The value of video in applications like education, marketing, and general communication is unquestionable today. Suppose you’re using this medium in any way. In that case, transcription services can help you get more value from it by repurposing the content or organizing critical information for better archiving and referencing. Pretty much every sector of the economy has embraced this idea so far.
In 2022, the U.S. transcription industry was valued at nearly $26 billion and is estimated to grow at an annual rate of 5.8% between 2023 and 2030. However, when estimating how much to pay for transcription services, do you sometimes find the various pricing models out there a bit confusing? Converting your video or audio recordings shouldn’t cost you an arm and a leg. Let’s explore ways to ensure you get maximum value for every penny you pay to a transcription company.
What Is the Average Price for Transcription Services?
The average price for transcription services differs according to the pricing models. When researching transcription costs, you’ll likely encounter any of these three pricing models:
- Per recorded minute/hour: This pricing is based on the length of your audio or video file, which means paying a specific rate for every minute or hour of the recording. Expect to pay about $90 per hour or $1.5 per audio minute on average for a high-quality and accurate transcript from such a transcriber.
- By length of the transcript: In some cases, such as medical transcription, the cost may depend on the length of the final document rather than the video. Transcriptionists that employ this output-based billing model can charge about 10 cents per document line. Another option is a fixed rate for each transcribed page.
- Hourly work rate: With hourly work rate billing, the transcription company bases the price on the time spent transcribing your recording. The average rate may range between $25 and $40 per hour.
Factors That Determine the Cost of Transcription Services
Let’s examine standard variables that can impact the transcription cost/rate per minute or hour:
- Turnaround time: Do you want same-day or 24-hour service, or can your order wait a few days/weeks/? Generally, the faster the TAT is, the higher the transcription cost is.
- Quality of audio: It takes longer and more effort to decipher inaudible speech and accurately transcribe poor-quality recordings, hence the higher transcription rate.
- A number of speakers: Recordings of interviews or meetings with multiple speakers involve more transcription work than those with a single speaker and cost more.
- Verbatim vs. non-verbatim: Verbatim transcription services will cost you more as the final document includes extra work for false starts and stutters like ums and uhs.
- Transcriptionist experience: This often determines a transcriber’s familiarity with the nuances of specific transcriptions, such as medical or legal. Its connection to the transcript’s quality and cost-effectiveness makes it a vital factor in pricing.
Why Choose Human Transcription Services?
Your goal is to preserve and organize information accurately, right? Below are the reasons why you should choose human-based transcription for this instead of artificial intelligence (AI):
- 99% accuracy and reliability: Human transcriptionists excel in key areas where AI struggles. Those include correctly identifying multiple speakers and decoding speech in audio with heavy background noise or non-native English speakers.
- U.S.-based human transcriptionists: Real transcribers have a perfect grasp of English and will accurately transcribe your audio and correct it for grammar mistakes. Based in the country, they’ll communicate with you at your convenience and follow all applicable data security rules.
- Cost-effectiveness: It often costs extra time and money to fix many inaccuracies in AI-generated transcripts. You can avoid this wastefulness with human transcription services.
- Time-saving: Unlike AI-generated transcripts, human transcribers deliver a ready-to-use transcript in your specified style and format, whether a meeting, interview, class group session, academic notes, or phone conversation.
- Fast turnaround time: Choosing human-based transcription services over AI doesn’t necessarily amount to a costly compromise on the TAT. You can have your transcript ready in 24 hours or less.
How Much Does It Cost to Transcribe 1 Hour of Audio?
For a clear audio recording with up to two speakers, rates start at $1.25 a minute or $75/hour ($1.5/min for three or more speakers). We charge $3.5/min or $210/hour to transcribe a two-speaker recording with a same-day TAT and $3.5/min for next-day delivery. At GMR Transcription Services, Inc., we base our pricing on factors like TAT, number of speakers, and audio difficulty and clarity.
Does your audio recording need to be easier to transcribe because of ambient noise, speakers talking over one another, or having a thick accent? If so, we can still transcribe it for you for extra costs (such as $105 per hour for a two-speaker recording with a 3-week TAT).
Additional transcription services are available for $30/hour for each. These may include verbatim transcription, insertion of time codes, and correcting grammar mistakes in the transcribed speech.
Read Also: 9 Key Factors That Decide Academic Transcription Rates
Conclusion
Finding the right transcription service that is affordable and can produce quality transcripts is a daunting task. At GMR Transcription Services, Inc., our human transcription guarantees 99% accuracy so you can focus more on your core everyday commitments.
Say no to the costly hassle of reworking and fixing inaccuracies in AI-generated transcripts! All our transcribers are U.S.-based, boast a solid command of the English language, and will help you save valuable time and money with high-quality, ready-to-use transcripts. Register today for top-notch transcription services and elevate your experience!
