In this era of online education or e-learning, many people are taking up career paths as educators as teachers online. Here are 5 ways of monetising or making money as online teachers.
As the country’s population becomes more and more accustomed to using the internet, the online learning industry will reach new heights. According to a report the Business Wire, the online education market in India, which stood at Rs 39 billion in 2018, could reach Rs 360.3 billion by 2024, at a robust CAGR of 43.85%.
E-learning has brought elements like flexibility, convenience, and efficiency to the table, which is why it has become so popular so quickly.
In this day and age, if you have in-depth knowledge about a particular subject and possess a basic technical skillset, then you can make a career teaching student online by monetizing your content. There are so many ways to present your content online that you can enrich your students’ learning experience simply by utilizing the resources available to you.
From PowerPoint presentations to video lectures and audio recordings to visual illustrations, there are so many ways to explain a concept, and you can either choose one or all, depending on your students’ needs. Let us now talk about the different content monetization models.
1. Ad-Supported Video on Demand (AVOD)
This is one of the most basic monetization models. Under this model, your videos are technically free for your viewers, but they pay you indirectly by viewing ads.
YouTube would be an example of an AVOD platform. The greater the number of people who view your ads, the greater would be your income.
However, there is a fundamental flaw in this model it doesn’t account for ad-blockers. During the past couple of years, ad-blockers have become quite popular among people and they can seriously affect your ad-revenue. This is the reason why you should use AVOD in tandem with other models.
2. Monetizing via subscription
A subscription-based business model is one of the content monetization models. If your viewers like your content, they can subscribe to your website or content portal by paying a monthly or yearly subscription fee.
It would give them access to your content library so that they can learn whatever they want, in a structured and organized manner.
Since you can count on a certain number of subscribers, you can predict your monthly income to some degree as a content creator. This model also encourages the creators to put out better content to retain their existing subscribers and gain new ones. Hence, a win-win situation for all!
3. PPV (Pay-per-view)
The Pay-per-view model allows users to access specific content (video, audio, ppt, pdf, etc.) by paying a one-time fee.
This model is transactional and works well for the users who want to use a creator’s services sparingly. As a creator, you can charge in different ways, depending on the type of product or service used and time spent using it.
4. Premium Membership
Premium membership gives special privileges to the users, such as unlimited access to exclusive content and hefty discounts along with some VIP perks. The premium membership can usually be availed for a certain amount of time (say, a month) by paying a one-time fee.
The idea is to get your users hooked on the content, which would motivate them to renew their subscription and promote your product to other potential viewers as well via word-of-mouth.
5. Affiliate Marketing
This is a monetization model that you can implement after your content platform has started receiving some regular traffic. Usually, the business organizations related to your domain of expertise would reach out to you and ask you to do a sponsored segment during your video lecture.
You would also include a link to redirect viewers to the partnered website. While you wouldn’t get money directly from the users, the organization you’ve partnered with will sponsor you.
As the world becomes increasingly reliant on digital technology for learning, content monetization will help many teachers (academic/non-academic) to earn a decent income by monetizing their content.