Voice AI company ElevenLabs has taken a significant step forward in the audiobook industry by launching a publishing platform that allows authors to create and distribute AI-generated audiobooks on its Reader app. This move comes just days after the company partnered with Spotify to offer AI-narrated audiobooks, further solidifying its position in the market.

The publishing program, which was initially available on a trial basis to select authors last year, is now open to all authors. ElevenLabs aims to provide affordable and accessible tools for audiobook creation, which would have otherwise been costly to produce in a studio. The platform seeks to compete with Audible, which ElevenLabs believes offers lower royalty rates for authors.

Under ElevenLabs' model, authors will be paid when users engage with their content on the Reader app. The company currently pays authors roughly $1.10 when listeners engage with an audiobook for 11 minutes or more. During the testing phase, the average user spent 19 minutes listening to published books on the app. While ElevenLabs believes its rates are among the best in the industry, they may be subject to change as the program scales.

Initially, the payout will be offered to authors in the U.S. and for English-only titles. However, the company plans to extend payouts to titles in the 32 languages it supports for audiobooks in the future. Additionally, ElevenLabs aims to create a marketplace where authors can sell their content, providing further opportunities for monetization.

The bigger opportunity for ElevenLabs lies in authors and publishers generating audiobooks using its AI technology through its paid plans, which range from $11 to $330 per month. This approach is significantly less expensive than booking studio time and paying voice actors, making it an attractive option for content creators.

ElevenLabs has already demonstrated the effectiveness of its AI technology by powering other audio platforms like Pocket FM and Kuku FM to turn text into audio content. The company's move to become a publishing and distribution surface to host more indie content is in line with ElevenLabs CEO Mati Staniszewski's plans to expand into more consumer experiences.

The launch of this publishing platform marks a significant milestone for ElevenLabs, which raised a $180 million mega-round last month. As the company continues to innovate and expand its offerings, it will be interesting to see how the audiobook industry evolves and how authors and publishers respond to this new opportunity.