Q1 Passive income report 2015
Okay I can’t believe it’s April 2015 already. The first quarter has completed and I’ve summed up my Internet Passive income streams. I admit I’ve been delaying writing this. I’ve been summing the totals in my head and I know I failed to reach my Q1 goal. However, I thought I would follow through and take stock of how far I am off.
I made some forecasts as some revenue streams have different pay cycles and haven’t been calculated yet. For example, my income for Pond 5 will accumulate until the 15th of April and be paid out that day. So I have to forecast how many sales I will make from now until then. However, the total is roughly $2313 US. In my Vision 2015 blog article I was aiming for $3000US a month. I’m about $2000 US short of that. Lets examine what I was up to in Q1 and what worked and what didn’t.
My goal was to find a 3rd and 4th stock agency to supplement Pond 5 and Shutterstock. The positive was that I managed to get a couple of sales from Pixta. A sale on stock footage varies from $20-40 US so it is a small victory. I have 3000 approved clips with Shutterstock and 1258 approved video clips on Pixta so there is opportunity for me to improve earnings here by increasing my approved clips on Pixta. Interestingly enough the 2 clips I sold on this Japanese stock footage agency are Australian. This is good news as my Australian collection is strong. I met with the Pixta team in March during my Tokyo visit. I went to their Shibuya office and as a contributor I had suggestions for improvements to their system. The team was really receptive, which is a good sign. I was surprised to see how large their team was. The team saved me some time by giving me some tips on what to shoot. Lets see if I can get some sales from my Tokyo collection.
I also managed to get my first sales from Dissolve. Jan I sold a clip from South Africa for $24 US. In Feb I made $48US from the same clip plus one in South Africa. This report has revealed some quick wins. I’ve got 2432 clips on-line and approved with Dissolve. There are several sets uploaded, but missing some metadata. This is a quick win for me to add 204 clips quickly. I also have room to add another several hundred clips.
Other agencies like Stockgiant or 123RF have not paid a cent. Videoblocks is a new player with a really easy to use system. I have about 1000 approved clips and with this site going live April 10th there is potential for additional stock footage revenue. I was recently was contacted by Nimia after they were impressed with my aerial footage. They offered to help me by letting me use their agency plan that allows me to showcase my collection on my site, but with a professional agency experience. The footage can also be sold on their marketplace. After my brief testing this system works, and I am excited as I’ve been looking to do this for some time. With this partnership I have ramped up my ability to sell my clips.
This year I wanted to double down my efforts on stock footage. I believe I can make adjustments, and it is very realistic to bring my stock footage income up to $1500-2000US within the next quarter. Now that I’ve set up with 4 agencies that pay regularly, and 2 more on the horizon any additional footage has a larger impact. My goal is for these revenue streams to become a river. Stock footage is making up about 71% of my Internet passive income.
Stock footage PIXTA
Pond5 Stock Footage
The combined on-line teaching income for Q1 was $396.55. It’s roughly about 20% of my passive income. In my earlier courses I could have produced high production courses with higher quality sound. I think this hurt the overall quality. However, my most successful course “Making money with your Travel videos” brought in $505.98 since being released in September 14. The Gopro course has brought in $292.71 since an October 14 release. The Art of Travel video has brought in $161. Since I started on-line teaching it’s brought in $1182.77 US income in 7 months. However, my highest yielding course is $505 US. Is it worth it to continue to pursue the teaching? I’ve seen other people such as Rob Cubben that are making $5000US a month primarily on on-line teaching.
Creating a course takes a long time and is a lot of work. However, once it’s up on the on-line platform with built-in audience it’s relatively hands off. I have started development of a Go Pro 4 course. One major change is that since I started working at a co-working space in Taipei. I now have access to a space and meeting room to work on the courses. The space provides a professional atmosphere and the production value of the course will be higher than previous courses. I’m optimistic that it will do well. I also have plans for a couple of more courses. I plan to release the Go Pro 4 course and I expect it to sell yield at least $300US or more a month. Based on the success of the Go Pro 4 course I can access whether on-line teaching is worth more time and effort.
