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Budgeting video content can be quite an undertaking. Between pre-production, shooting and post-production there are a lot of details to remember. One of the things that is most easily forgotten is transcription costs. As more and more videos are published online, transcriptions become more important. They not only provide the information that search engines need to index your content, but they also open you up to more viewers.
In order to create a solid budget and plan for adding transcriptions to your most important videos, you need to understand your options. Read our details below so that you aren’t surprised by any transcription rates in the future.
How Much Does Transcription Cost?
The short answer is: it depends. Different transcription services cost different amounts. The most important elements to consider when you’re requesting transcription rates include accuracy, timeline and the delivery method. Here’s what we mean.
Transcription Accuracy
Accuracy is pretty self-explanatory. You need to trust that the transcription services you use provide accurate files. This is not only important in terms of budget, but also the time spent by your internal team. If you outsource transcription services only to require lengthy edits from your team, it’s costing too much. As you’re requesting transcription rates from different companies, ask about their accuracy rate too.
Delivery Timeline
Timeline is important because sometimes your team needs to rush a certain request. You don’t want to be locked into an inflexible timeline. Or charged an extreme amount for an accelerated timeline. Ask the transcription services what your options are in terms of turnaround time when you make your choice.
Delivery Method
Finally, the delivery method is important to consider. You will likely use your transcriptions in a variety of ways. Companies often repurpose video content into articles, infographics and more. If you can’t get an editable text file from your transcription service, it isn’t worth the cost. Make sure that the service you choose doesn’t charge extra for delivery in different file types, especially if they already have a high transcription rate per hour.
Human Transcription vs. AI
The final element to consider when looking at transcription rates is who will be doing the transcribing. Often, AI transcriptions have lower transcription rates per hour than if a human were to create the files, but you might compromise on accuracy. On the other hand, human transcriptions will cost more, but you can be sure that the file you receive is as close to perfect as possible. The right decision will depend on how much time your team can dedicate to the editing process.
Rev’s Transcription Service Pricing
Automatic Transcription (AI) – For automated transcription, Rev charges $0.25 per minute, 5 minute average turnaround time, 80-90% accuracy
Human Transcription – For human transcription, Rev charges $1.5 per minute, 12 hour average turnaround time, 99% accuracy