The e-learning industry has experienced tremendous innovation in the past few years, especially video driven e-learning platforms. Take Masterclass.com for example. Masterclass.com is an online educational platform where students gain access to tutorials and personal guidance by celebrity teachers who are at the pinnacle of their fields. Similarly, these types of business concepts can have great potential in Malaysia. Let’s dive deeper into how such e-learning business models may work.
Value Proposition: A one-stop tutorial hub with the best quality educational video contents.
Target markets: Learners of all ages who want to learn from experts at their own pace.
- Annual subscription for access to all classes.
- Single subscriptions for individual classes.
- Each class may contain several modules that are delivered in a series of interactive videos.
- Instructors receive a royalty or a percentage of subscriptions fees.
Business sector: IT (e-Learning)
The strength of e-learning platforms over traditional learning platforms is what makes them an exciting business concept. Students can learn at their own pace, have the flexibility to learn anywhere at anytime, retake classes as many times as they wish, and get interactive feedback from teachers without incurring additional costs in most typical cases. From the revenue model perspective, classes are delivered one to many which in turn reduces the cost of production through economies of scale. (If you’re thinking of getting celebrity teachers, this makes it more worth their time too.)
However, many key success factors need to be met before any e-learning business can be successful. A diverse range of contents are needed in order to build a large enough customer base. Class contents have to be informational, entertaining and engaging, as well as highly differentiated from all the free educational contents out there. Last but not least, if your business model includes celebrity teachers, you’ll need to find a way to pitch your ideas successfully to them in order to get their buy-in.
(Disclaimer: Not a sponsored post)