In the UK there are companies which pay IIT graduates to tutor A Level mathematics so the business model does have a precedent but if there was a market for this it would already be a thing.
Surprisingly few students actually want to learn English in such a communication intensive environment and those who have the reason to do so, and cash to support it, are probably going to be put off by the lack of quality control which will be endemic to this kind of setting (I am not saying all online tutoring is bad but QA isn't exactly a strong point of the middle kingdom).
I don't see many Chinese parents shelling out cash for this though because, well, the internet in China is for cheap shopping, porn and gaming. The notion that anything serious could take place online is anathema to my students (it takes a long time to get them switched on to L1 resources because of this and if they won't read a newspaper I sure as hell don't see them paying some dude to Skype with them).