One Day University's Pandemic Pivot Is A Stay At Home Winner
Rapid switch to virtual learning brings big boost to membership and revenue
NEW YORK, Dec. 8, 2020 /PRNewswire/ -- One Day University has taken its unique live "edutainment" event company and rapidly pivoted it to a virtual-learning platform. In making the transition to online-adult learning and entertainment, the company has grown rapidly and revenues have increased steadily. Since April, One Day University has added more than 20,000 new online members and that number continues to rise as winter sends more adult-learners indoors and online.
"We were in bad shape," says Steven Schragis, founder of One Day University. "We really struggled with what to do, and chose to take out a PPP loan to transform ourselves from a live events company to an all-online virtual-events company."
In 2019, One Day University's monthly revenue regularly topped $500,000. The company produced live events in 61 cities for more than 80,000 adult students, arriving in person for the lectures featuring some of the world's top professors. But, by the end of March, One Day University's presence had dropped to 0 cities and 0 adult students.
The company launched its new virtual platform on April 4th, reflecting a rapid turnaround to meet the challenges and new opportunity created by the pandemic.
"Within the first month of going online, over 5,000 people immediately registered as members," says Kevin Brennan, Managing Director. "A further silver lining was a more than fifty-percent reduction to our costs. Without our venue rentals, airfare, hotels, and office rent, our monthly expenses are way down and there are new substantial scaling opportunities, which were not possible before the shift from live to virtual."
To adjust for the growth ahead, the company recently began hiring people from Broadway and other live-event industries. "One Day University offers a successful model for the virtual transformation, "stated new Marketing Director Madeline Hurley, who herself comes directly from a marketing career at top Broadway events companies.
One Day University has a reputation for unique, interesting, eclectic topics and has recently added many timely issues to its broadcast schedule including talks from top professors about The Spanish Flu of 1918, What would FDR would do now?, The Psychology of Sleep and Stress, What's wrong with Congress? and The Future of the Supreme Court.
One Day University's membership program, which costs $7.95 per month or $72 annually, is modeled after that of Netflix or Spotify. Members have access to its 400+ video library, and also have access to live talks that are live-streamed five days a week. Members are invited to ask questions of professors via "Chatroll" to enhance the cognitive experience.
"One Day University used to hold programs across the country, from Albuquerque, New Mexico to Westchester, New York. Due to COVID-19, we had to put a pause on these events. At the same time, we nearly lost the company and all our employees, says Steven Schragis. "Our team worked hard and hit a home run. Instead of a 12-year old company doing one thing, we're like a brand new company launching into the year ahead with limitless opportunities. Now more than ever, people are looking for ever-more meaningful, intellectual, and engaging ways to spend their time. One Day University is like a fun day at college with your favorite professor - and without the homework or exams."
About One Day University: One Day University brings together nearly 200 of the greatest professors from the world's top schools to present special versions of their best lectures on a diverse array of topics. The professors who teach at One Day University across the country have won countless teaching awards and earned the highest possible ratings from their students on campus. Access all the lectures, videos, and live-streaming events at: www.onedayu.com
CONTACT: Sarah Chase
COMPANY: One Day University
PHONE: 402-889-5152
EMAIL: [email protected]
WEB: www.onedayu.com
SOURCE One Day University
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