We occasionally get questions from customers asking why we charge .04/min ($2.40/hr) for transcription (if you pre-pay), when some competitors charge .25/min or even .50/min. Is it lower accuracy? Are you selling our data?
No and no. Ok, but why?
Transcriptive and PowerSearch work best when all your media has transcripts attached to it. Our goal is to make Transcriptive as useful as possible. We hope the less you have to think about the cost of the transcripts, the more media you’ll transcribe… resulting in making Transcriptive and PowerSearch that much more powerful.
The Transcriptive-AI service is equal to, or better, than what other services are using. We’re not tied to one A.I. and we’re constantly evaluating the different A.I. services. We use whatever we think is currently state-of-the-art. Since we do such a high volume we get good pricing from all the services, so it doesn’t really matter which one we use.
Do we make a ton of money on transcribing? No.
The services that charge .25/min (or whatever) are probably making a fair amount of money on transcribing. We’re all paying about .02/min or less. Give or take, that’s the wholesale/volume price.
If you’re getting your transcripts for free… those transcripts are probably being used for training, especially if the service is keeping track of the edits you make (e.g. YouTube, Otter, etc.). Transcriptive is not sending your edits back to the A.I. service. That’s the important bit if you’re going to train the A.I. Without the corrected version, the A.I. doesn’t know what it got wrong and can’t learn from it.
So, for us, it all comes down to making Transcriptive.com, the Transcriptive Premiere Pro panel, and PowerSearch as useful as possible. To do so, we want the most accurate transcripts and we want them to be as low cost as possible. We know y’all have a LOT of footage. We’d rather reduce the barriers to you transcribing all of it.
So… if you’re wondering how we can justify charging .04/min for transcripts, that’s the reason. It enables all the other cool features of Transcriptive and PowerSearch. Hopefully that’s a win for everyone.