Voice AI company ElevenLabs has officially opened up its platform for authors to publish AI-generated audiobooks using its own Reader app. Following its recent partnership with Spotify for AI-narrated audiobooks, this marks a significant expansion of its services. The company confirmed the development to TechCrunch, emphasizing their commitment to providing affordable and accessible tools for audiobook creation.
In a breakthrough move, ElevenLabs, which recently secured a $180 million funding round, invited authors to experiment with its publishing program on a trial basis last year. Now, this program is accessible to all authors, offering a new avenue for publishing and monetization. ElevenLabs aims to compete with established platforms like Audible, providing potentially higher royalty rates for authors through its model.
The platform pays approximately $1.10 to authors for every 11 minutes a listener engages with their audiobook. During the testing phase, the average user spent 19 minutes on the app, highlighting strong engagement. While these rates are considered competitive, ElevenLabs indicates they may evolve as the program scales. Initially, payouts are available for authors in the U.S. with English-only titles, with plans to extend support to 32 more languages.
Looking ahead, ElevenLabs envisions creating a marketplace where authors can directly sell their content. By leveraging its advanced AI technology, authors and publishers can generate audiobooks through paid plans ranging from $11 to $330 per month. This offers a cost-effective alternative to traditional studio production and voice actor fees.
ElevenLabs has also powered other audio platforms like Pocket FM and Kuku FM, transforming text into engaging audio content. This expansion into AI-generated audiobooks demonstrates ElevenLabs' commitment to innovation in the audiobook industry.
