Technology has played an important role in improving and expanding education worldwide. Video content, for that matter, presents amazing opportunity as an aid for education and teaching. Video for education in particular has been transforming how we interact, collaborate and share knowledge.
More and more students worldwide expect to learn and connect using online video, so education businesses and organizations need to constantly be up-to-date with the latest technologies in their area of work. Deploying solid video for education strategy that has all the elements of secure and reliable content is number one element of every successful online teaching program.
It seems that nothing is new with this observation, however modern times offer endless opportunities for video for education, sometimes even seen as challenges, moving fast forward into something which didn’t exist just a few years ago. An educational video strategy that digs deep into these possibilities is bound to succeed in the long run, at the same time offering help to students and educators alike.
What Are Educational Websites?
Educational websites are fundamentally what the name recommends: built sites to educate site users. They have directories of recordings, blog entries, ebooks, or other enlightening or scholastic content on various different topics.
The most successful educational websites revolve around a particular specialty, similar to the cases referred to above. This is particularly essential if you’re looking to monetize your site and make revenue from the content offer provided. Monetization of video for education is not something new or really hard, because now there is so much free content on the Internet, that users are willing to pay for yours if it involves a specialty of some kind, or offers them top quality of the niche they are into.
By having your own education website you can easily enrich classroom experiences and increase student engagement. Using appropriate video software means you can capture classroom on video, your whole teachings as recordings in one place. Also, your educational content can be available anytime, anywhere in the world. Some software gives opportunities for remote learning, flipped classrooms and social learning by powerful video tools.
With an educational website as part of technology institutions and companies can easily and cheaply share and advertise their profiles with rest of the world.
But what are the different ways to monetize video for education (for both live streams or on demand) or a video library that has valuable information worth paying for?
1. AVOD i.e. Advertising VOD
One of the common methods of monetization is AVOD or Advertising VOD – a model that is technically free for the users, in the sense that you will pay with your eyes instead of your credit card.
This can function as replacement for in-video advertisements or promotions on the pages that host the videos. The money you make by AVOD depends on how many people had the chance to view your content. But there is another thing worth considering – ad-blockers on the rise eliminating advertising revenue. No matter what industry you operate in, people’s use of software to block digital advertising keeps gaining traction worldwide.
You can likewise implement web based advertising, for example, web banners or video advertisements to monetize your videos for education or your e-learning website. Educational content such as e-books can also be a solid ground for advertising opportunities.
Additional advertising can also be done by writing guest posts on prominent education blogs with topics that can range from new courses, study tips, e-learning updates and FAQs on subscribing for an online course.
2. Subscription Monetization
Another approach to monetize your online video for education is to implement subscription business model. Subscriptions, as the name suggests, include paying a normal monthly fee in return for access to a content video library. Individuals can have full access to the video material by subscribing to a certain recurring fee. Subscribers are commonly charged monthly or yearly fees dependending on the frequency of content distribution.
In an educational context, subscriptions offer much better chance for students who are willing to study a variety of courses simultaneously. It may also provide more reliable income for content creators, since future income can be predicted to some degree.
However, subscription monetization has different challenges the two main being: growing the monthly recurring revenue (MRR) and reducing the churn rate. Shortly, MRR is the amount of revenue that your business makes in a month. To make sure your MRR grows, you need to take care of your customers not leave or cancel their subscriptions.
Churn rate on the other hand is the percentage of customers that fail to renew their subscription every month. Reasons may vary and be of a different nature. You should reduce the churn rate to as low as possible to improve your margins and drive more traffic.
Pay-per-view or in this case pay-per-course is video monetization when the viewer pays a single fee for each video (or collection/video library) they’d like to watch. This models is also called transactional and it’s easy to understand and use, widely accepted by most content creators. Also, it’s a great option, especially when viewers are looking for bite-sized chunks of learning, or individual courses.
As a result customers are charged in different ways, depending on the type of product or service used and time spent using it. In general, it is an extremely fair way of treating those who use a service sparingly can pay as they go, which makes it practical and really affordable.
With the pay-per-course model, you can even lure your members to pay for premium content (for example, material submitted by niche experts) by offering free and advanced courses using video for education. This way, members still get to access content, but will only pay for the premium learning content if they need to.
4. Premium Access
The premium access model offers members access to exclusive content or gives some sort of a special VIP access and perks to its subscribers. A one-time payment is usually implemented for Premium Access memberships.
Basically, the objective is to get the users hooked to the product, thus motivating them to renew their subscription, and also promote the product via word-of-mouth. This is a similar structure to where the marginal cost of serving an additional customer tends towards zero.
5. Group Accounts & Additional Video for Education
Group accounts offers give multiple access to users to your video library under one entity, for example, a company or school. If you have a e-learning platform you can offer batch discounts under one account.
This can be used to sell support materials for additional revenue like course softwares, online learning tools, etc. Moreover, you can develop partnerships with third-party suppliers like SaaS businesses to advertise and/or provide the additional content to be sold on the website.
6. Affiliate Marketing Programs
Videos for education on e-learning websites can also earn revenue by joining an affiliate marketing program. Commission is earned by setting up links that will redirect the traffic to partnered websites. The cornerstone of any effective affiliate marketing promotion is to pick the right affiliate programs and products to promote, since not affiliate programs are made equal.
On a side note, ads might seem like the most natural solution for website monetization, but ads aren’t always working they way you might be imagining. Most online ad services pay on a per-click basis. With click through rates averaging well-under 1%, you’d need tens of thousands of unique visits every single day on your videos to make any kind of significant income.
7. Integrated Paywall
The next great feature to look for if you want to monetize videos is integrated paywall. An integrated paywall means that video purchases occur in the video window itself where customers enter their payment information. This information is safely encrypted and transmitted to the bank. After that payments are approved, and an access to the video is opened up.
This is where we at InPlayer excel. We are next generation video and digital asset monetization platform having the fastest paywall on earth. The idea is that any page on any website, including the personal site for any content creator, can instantly feature our paywall to protect and monetize their content.
Integrating a paywall has a number of advantages. First, it helps with security by reducing the chances that a freely-accessible video will be embedded into other domains. Second, it makes the process seamless for the user as it removes the navigation steps. Everything becomes crystal clear for the viewers from entering their payment info, to watching the video.
The most important thing to do to successfully benefit from monetizing video for education is to plan well. Think carefully about the option you have and strategize well which one will best meet your needs. Video holds amazing power which can be used as a tool for education and needs careful planning before you make use of it.
Hopefully the different ways we’ve reviewed here will help you find the right monetization model for you. Just remember, a service that incorporates variety of methods will likely work perfectly for your needs!
If you want to have a look of how we monetize video content in the education vertical don’t hesitate to give us a shout.