How to Build an eLearning Video Platform to Generate 40x Revenue?
The advancement of information technology in the 21st century has seen many revolutionary creations where e-Learning business is one among them. The magnitude of the internet availability around the world is 1000x times more when compared to two decades ago. This enormous reach has made the e-Learning video business flourish at a rapid growth within a short span.
YouTube’s new rules in the video monetization models, make them move to their own streaming platform. The right use of online education tools blended with the right technology makes the e-learning video platform, a new trendsetter in the educational streaming system.
Elearning video platform is a web-based online education model where it enhances the learning experiences of the student and effectively collaborates with the tutor. Through excellent satellite broadcasting and digital collaboration, the distance between the student and the tutor is minimized and these e-Learning platform acts as a robust bridge between the two parties to give productive results.
How Profitable is an E-Learning Business?
Over the past decade, video E-learning business has blossomed into various forms of educating the individual. Like teaching directly to online users, it also successfully created a base for getting an online degree or certification in respective domain and corporate training as well.
There are several E-Learning businesses mushroomed over the years worldwide. Among them, Coursera, a leading MOOC (massive open online courses) provider has 3000+ courses with 36+ million registered users around the world. Their growth can be evident from the fact that Coursera is one among the “Next Billion-Dollar Startup 2019”, a unicorn list from Forbes, which features top 25 startups company every year that reaches billion dollar value.
Similarly, an Indian based E-learning video platform, Byju’s has a whomping sum of 1430 crore revenue by the end of March 2019. That’s insanely hell lot of money! Online video education platform is surely a “goose that lays the golden egg”!
Kick-Start an E-Learning Business in these 4 Simple Steps
Before jumping into the bandwagon of e-Learning video service, it is a good idea to know what are the tactics need to be followed to get the desired profit. Starting any new online business or any business in that sense initially may seem to be a daunting task.
It may be a little overwhelming if it’s not rightly planned with the right strategies. However, here are a few strategies that help to keep the ball rolling in the right direction. If the foundation is strong with clear-cut strategies then think that 80% of the major work is already completed.
As Gordon.B.Hinckley said “You can’t build a solid building on a weak foundation. You need to have a solid foundation to build a strong super infrastructure”.
1. Decide the Domain
Categorize the area on which you are familiar and start building your network based on it. Whether it is kids learning material, information technology or psychological counselling, narrowing down on a particular niche is important. This lays the core idea of your e-learning platforms.
2. Time To Research
Listen to your audience first, then act as per their needs. Identifying your target audience’s pain points & challenges are crucial for any educational video platform. Engage with the potential users through professional forums, social media channels & get as many insights as possible.
3. Create Video Content
Start with a pilot program and design a course pattern with high quality, valuable and educational video content. Creating video content gives 10x times more reach than a written course transcript. With subtitles, pausing and downloading option, the users can learn on the go without missing any session.
4. YouTube Premium Revenue
Once you have narrowed down the industry & identified the challenges, pick top 10 hot technologies & get on board experienced trainers to roll out your online education business. Investing in creating own elearning platform profits you in the long run. Look for a customizable streaming solution for education that offers various perks to the users.
How E-learning video platforms help the Teacher & Students?
According to “Research Institute of America”, e-Learning video services increased the retention rate from 25 to 60%, as the students have more control in an online course where they can revisit them as and when required.
Hence, the E-learning vod platform is a win-win solution for both tutors and students. Let us briefly look into various factors which benefits both the parties in a commendable way.
|Benefits for Teacher
||Benefits for Students
|Global ReachOnline education has paved the way of reaching out to as many students as possible. For example, Hoffman Academy, a renowned pianist from California has a global reach where he has several thousand students who are 10000 miles apart.
||Affordability Unlike the brick and mortar model, e-learning reduces the commuting expenses and learning material cost. Also it provides various subscription models for the students who can pay monthly, yearly or per course as per their convenience.
|Effective Collaboration Effective interaction is key to any student-teacher relationship. Through whiteboards, video calling & file-sharing, exchanging information are made simple & easy.
||Personalised Learning ExperienceWhether the students fall under post-millennial range or Gen-Z, students of all ages are inclined more into an instant, easily accessible, relevant education content on the fly.
|Feedback Boost Up their Career GrowthA constructive and positive feedback is a boon for any teacher’s career growth. Real client’s feedback gains trust for new users and helps them to easily choose a teacher.
||Updated & Relevant Content Keep in par with the latest technology with relevant informative where the students can get hands-on experience with the real-time example to practise.
