By Mukul Rustagi
Over the last one year, the pandemic has catapulted the creator economy into a new era of growth with people increasingly trying to monetise their passions. This also saw the rise of a new breed of educators joining the creator economy, the “Edupreneurs”, who use technology to disrupt the way they reach their students. Not just academic educators, but non-academic instructors, trainers, and coaches have also increasingly come to fore to share their expertise with a wide range of audience. Fitness instructors went online to share their workout regime with other fitness enthusiasts during the lockdown, stock market experts shared their knowledge on how to start investing with first time investors, and home chefs whipped up fusion food recipes that they shared with their followers.
In a post Covid world, online learning is democratising skill development for all as historically, courses on these disciplines were expensive if available online at all. Having experienced the success of online learning during the lockdowns, people across the globe are more willing to acquire new skills or reconnect with their hobbies in the online format due to its affordability and ease of access. This opens further avenues for content creators to grow their reach and chart a successful career teaching and sharing their expertise online.
The first generation of content creators used platforms like YouTube and Instagram as a medium to share content but soon realised these weren’t cut out for education and skill development as much as they were for entertainment. With a wide range of content being shared on these platforms, their content runs the risk of getting drowned by all the noise. Therefore, the need to differentiate themselves through a strong personal brand arises which these platforms don’t do a very good job of offering. Moreover, since their content provides tangible value to their audience, they are more than willing to pay for it. But monetisation also becomes a challenge on these platforms with many content creators not qualifying for it till they have enough subscribers and yet others only entitled to a small share.
During the lockdown, a new breed of tech entrepreneurs identified the need for a platform that not only allows these content creators to go online and share their content but also helps them monetise it right from day one. Moreover, most of the small and independent edupreneurs were operating offline and struggling with business continuity, not being at par with the big online players in terms of tech capability and reach. They took it upon themselves to build tech enabled platforms that help these new age tutors launch their digital academies online and alleviate their fears of coming online for the first time. Furthermore, they also help them grow their business and acquire more students without diluting their brand. Such all-in-one content creation, distribution, and monetization platforms are helping creators earn upto Rs one million every month by selling courses online and have seen increased adoption amongst the likes of yoga instructors, business coaches, language trainers etc. They also offer them their own digital identity and personal brand which can instill more confidence in their audience and further grow their business.
Such platforms are a win-win for everyone right from students who get access to quality content at affordable prices from the comfort of their homes to content creators who get to successfully generate higher income by sharing their expertise with others. That’s the reason why they are willing, now more than ever, to invest in these technology solutions. Technology has enabled the passion economy to take a turn for the better and is likely to see more and more people become entrepreneurs.
(The author is co-founder and CEO, Classplus. Views expressed are personal.)