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Volume 16 (2); June 2026

Research Paper

Analyzing revenue models: from value decoding logic to monetization strategies and their optimization

Rezaee B, Khademi A, Mohammadi R.

J. Educ. Manage. Stud.,16(2): 17-28, 2026; pii:S232247702600003-16

DOI: https://dx.doi.org/10.54203/jems.2025.3

Abstract
The aim of this study was to design and explain an integrated framework for analyzing revenue models based on value decoding, encompassing the stages of value identification, selection of monetization strategy, and simultaneous optimization of multiple revenue streams in digital platforms. As secondary objectives, the study sought to identify the dimensions of value in digital products and services, as well as to conduct a comparative analysis of common revenue models (subscription, freemium, ad based, data sales, and transaction fees) based on sustainability, scalability, and user satisfaction indicators. The research method was a sequential exploratory mixed methods design. In the qualitative phase, using a meta synthesis of 72 articles and a fuzzy Delphi panel with 12 experts, the dimensions of value were extracted and validated. In the quantitative phase, a researcher developed questionnaire was distributed among 221 managers and experts of Iranian digital platforms, and the data were analyzed using MaxQDA, SPSS, and SmartPLS software. Content validity was confirmed through CVR and CVI, and construct validity was established via exploratory factor analysis and structural equation modeling. Reliability was obtained using Cronbach's alpha (0.91) and Cohen's kappa (0.83). The findings indicated that value in digital products comprises five dimensions: functional, emotional, social, network, and data. Subscription and freemium models achieved the highest total score (12.9 out of 15) in expert evaluations. Structural equation modeling revealed that value dimensions have a significant effect on sustainability, scalability, and user satisfaction indicators (adjusted R² = 0.46, 0.51, and 0.49 respectively). Network value (β = 0.41) and data value (β = 0.35) had the greatest impact on user satisfaction. The proposed framework was developed in three layers and seven operational steps; its validation on an Iranian educational platform resulted in a 23% increase in the conversion rate of free to pay users and a 15% reduction in churn rate. The research concludes that value decoding is an essential prerequisite for designing a successful revenue model, and that hybrid subscription freemium models emphasizing network and data value are the most efficient option for digital platforms in Iran.
Keywords: Value decoding, Revenue model, Revenue optimization, Digital platform, Meta synthesis.

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Research Paper

Educational and strategic perspectives on Pi network’s tokenomics and long-term value.

Santillan JP. 

J. Educ. Manage. Stud., 16(2): 29-, 2026; pii:S232247702600004-16

DOI: https://dx.doi.org/10.54203/jems.2025.4

Abstract
This study provides a critical analysis of the Pi Network’s strategic design and tokenomics, examining its potential to develop as a utility-driven cryptocurrency. Using a qualitative-descriptive approach, the paper explores key features including mobile-first mining, phased decentralization, and delayed exchange listing. The results demonstrate that these strategic elements serve as practical learning models for digital literacy, resource management, and organizational strategy in educational settings. Findings indicate that Pi’s focus on accessibility and community engagement provides management insights into sustainable growth and inclusive technology adoption. While challenges such as limited financial literacy remain, the platform offers a unique framework for bridging theoretical economic principles with hands-on digital learning.
Keywords: Cryptocurrency adoption, mobile-first mining, phased decentralization, digital currency utility, educational management.

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