I’m optimistic about the on-line teaching. Why? I enjoy it, it is in line with my values of sharing and passions for travel, video, and business. Having my courses on the Udemy platform has had some indirect benefits. It’s helped with my SEO and helped me as an established authority as an on-line instructor in the stock footage , video production, and business space. It has opened up some further opportunities.
A company in France discovered me on Udemy and contacted me to become the exclusive teacher in the video domain. This becomes another opportunity to sell my courses on their platform, which would extend my reach into France and Europe. We are close to finalizing a deal.
They also gave me the idea to bundle my courses, which I thought was a great idea to create new value with minimal effort. Rob Cubben is an authority in the on-line teaching space bringing in about $5000 US on Udemy in the last quarter. He also suggested bundling. The issue is that Udemy doesn’t allow bundling any longer. However, I can package my own digital products and create and sell my bundle through Gumroad. What I like about this is that I need to backup my course files anyways. I like to use dropbox, and Gumroad allows you to link to your dropbox files. This makes creating a course very quickly as you don’t have to re-upload the files. I haven’t tried learning on Udemy, but I can imagine the experience is not as good as Udemy.
Another company discovered me through Udemy called Zenler.com This company has the platform to create your own on-line video school leveraging your own courses. I need more time to look into it, but it looks promising. This would allow me to leverage my courses as it is non –exclusive and distribute my courses on their platform and create bundles.
Another development is that I recently got approved as a premium instructor called Skillshare. Skillshare was endorsed my Rob Cubben as another platform to create another viable revenue stream and an article posted my Techcrunch said Skillshare received 6 Million in capital. In other words, it is legit. It’s still a question mark as to how much revenue that this platform can help me generate, but it would be a quick win to get my courses. To play you need 25 students enrolled in your course. I just met this quote last week, and found out that your subsequent courses don’t need this quote requirement. This was the news I needed to hear to start getting my other courses on here. As their membership rates are low to protect the value of my courses on other platforms I could offer a scaled down version of the course.
Honestly I feel I have some opportunities I can follow to increase my passive income doing what I love. This is a lot of work for one person, and hopefully I can hire some help to assist with video editing, on-line copy, and key wording. I would like to focus on creating new courses, growing the business, and creating new opportunities for the business. I’m still working on fine-tuning the systems for the business stage. I think a reliable and trustworthy video editor and keyworder would go a long way. I would be able to focus on producing and turn the footage over to the editor and move on to the next thing.
Ok that’s the report. I’ve got the big decisions to make in the next couple of months. I’m a bit disappointed in not reaching my goals. I do see steady improvement. A year ago I was only making $146 US a month. I’ve been thinking more about trying out Chiang Mai not only for the cheaper cost and change of scenery, but this is where the digital nomad community is.
On the other hand I could return to a corporate job that pays 70-85k cdn a year. I’ve already built a foundation that could potentially continue to pay me $800-1000 US at the current rate. Okay I better stop here.
What can you learn from this?
The main take away here is that I’m revealing how I’ve made money on-line and what platforms I’ve used to do so. A friend recently asked me how do I make money from my blog. I told her that I don’t. I make off of these platforms. I’ve also share new platforms and tools that I’ve discovered along the way. I don’t know everything, but I try to share a lot of what I know to save you the struggles that I’ve been through.
If I could share some advice with myself one year ago it would be this
- Sign up for a co-working space and work there instead of a coffee shop. If you want to know why read this article
- Read and listen to Pat Flynn’s podcast
- Listen to this episode of Rob Cubbon on Meron Bareket’s podcast
- Start shooting stock footage of myself and other models
- Create video courses that are high quality and publish them on Udemy.com, Skillfeed, and Skillshare
- Build an email list sooner
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