By Mukul Rastajy
Over the past year, the pandemic has pushed the creative economy into a new era of growth as people increasingly try to monetize their passion. This also saw the emergence of a new generation of teachers joining the creative economy, the “entrepreneurs,” who use technology to disrupt the way they reach their students. Not only academic educators, but non-academic coaches, coaches and coaches are also increasingly coming to the fore to share their experiences with a wide range of audience. Fitness coaches went online to share their training regimen with other fitness enthusiasts during the lockdown, stock market experts shared their knowledge on how to get started investing with first-time investors, and home chefs created mash-up recipes that they shared with their followers.
In a post-Covid world, online learning democratizes skill development for all as historically, courses in these disciplines were expensive if they were available online at all. Having had the success of online learning during lockdowns, people around the world are more willing to acquire new skills or reconnect with their hobbies online due to its affordability and accessibility. This opens more avenues for content creators to expand their reach, chart a successful career, and share their experiences online.
The first generation of content creators used platforms like YouTube and Instagram as a way to share content but soon realized that these were not so much meant for education and skill development as they were for entertainment. With a wide range of content being shared on these platforms, their content is in danger of being drowned out by all the noise. Therefore, the need arises to differentiate themselves with a strong personal brand which these platforms do not do a very good job of presenting. Moreover, since their content provides tangible value to their audience, they are more willing to pay for it. But monetization also becomes a challenge on these platforms as many content creators do not qualify for it until they have enough subscribers and yet others are only entitled to a small quota.
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 monetize it from day one. Moreover, most of the small and freelance entrepreneurs were working offline and struggling for business continuity, and they were not on par with the big online players in terms of technical ability and access. They have taken it upon themselves to build technology-enabled platforms that will help these new age teachers launch their digital academies online and ease their fears of going online for the first time. Moreover, they also help them grow their business and gain more students without weakening their brand. These comprehensive content creation, distribution, and monetization platforms are helping content creators to earn up to 1 million rupees every month by selling online courses and have seen an increase in adoption among the likes of yoga instructors, business coaches, language coaches etc. Their digital identity and personal brand that can instill greater confidence in their audience and fuel the growth of their business.
Such platforms are beneficial for everyone from students who get quality content at affordable prices from the comfort of their homes to content creators who successfully earn higher income by sharing their experiences with others. This is why they are ready, now more than ever, to invest in these tech solutions. Technology has enabled the emotion economy to take a turn for the better and is likely to see more and more people become entrepreneurs.
(The author is the co-founder and CEO of Classplus. Opinions expressed are subjective.)
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