Transcription Rate & Factors that Affect Your Cost
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You may be looking to outsource your transcription because there's no time to do it yourself. Transcription rates can seem all over the place, even within the same industry or field. Knowing which rate will get you the most bang for your buck can be challenging.
Here's how to make sure you're comparing rates appropriately in your search. We'll also discuss why you might want to consider opting for an hourly or per-minute rate instead of one flat fee.
What is transcription rate?
Transcription rate is the number of words someone transcribes in a given time frame. A common misconception is that the rate you pay depends on skill level, but it doesn't.
The time it takes to complete work has more to do with external factors. It is less about the transcriber's ability or experience. However, the skill may still be a factor.
The rate will depend significantly on factors that may be out of your control. Let's look at some of these, and you can decide for yourself.
Per audio minute
Transcription rates per audio minute vary. The pay that someone would receive for transcribing one minute of audio can range anywhere from $0.50 - $3. The best way to figure out what rate you should pay is by looking at the type of transcription you will need.
An audio file with lots of noise and crosstalk may be more expensive. The transcriptionist will have to rewind it to figure out what people are saying. They may charge a higher per-minute rate for this type of audio.
Per work hour
This transcription rate is what someone gets paid for an hour of work transcribing audio. This rate can fluctuate more depending on experience, unlike the other rates. You can pay someone $15 - $25 per work hour to transcribe your audio.
If you pay someone $20 per hour, you will pay the same amount no matter how many audio minutes they transcribe. They might transcribe one audio minute or 60 audio minutes in an hour. You'll still pay the $20. It's essential to choose someone you know will produce a steady amount of work if you pay this rate.
Per word
Transcription rates are also sometimes priced by word. You can quickly figure out how to calculate your transcription rates with this type. A 10 cents per word rate means the transcriber would charge $10 for every 100 words.
A 30 cents per word transcription rate would be $30 for every 100 words. A 50 cents per word transcription rate would be $50 for every 100 words.
In some cases, there will also be a base fee or minimum fee that the client agrees to pay the transcriber up front. This fee could be anywhere from $25 to $100. It would depend on the project's complexity and how long they expect it to take.
Transcription rates vary depending on demand and experience level. It can be hard to compare apples to apples.
Per page
The more words per page, the higher the transcription rate. Rates typically start at .25 cents per page and go up from there, with typical rates as high as $2.50 per page.
For instance, you should pay less if you have a video with simple language. You may pay more if the video has terminologies that need researching.
Notta can convert your spoken interviews and conversations into text with 98.86% accuracy in minutes. Focus on conversations, not manual note-taking.
Factors that affect transcription rate
When you need a fast turnaround, you want to do your best to eliminate factors slowing down the process. There are things to be aware of to get the best out of transcribing services.
Audio quality
The quality of the audio file affects how quickly your transcription gets done. Poor-quality audio files might take more time to transcribe.
The sound quality isn’t high enough to transcribe without mistakes. It takes more time to make out words than higher-quality recordings. It's especially true for older recordings, where the sound quality is likely degraded.
Turnaround time
It isn't easy to give an accurate turnaround time because every job is different. Transcription agencies do their best to create a general guideline.
It's best to contact them with your specific needs. They'll do their best to get back to you with a more accurate answer.
Complexity of the material
The other main factor is the complexity of the material you're transcribing. More complex materials take longer and require more concentration than transparent materials. Medical and legal transcriptions may take more time than others.
Experience of the transcriptionist
Suppose you happen to be using a new transcriptionist. In that case, the rep may need more time to familiarize themselves with their tools. This growth period means it will take them longer in the beginning. However, growing with a new transcriptionist may save you lots of time and money in the long run.
How fast the speech in the recording is going
Your transcription speed can also depend on how fast the person speaking is talking. It is also dependent on whether they are understandable or not. People who babble can make it difficult for someone transcribing to keep up. Those who tend to do this should speak at an average pace that is easier for others to follow.
Thick accents in the recording
Likewise, people may mumble or use accents or phrases that are unfamiliar. All of these factors can cause slower transcription speeds. It takes time for transcribers to figure out what you're saying before moving forward.
How to reduce your transcription rate
Apps like Notta use AI to get near-perfect transcriptions in minutes. Instead of paying someone an hourly or per-minute rate, you can sign up for Notta for free.
You can get started transcribing your files with very high accuracy. Notta also includes an audio recording. You can sync the transcript to timestamps in the audio. This feature allows you to achieve perfect and professional documents very quickly.
Use Notta's AI transcription tool to quickly and easily transcribe audio and videos. We guarantee accuracy and ease of use.
FAQs
How long does it take to transcribe 1 hour of audio manually?
On average, it will take about 4 hours based on the abovementioned factors. It's essential to remember that every transcript is unique. Each will require a different amount of time.
How long will it take to transcribe an interview of 30 minutes?
A 30-minute interview will take about 2 hours to transcribe. If there isn't much complex language and minimal crosstalk, it may take less time. It will take the transcriber longer to transcribe the interview if more people are in the room. Avoiding crosstalk while recording the audio will give your transcriber an easier time.
How do I get started with transcription services?
You can take a few different routes if you're looking for someone to do your transcription.
The first is to hire a freelancer on sites like Upwork. It will usually come at a higher cost than if you were to use a transcription agency. Generally, hiring freelancers costs between $12.50 and $60 per word. The average is around $18 per hour.
A second option is using an online transcription agency. They will usually return your transcript within one business day. It costs between $0.50 to $3 per minute of audio recording.
How can I work as a freelance transcriber?
Transcribing can be tedious, and the pay is sometimes worth it. You can make anywhere from $15-25 per audio hour and up. Your actual payment would depend on the complexity of the text (among other factors).
Plus, transcription skills are in high demand. You'll find work everywhere if you're looking for it. The best way to get started as a freelance transcriber is to apply on sites like TranscribeMe! and Rev.
Are there free options available?
There are some free choices available, such as Notta. This app uses AI to create transcripts with very high accuracy.
Final thoughts
The transcription rate will vary a lot depending on which company you use. Though we discussed many types, most rates you'll find will be per audio minute. It's essential to compare prices by the number of minutes required for your project. Of course, other factors can affect your cost as well.
Of course, you can skip all of this ambiguity by using Notta. Notta is advanced voice-to-text software that will give you professional transcripts within minutes. Save time and money by letting Notta do the work for you.
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