ElevenLabs Slashes Prices of Turbo V2 and V2.5 Models by 50%
Joerg Hiller Aug 18, 2024 14:16
ElevenLabs has reduced prices for its Turbo V2 and V2.5 models by 50%, introducing new pricing plans to benefit both self-serve and enterprise customers.
ElevenLabs has announced a significant reduction in the prices of its Turbo V2 and V2.5 models, offering up to 50% off for both self-serve and enterprise plans, according to ElevenLabs. This move is part of the company's initiative to pass on cost savings to customers while maintaining high standards of quality and performance.
More Content, Less Cost: Turbo Models are 50% Cheaper
The Turbo V2 and V2.5 models, known for their ultra-low latency and high-quality audio, are now available at half their previous cost. This price reduction is applicable to all self-serve plans, making it more affordable for users to generate content.
For self-serve plans, the Turbo models are now priced at just 0.5 credits per text character for text-to-speech services. Users can scale up for as little as $50 per million characters on annual plans. In contrast, enterprise plans will see a pricing range between 0.5 to 1 credit per text character, depending on pre-existing volume-based discounts outlined in their contracts. For larger enterprise customers, the cost can drop even further to as low as $15 per million characters.
It is important to note that these discounts are exclusive to the Turbo models. Pricing for V1 English, V1 Multilingual, and V2 Multilingual models remains unchanged at 1 credit per text character.
Introducing the New Scale Plan
In addition to the price cuts, ElevenLabs has introduced a new Scale plan designed to support users' growth with scalability and savings in mind. The new annual Scale plan includes:
- Everything in the Pro plan
- 11 million credits per month
- Three Personal Voice Clones
- Turbo at $50 per million characters
- Priority support
- Priced at $1,100 per month
Customers on the previous scale plan will still benefit from the new Turbo pricing, while the rest of their pricing plan remains unchanged.
Market Impact and Customer Reaction
ElevenLabs' decision to reduce prices and introduce new plans is expected to make its services more accessible to a broader range of users, from small businesses to large enterprises. The price cuts are particularly significant for customers who rely heavily on text-to-speech technology for applications such as conversational AI and other high-demand uses.
With the introduction of the Scale plan, ElevenLabs aims to cater to growing businesses that require extensive content generation capabilities. The new plan's features, including priority support and personal voice clones, are designed to offer additional value to users scaling their operations.
This strategic move by ElevenLabs reflects a broader trend in the AI industry, where companies are increasingly focusing on affordability and scalability to attract and retain customers. By lowering costs and enhancing service offerings, ElevenLabs is positioning itself as a competitive player in the rapidly evolving AI landscape.
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