Quora-Another Wikipedia or will see a commercial Success?
Wikipedia is one of the greatest website ever created. Wikipedia serve a purpose which is so important that a lot of money can be made out of it.
If Wikipedia monetize its services by displaying advertisements, it would be one of the highest earners in world from advertisements.
Quora is another website, which serve the same purpose as Wikipedia do. Only difference between both platforms is that Wikipedia provides information in form of articles, written by contributing users. Quora provides information in form of Question and Answers, again contributed by users.
Both sites have user generated contents. Quora is different and more interesting than Wikipedia. Quora gave a personalized touch to sharing information. Once signed up with Quora, the contents of interest automatically appear on your feed.
Both sites have great content and lot of content. The question is, will Quora be ever able to monetize or it has to survive on donation just like Wikipedia.
Currently Quora does not accept donation and is funded by Venture Capitalists and founders. Intresting part is that founder of Wikipedia is also one of the shareholder in Quora Inc.
Why Quora will not be able to make any money?
It is wrong to predict that Quora will be another Wikipedia, and will not make any money. Quora though cannot make money directly by displaying advertisements.
Quora cannot show direct advertisement at least till its accepted by common people instead of highly knowledged people who currently post on the site.
At present most of the people posting on Quora have their own blog or are posting to serve their own interest. A handful of people either dont have any blog or use quora to gain or share knowledge.
As soon as Quora starts displaying ads these people may leave Quora, thinking that why someone else should make money from their content.
So, how can Quora generate revenue? Quora can generate revenue by promoting a question which promotes the product or services of any company. But again, this method cannot be used for a long period, as users will soon realize it.
The various channels which can be used by Quora to generate revenue are:
- Third party advertisements, like Adsense
- Direct Advertisements
- Sponsored Questions
- Providing a private platform to organization to solve queries of Employees.
- Sponsored Answers
Quora can innovate other methods to monetize its services, but main concern would be acceptance of monetization by users.
Quora or Wikipedia are not built on the money but the contents provided by users. The main focus of these sites is to attract the users who regularly contribute the contents.
We have to see, when Quora will come with a great idea to monetize its platform. Once Quora starts earning, it will open the revenue door for other similar websites.
As per me Quora will be more commercially successful.
As you said users on Quora own the blogs or are active on any other online media, they know how important it is for a website to earn money to survive.
Quora must be habing some plan to monetize its content.