The creator economy is booming. Even in the wake of lockdown across the country at the start of 2020, online course creation platforms saw an increase in activity. In fact, there was an approximated 425% increase in customer enrollment and 55% in course creation at the outset of the pandemic. With remote work on the rise, people are turning to online learning more than ever to share their expertise.
According to a 2019 study by Global Market Insights, Inc., the online learning market is expected to reach $305.3 billion by 2025. So, how much has the online learning market actually grown? The projected market has skyrocketed from $190 billion to $300 billion in only one year from 2018 to 2019. And it’s only continually growing.
Profit from passion
The majority of this growth is due to the high demand for cost-effective training, meaning that companies need low-cost training methods for their employees. Right now, online courses are one of the most effective ways for self-driven individuals to sell their knowledge. With a solid idea, a few loyal fans, and an actionable content strategy, entrepreneurs can transform their businesses and make a profit from passion.
That’s why industry professionals have dubbed this era of digital transformation as “the passion economy.” In the passion economy, community is key and creativity is the door to new and exciting opportunities. During the past year, the passion economy has sprung from a community of creators who are looking to monetize what they care about, however niche it might be.
With this, creativity is a vital contributor to the passion economy’s immense diversity. No single area is dominating all of the bandwidth. Instead, the creator economy is just as varied as the communities contributing to it. Data from nine major digital platforms (Instagram, YouTube, Pinterest, etc.) shows that 17 million Americans profited almost $7 billion in income from their own content in 2017.
Invest in you
When looking at the market segmentation for online learning in 2019, creators make up approximately 60% of the online learning market. These creators are able to share their own customized expertise on a diverse range of topics. At Teachable, we support creators and help them grow and develop their profitable online courses.
As we continue to redefine what a work environment looks like—whether fully remote, in-person, or hybrid—the projected growth rate doesn’t seem to be stopping anytime soon.
With Teachable, you can become a creator in seconds. Join our community and see how the online passion economy can grow your business.
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