are low. It gives the publisher the ability to price as they please to optimize revenue, and because the inventives are aligned, authors don't need to know customer willingness to pay.