The world is changing and so are our ways of living, the credit goes to technological advancement. Technology has become an irreplaceable part of our day-to-day life and is involved in every course of our day. Since the onset of the pandemic, we have constantly hustled to find ways to keep our life on track whether we talk about business, education, or our life. Technology certainly proved to be our knight in shining Armor. It kept us all connected and moving. It played a very important role in the education space by creating an online platform for educators and students to continue their education by breaking all the barriers and providing online platforms for a swift, interactive learning process, and this shift in the education space will continue to grow.
- What is the Creator Economy and How does it work?
One of the most prominent changes in society over the last decade has been the rise of the creator economy. Certainly, creators have existed for many years portraying their talent in front of the world. Yet, few people were able to make a living from their creativity – just a few talented and popular enough to make a living as professional writers, artists, actors, and the like. However, nowadays, there are many more ways for creative people to make a living, to a large extent thanks to opportunities offered by social media. It begins with customers who are involved in the process of creation to generate some kind of monetary value: that means your influencers, vloggers, bloggers, and other independent artists who are dependent almost entirely on social media for the spotlight. One of the most powerful qualities of the creator economy is that it has enabled anyone to publish content, build and monetize a social following. Creators develop and distribute their content across online channels and capture many mediums, crafts, personas, and audiences.
- End-to-end tech/product platforms
Technology, and particularly the digital era, has improved most major segments of our economy. Education and training similarly are undergoing a tech revolution. EdTech platforms are a great help in learning new skills remotely, it focuses on blended learning through building social skills and using the power of AI. The digitalization of the Indian Economy has given ample opportunities for innovators in the EdTech sector. The pandemic gave a chance for EdTech to prove their abilities which they did very efficiently, educational institutions around the world have transitioned to e-learning. Another prominent observation we have seen during the last 2 years is that EdTech platforms are not only needed for young students but also for those who have the passion to learn and escalate their careers by upskilling.
- Millennials and Gen Z with their modern way of learning and earning
Millennials and Gen Z have less traditional ways of working, earning, and learning as a result of changing society and generations, today we have jobs that didn’t exist a decade ago and with that, we also need new skills. The way of learning has completely changed, the current learners prefer online platforms for upskilling and educating themselves. Their choice of earning is also very unique. They prefer to change their passion into a career, for instance, presently gaming is not limited to entertainment and hobby, it has become a good career option for all those who love creativity and have a passion to develop new video games. Players offering gamification in learning will scale faster as that will firstly drive higher learner engagement and will set them apart from other educating platforms. Another great way the new generation has turned their passion into a career is by becoming content creators across different social media platforms where they showcase their talent along with conducting live sessions to teach and motivate others to follow their passion. Creator education is seeing the highest growth rate in the EdTech industry, as it addresses a huge latent gap of over 50M potential creators wanting to be upskilled. Technology will help in enabling the end-to-end creator ecosystem, helping power their upskilling to content creation and then distribution/monetization.
- Increased demand for professional courses and Distance learning.
Even before the onset of the pandemic, there was a soaring demand for distance learning courses. Across the globe, the top Universities offer distance learning programs through online platforms. In the future cohort-based classes will take over the one-to-one learning model as firstly it offers a sense of classroom and community-based learning to the student, and secondly, it offers economies of scale to EdTech players too. Industry leaders and experts will get into the learning domain as creator tech platforms will start making it self-serve and easy for them to become instructors. Online platforms, mobile applications, and new learning formats have massively improved access to education, as well as enhance the learning process itself.
- Creators’ economy and Cohort-based classes- the future of education.
Since the onset of the pandemic, we have learned a life lesson, that education and work are not bound to a place. If you’ve got the zeal to learn and work you can do it from anywhere. Technology played a very significant role in it. The future of education lies in cohort-based classes which bring the best of the traditional way of teaching and online classes. Cohort provides a more interactive, immersive experience for students, with members of the course sharing their understanding and application of the course material. Cohort-based classes are engaging and real-time and are taken by experts in the field. In the future, we will see more and more industry experts and celebrities coming together on online platforms to train and teach. Even today we have many online platforms where we have the experts to train the aspirants. The reason behind the success of online education platforms is that it is easy to get enrolled in different programs and classes can be taken anywhere since they are conducted online. Another significant trend we will see shortly- the increased use of AI-based personalization in the creator EdTech platforms to personalize the learning experience of the learner and to improve the EdTech sector.
- WEB 3.0
Web 3.0 is the third generation and future of the internet. The two foundations of web 3.0 are semantic web and artificial intelligence, it is the next-gen technology where users and machines will be able to interact with the data. Web 3.0 is built on the concept of edge computing and uses platforms built on top of the blockchain, cryptocurrency, and NFTs. Conceptually, it incorporates decentralization and has improved privacy, data security, and simplified scalability.
Conclusion
The rise of the creator economy alongside the boom in cohort-based EdTeches and technological evolution will further reshape our education landscape. In doing so, it will usher in greater accessibility to education by empowering teachers and skilled experts to become creators, plugging into next-generation platforms to reach bigger audiences, and therefore pushing the boundaries of how we define ‘teachers’ in this new era of open education.
This article is authored by Anurag Dalia, Co-founder, unlu.
