ElevenLabs, a voice AI company, has recently announced that it will allow authors to create and publish AI-generated audiobooks directly on its Reader app. This development follows a recent partnership with Spotify for AI-narrated audiobooks. Last month, ElevenLabs raised an impressive $180 million and began inviting authors to test its publishing program through the app on a trial basis. As of now, this program is open to all authors, aiming to provide affordable tools for audiobook creation that are typically much more expensive when produced in a studio.
The platform is designed to compete with Audible, which ElevenLabs believes offers lower royalty rates for authors. In its model, audiobooks will be available within the Reader app, and authors will receive payment based on user engagement with their content. Currently, authors earn about $1.10 when listeners engage with an audiobook for at least 11 minutes. During testing, the average listening time for users was 19 minutes. Although the company believes these rates are competitive within the industry, they may adjust as the program grows.
Initially, the payout system is available to authors in the U.S. for English-language titles, but ElevenLabs plans to expand this to include audiobooks in 32 languages in the future. The company also has plans to create a marketplace for authors to sell their content. The broader opportunity for ElevenLabs lies in enabling authors and publishers to generate audiobooks using its AI technology through various paid plans, which range from $11 to $330 per month. This pricing is significantly lower than traditional studio costs and hiring voice actors.
Additionally, ElevenLabs has previously collaborated with platforms like Pocket FM and Kuku FM to transform text into audio content. This shift towards becoming a publishing and distribution platform aligns with CEO Mati Staniszewski’s vision of expanding into more consumer experiences.
