Subscription-Based Model of Learning
The onset of COVID 19 and the online learning has enabled technology to overpower the Education sector as well. Learning via the use artificial intelligence has become more and more popular. With this growing demand for online learning platforms, many startups have emerged to provide the solutions. Majority of these edtech startups have opted for Subscription based model for learning as their business model. A subscription-based pricing model is a payment structure that allows a customer or organization to purchase or subscribe to a vendor's IT services for a specific period of time for a set price. Subscription learning is a method of online learning where e-learning courses or modules are divided into small consumable ‘nuggets’ of information. Subscribers typically commit to the services on a monthly or annual basis. Sometimes, a number of academic contents is made available free of cost, however, to gain access to much more easy and amazing content the users have to opt for a paid subscription. It is referred to as the freemium business model. The apps primarily cater to the school and college going students and those who are preparing for different entrance exams. Revenues are earned by charging students the subscription fees for the different courses that they offer. The subscription fee varies from course to course. The courses include live sessions and pre-recorded videos. The videos are created by featuring an instructor who makes tough concepts easier using audiovisual tools. BYJU’S and Khan Academy are some renowned startups in this domain. The video tutorials enable the students to continue the course at their own pace, thus, contributing to its popularity. However, BYJU’S differentiates itself from other such applications by the personalized touch. Students are required to complete multiple tests and personalized feedback is provided. One-to-one mentoring and doubt clearing sessions are conducted by IIT/IIM graduates. Microlearning is at the core of subscription learning. Subscription learning makes it easier to consume learning content in smaller bites and gives learners time to assimilate what they are learning. Subscription learning also makes it possible to make the learning experience better by offering ‘spaced content.’ For example, you can take a break in between lessons and learn at your own pace.
The Subscription model for learning offers a wide range of benefits to both the provider and the user. The course becomes affordable when payments are to be done periodically. Learning at one’s own pace allows the user to finish the module at their own convenience aiding better learning experience. The provider is also benefitted with reduced training costs and recurring incomes.
On the whole, Subscription based learning has proven to be a powerful solution to the traditional practices and is on the rise.