Things to Consider Before Launching an E-learning Video Platform
Like mentioned earlier, there are several educational video platforms like Khan Academy, Udemy, Coursera, Byju in which each gained a large profit. Here are 10 factors to keep in mind to jumpstart an e-learning VOD platform.
1. Setting a VOD platform
Amplify your video content with a dynamic content management system with effective video distribution strategies. Choose a video on demand platform which has an in-built HLS player and compatible across several platforms. Drive your user engagement to a whole new level with Progressive Web app technology for delivering rich video content both on the web and native apps.
2. Customizable player
Choose an on-demand video player that provides 100% customizable options as per the business needs. With powerful integrations, stream your educational video content online in high resolution without any buffering. Choose the platform that enhances the viewing experience with great scalability, where several concurrent users can join the course seamlessly on the go.
3. Devising Monetization models
Look into a video on demand platform which offers several monetization options. Right from the subscription video-on-demand model to pay-per-view on hourly or monthly basics gains the viewership as it covers a wider audience. Also, advertising on Video-on-demand is a proven strategy that has shown to increase the revenue in two-three folds. Many platforms offer different types for options to monetize educational videos like ad insertions like dynamic ad insertion, server-side ad insertion or third party insertion.
4. Personalized course suggestions
Recommended engines plays a major role in retaining an existing customer and also luring a new customer to enroll in as many courses as possible.
These are special algorithms implemented in the educational video-on-demand platform, where the software suggests the user based on his/her activity. If they researched on a particular topic like “Python for Beginners” then the recommended engine suggests the user with other relevant topics like “Introduction to Scripting in Python”, ”Python 3 Programming” and so on.
5. Enabling Student-Teacher interaction
“Putting Students First” should be the key for any e-Learning video platform. Online education business should enhance the communication between the student-teacher to a significant level. Through video conferencing, smart whiteboards, data sharing features synchronizes the e-learning system into a productive online learning platform.
6. Fortifying video security
Protecting all your video content is crucial to avoid any privacy or any malware attack. An end- end security which provides a powerful paywall integration, digital rights management system that is AES encrypted and uses single sign-on for any website is essential.
7. Plug-and-Play Compatibility
Elearning video platform should support a broad device that supports recordings captured from any device. Regardless of the device types, the students must be able to view the educative content on any platform. The service should take the videos that are in any format and upload the video content & finally transcode them into the appropriate file types.
8. Inside Video Search
While learning a long content through video, bookmarking a particular topic is difficult for streaming video content. However, there is a solution to search for a particular video clip, where the students can look into the specific topic without going through the entire video timeline. This can be achieved through comprehensive video search functionality, Optical Character Recognition which is used to perform indexing for each word for easy retrieval of that specific content in the future.
9. Video Analytics
To monitor the server health, network usage the administrator relies upon the analytics techniques so that they can detect any issues early if they suspect any performance issues. Also, the tutors greatly benefit from learning analytics, which gives them the data of user engagement, viewing activity and so on.
10. Automated lecture recording
The video recording is an excellent feature which is beneficiary for both the students and the tutors. All the live webinars or regular classes can be scheduled for recording which can be later viewed for student’s revisions and access on-demand as and when required.
Reduce your carbon impact by starting your own an e-learning video platform with headway features. Also, it is estimated that e-learning platforms will reach $325 Billion by the end of 2025. This is an environment-friendly business venture which is a paperless learning method. Choosing the best educational streaming solution to host all your video content safely and securely is essential. Look into various perks they offer and get started to yield 40x revenues in no time!