When 90% of your "students" fail to complete the courses, you have an epic failure on your hands. MOOCs are not working.
I completed every course I signed up for when I was going to university. Completion percentage was important because I was, and still am, paying to be there. As a result, I enrolled in very little that I was simply curious about. Virtually every class I took was a step toward a degree.Since graduating, I've enrolled in a handful of MOOCs. I've finished less than half of these courses, but they have satisfied my curiosity and have given me something new and different to learn. I most certainly would not have paid for the experience, but I feel I'm better off because of it. I'd say this is working and far from an epic failure.