Passive Income Report
What is passive income?
Before I start my 1st passive income report lets explain what passive income is. In my words it is a product that you take time to produce and sell on the Internet through a platform like your blog website or Amazon. If the products are digital like an e-book or a video clip you spend time upfront to create it and once you’ve put it on-line the one product can be sold to more than one customer. Because it is digital you don’t have to worry about shipping a tangible product. Payment is automated through paypal. Your products can also reach a global audience. Imagine being at starbucks. You have a starbucks employee that may be paid $15 an hour. I may be at the same starbucks doing work on my laptop At the end of the day I will have a finished digital product that can earn me revenue while I’m doing other things for no set end date. The starbucks employee may earn $90US for their 6 hours of work. The irony is that we are both working at the same location just doing different work.
Some examples of my products
I’ve been inspired by Internet Entrepreneurs Patt Flynn and John Dumas who have posted their detailed income reports on their blogs. By doing do they have inspired me and provided lessons through their successes and failures. I’ve taken some inspiration and information from them and tried to adapt them to my niche of travel, video, sharing, and inspiration. They have taken the idea of passive income that has been popularized by Tim Ferris and successfully executed the idea with a blueprint.
Although I started this entrepreneurial journey in May 2011 I made many mistakes and spent a lot of money up until now. During my time in Taiwan I have been experimenting with different business models in an attempt to see what works.
Let’s get right to it.
Timeline January 2014 – June 2014
- I’m contacted by a company in Singapore to pay me an upfront fee of $500 US to organize my video collection and host it on their website
- I manage to organize my collection and spend several months figuring out an efficient process to thousands of my video clips on stock footage sites like Pond5.com and shutterstock.com.
It was a lot of hard work to organize the footage and catelogue it, but It was starting to see sales of $20 to 60$ US come in, which was encouragement for me to continue to go forward. This was starting to become my foundation passive income stream. While I’ve not reached the point where I can completely rely on my passive income this month I feel that I’ve built a foundation and have a path to focus on efforts on that I believe I can reach my goal of being financial independent in Taiwan in the next month or two. I was teaching English in Taiwan the past 4 months, which helped supplement my income while I was building up these income streams.
I want to make American money while I’m abroad in Taiwan learning chinese and to travel more in the heart of Asia.
I currently have 2467 video clips and 120 pending video clips pending curator approval. I have just completed a trip to Japan and expect my total clips to be around 2900 after they are approved.
October’s payout will be $ 167.50 US compared to September’s payout of $279.50 US. Payout’s are on the 15th of the following month.July 2014 $167
August 2014 $292
Sept 2014 $207 US
Total $666 US
Monthly Average $222 US
Although the number fluctuates my focus will be to get the Japan footage up there as soon as I can. My footage collection for this year has been entirely from Taiwan. I will try to be creative and film footage from within Taipei to save on costs. The good thing is that there is always something to film in Taipei. There doesn’t appear to be any particular pattern to hone in on. However, I did sell one of my first gopro driving tours in Hawaii. I have driving tours in Vancouver, New Zealand, and South Africa that have no been uploaded so this is another strategy to focus on.
if you are interested in seeing my pond5 global video library currently over 3000 video clips please click on the link below. I do get a referral commission if you purchase, but it is free to browse my video collection
In October the pay out will be $226.29 US. I have 1890 video clips and 76 waiting for review. Assuming they are all approved I will have 1996 video clips before Japan’s batch. Shutterstock has a higher rejection rates. Too bad I didn’t keep track of how many approved video clips I’ve had on-line as there has definitely been a correlation with my payout’s and the number of video clips I have on-line.July $335 US
August $ 134 US
September $239 US
Total $708 US
Monthly Average $236
Combined Monthly Average $475
October Total $393.79
Shutterstock is a slightly better performer for me. I have an efficient process for getting the video clips on-line that I put together in an on-line course on Udemy. The potential in stock footage is I can leverage the existing footage I already have and rely on the stock footage sites to market and sell the video clips. Pond5 and Shutterstock combined have performed the best. I have a collection on Motion elements and a Japanese site Pixta. I haven’t seen a single cent from these sites yet. Given that Pixta is a Japanese site I may put more video clips especially from Japan and see what results I get.
Other sites that I’ve tried, but have given up on for now are Revostock and iStockphoto. I have submitted clips and waiting for a collection at T3media to come on-line shortly. Clipcanvas is another site I have read on other websites as being a strong performer. Their site has been going through upgrades lately and I just recently received an invitation to become a contributor. I plan to get a part of my collection on there to try get a 3rd revenue stock footage stream going.
Combined Pond 5 and Shutterstock deliver $474 US
Another goal is to find a 3rd site that can deliver at least $100US. That would bring a monthly average to $600US. Not a lot by western standards, but good money in Taiwan. My goal seems realistic to me given the size of my high quality collection.
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On-line Teaching and E-Kindle Books