On-Demand Or Education Subscription? What Is Good For Your Business

On-Demand Or Education Subscription? What Is Good For Your Business

Education subscription businesses are on the rise for the past two years because of the flexibility and financial ease they offer to the learner. On the other hand, it has given flexibility to business and corporate sectors too in terms of employee training and development. And, it is forecasted that the corporate eLearning market will increase by 265% by 2026. The main reason behind online learning is the continuous technological evolution that is creating the need to develop skill and reskill it with time, therefore online learning becoming an essential element for all businesses. At the same time, this trend is boosting the revenue for education businesses too. But the question is which subscription model to choose to offer eLearning subscription i.e. On-Demand or learning subscription as a primary form of Education Subscription.

To address the question that we have just mentioned above, we have crafted this article to address the key difference between these two subscription models, along with this we have provided a detailed description of the advantages and disadvantages offered by these two models. However, to optimize your business in 2022, you have to keep a tab of multiple things especially about the things and practices that you need to avoid.

Difference Between On-Demand & Learning Subscription

The significant difference between these two is the flexibility it offers to both the subscription provider and the subscribers. Here is a review, On-Demand subscriptions offer flexibility in terms of access to content and subscriber can enjoy the whole content in one go. On the other hand, the learning subscription offer liberty to the education subscription provider to offer access to their services or tangible products on recurring payment. Lastly, the most important difference between these two is the flexibility of subscription plan cancelation.

What Is Best? Perk & Disadvantages

When we talk about subscriptions especially education subscriptions, there are two models. First, we will discuss on-demand, this is one of the most sought models by the subscribers that offer multiple benefits ranging from offering no pressure for on-time learning, the content of a course can be accessed remotely, and learning material can be archived. In addition to this, for technology advancement, on-demand courses are proven to be flexible and require less in-class commitment, which aims to foster a continuous learning process for the learner. On the other hand, the disadvantage offered by on-demand learning is it restricts the business from generating a recurring revenue stream from one subscriber, similarly in the case of a one-time purchase. One of the best examples of this is Netflix

Secondly, adapting learning subscription give the liberty to the subscriber in generating a continuous revenue stream that helps in reducing the concern of financial commitment. Moreover, the online recurring payment and gradual access to the course offer the subscriber the liberty to cancel the subscription plan, similarly to pay to play model. However, the only best thing that a subscription plan offered to the subscriber is lifetime access to archival content, to the one that a subscriber has paid to. But, when we talk about the disadvantages of learning subscriptions, we have only one thing to share that is gradual access to the content and limited access.

Lastly, here you need to know that if you planning to enter into the eLearning subscription business then we will recommend that you go with both as offered by Coursera. The reason behind this is it will help you scale globally and tap into both subscribers' bases, the ones that are looking for one-time full access or the ones that want skill or level base access to the content and are willing to pay on a recurring basis. Things To Avoid In 2022 As An Education Subscription Provider

  1. One Size fit all
  2. Course Content & instructor Uniformity
  3. Not utilizing data to Scale & upgrade

Conclusion

In a nutshell, the subscription business model is here to stay because of the flexibility and assurance they offer to the subscription provider in terms of revenue stability. However, the subscription model is highly customizable depending on the subscription business vertical. But the key is to focus on finding the right model. In education businesses, there are only two things and if you are looking for a way to decide from one of these then it is advised to go with both.

Published by Jessica Wade

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