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Voice AI company ElevenLabs has announced that it is now allowing authors to publish AI-generated audiobooks on its Reader app, as confirmed by the company to TechCrunch. This news comes shortly after the company’s partnership with Spotify for AI-narrated audiobooks.
ElevenLabs, which recently secured a $180 million funding round, had been testing its publishing program with select authors last year. The program is now open to all authors, providing them with an affordable and accessible way to create audiobooks.
According to the company, the goal of this initiative is to provide authors with affordable and accessible tools for creating audiobooks, which can be a costly process when done in a studio. ElevenLabs aims to compete with Audible, which it believes offers lower royalty rates to authors.
The platform’s model allows authors to earn money when users engage with their content on the Reader app. Currently, authors can earn around $1.10 for every 11 minutes or more of engagement with their audiobook.
During the testing phase, the average user spent 19 minutes listening to published books on the app. While the company believes its payout rates are among the best in the industry, they may be subject to change as the program scales.
Initially, the payout is only available to authors in the US and for English-only titles. However, the company plans to expand payouts to titles in the 32 languages it supports for audiobooks in the future.
ElevenLabs also intends to create a marketplace where authors can sell their content directly to users.
The company’s larger opportunity lies in authors and publishers using its AI technology to generate audiobooks through its paid plans, which range from $11 to $330 per month. This cost-effective solution eliminates the need for studio time and voice actors.
Notably, ElevenLabs has already partnered with platforms like Pocket FM and Kuku FM to convert text into audio content using its AI technology.
This move to become a publishing and distribution platform aligns with ElevenLabs CEO Mati Staniszewski’s plans to expand into more consumer experiences, as previously announced.
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