Knowledge sharing platform Quora has recently launched two monetisation opportunities for its creators- ‘Quora+’ and subscription Spaces. While most of the company’s revenues come from the advertising business; these new options are an additional revenue stream for creators, as per Vinay Pandey, CRO at Quora.
Stating what pushed them to launch the new monetisation avenues, Pandey said, “The mission of Quora is to share and grow knowledge. We feel that most of the knowledge that people have is still offline, even though the internet is vast. We want to get more knowledge shared and discoverable, and our content creators are a big part of that. Most of the content creators on the platforms are not motivated by monetisation but at the same time, many are. We want to make sure we give everyone the right reasons to come on the platform, create content, and grow with us.”
According to the company, in Quora+ a creator can create subscriber-only content and earn money based on engagement from their followers. Another monetisation option is Quora Spaces. A Space is a community of people interested in a particular topic or subject, which can be moderated by a creator or group of creators. Creators set their own price and some of the larger Spaces have dozens of creators contributing, with supporting staff to keep everything running smoothly.
According to Pandey, what makes Quora stand out from other digital platforms is the high-intent audience on the platform. “For us, the biggest differentiation from other platforms is that people come here actively looking for answers. They come with a discovery or a learning intent and for a brand, this is much better than getting exposure when people are passively scrolling updates from their friends - they’re primed for action! When people come with questions about life insurance, cars, and mobiles, brands have the opportunity to actually talk about themselves and present themselves as an option,” he explained.
He also said that the growth of the platform in India has been quite impressive. They have invested in adding eight Indian languages on the platform to get meaningful insights for brands and to help people share their knowledge and learn in the language they’re comfortable with.
India is an important market for Quora; according to Comscore Media Metrix, it has 100+ million monthly users in India. “Because Quora is a machine learning-driven platform, people see the content that fits their profile and interests, and those interests help us understand the consumption behaviour in the market. Apart from this, we have big sales teams in Mumbai, Bangalore and Delhi. We actively work with a lot of advertising partners,” Pandey said, talking about India.
Quora has mostly been promoting itself through B2B channels like establishing partnerships, collaborating with agency partners, and partnering with publications for thought leadership programs. “On the B2C side, the product has really grown by itself,” he stated.
The company is also focusing on improving the customer experience on the platform and wants to be a safe space for brands as well as the people who share their knowledge. The platform has almost 100,000 topics with experienced professionals distributing their knowledge and learning from others.
“We want to make sure that the reason people come to Quora is for useful content. We take an experimental approach to making sure the experience of using Quora remains delightful and engaging. The user experience always comes first before we display ads,” said Pandey.
“There is a much more human touch to this service than in other places where you may find the answers but not a human connection,” he added.