What's Happening?
ElevenLabs has introduced a new sales platform, ElevenReader, for AI-generated audiobooks, offering authors and publishers a 60% royalty rate on net sales. This platform allows users to create and sell audiobooks directly to consumers without exclusivity requirements. ElevenReader Publishing, launched in January, initially provided free AI-generated audiobooks without monetization options. The platform now hosts thousands of titles from independent authors and small publishers. Madeline Shue, leading growth and strategy at ElevenLabs, emphasized the platform's goal to democratize audiobook creation and monetization. ElevenLabs, founded in 2022, employs over 300 people across multiple global offices, focusing on voice AI technology.
Why It's Important?
The launch of ElevenReader represents a significant shift in the audiobook industry, potentially democratizing access to audiobook creation and sales. By offering competitive royalties and eliminating exclusivity requirements, ElevenLabs challenges traditional distribution models that often restrict rights and impose exclusivity. This could benefit independent authors and small publishers, allowing them to monetize their work more effectively. The platform's approach may also impact the economics of backlist monetization, enabling more titles to be converted into audiobooks without the high production costs typically associated with traditional methods.
What's Next?
ElevenLabs plans to participate in Author Nation in Las Vegas this November, indicating a focus on expanding its reach among independent authors. The platform's success could lead to further fragmentation in audiobook distribution as authors seek more favorable terms. The industry may see increased competition as other platforms respond to ElevenLabs' model, potentially leading to more innovative solutions for audiobook creation and distribution.
