ElevenLabs Empowers Authors to Create and Publish Audiobooks on Their Platform
A company called ElevenLabs, which specializes in voice AI technology, has announced that it will now allow authors to publish audiobooks created using artificial intelligence on its Reader app. This news comes shortly after ElevenLabs formed a partnership with Spotify to offer AI-narrated audiobooks. The decision to expand the publishing program is significant because it opens the door for all authors to share their work through this platform.
Last month, ElevenLabs successfully raised $180 million in funding, which shows considerable investor confidence in its potential. The company had started inviting a select number of authors to test its publishing program last year, but now, it is available to all authors who wish to publish their audiobooks.
According to ElevenLabs, the main goal of this initiative is to make it easier and more affordable for authors to create audiobooks. Traditionally, producing an audiobook could be expensive, often requiring studio time and professional voice actors. With ElevenLabs’ AI technology, authors can create high-quality audiobooks without the high costs associated with traditional production methods.
The app aims to compete with well-established platforms like Audible, which ElevenLabs claims pays lower royalty rates to authors. In its model, audiobooks published on the Reader app will generate income for authors based on user engagement. For instance, authors currently earn about $1.10 each time a listener engages with their audiobook for at least 11 minutes. Early tests indicate that users spent an average of 19 minutes listening to these audiobooks during the initial trial phase.
As the program expands, ElevenLabs plans to adapt its payout system. Initially, it will offer payments only to authors based in the U.S. and for audiobooks in English. However, the company intends to broaden its offerings by providing payouts for audiobooks in up to 32 languages that it currently supports. Furthermore, ElevenLabs is also looking to develop a marketplace where authors can sell their audiobooks directly.
A significant aspect of ElevenLabs’ business model is the potential for authors and publishers to use the company’s AI tools for audiobook creation through various paid subscription plans, which range from $11 to $330 per month. This approach is more budget-friendly compared to traditional methods, such as booking time in a studio or hiring voice talent.
Moreover, ElevenLabs has previously collaborated with other audio platforms, like Pocket FM and Kuku FM, to convert text into audio content. By transitioning into a publishing and distribution platform, ElevenLabs is following the vision of its CEO, Mati Staniszewski, who aims to create more consumer-focused experiences and to give indie authors a space to share their work.
Overall, ElevenLabs is taking steps to change the audiobook landscape by empowering authors and providing them with the tools they need to create and share their stories easily and affordably. This development could significantly impact how audiobooks are produced and consumed, potentially leading to a richer variety of content for listeners.
