00:00I look back on 2025 for the Eleven Labs story and it's head spitting in terms of the amount of time you spent on the road,
00:04but also the amount of products that you guys are shipping now.
00:07330 million in terms of annual recurring revenue.
00:10What does that tell us about the growth trajectory going forward for you in the business?
00:15Tom, thanks for having me on.
00:17This has been an incredible year for Eleven Labs.
00:19We've seen such an incredible adoption across the enterprise segment where, as you've said, we've crossed 330 million at the end of 2025.
00:26And really what this shows is the trajectory across the company.
00:31We started the company in 2022.
00:32We launched the first product in 2023.
00:34It took us 20 months to get to the first 100 million in ARR.
00:37Then it took us 10 months to get to the 200 million in ARR and only five months to get to the current number.
00:44So hopefully that rate will continue.
00:46We are shipping the products that can provide the highest value to our customers across voice, across voice agents, across conversational agents.
00:53And that's where our focus lies as we think about this year.
00:55My maths is terrible, but on my calculation, that means in two to three months you'll be at 500 million ARR if you continue that pace.
01:01Are you seeing that kind of pace of growth?
01:03And you talk about the enterprise adoption.
01:05Where within enterprise, because it's really interesting.
01:07We have all these question marks about return on investment around AI.
01:11Are you seeing any caution at all from your client base that, hang on a second, adopting, integrating at this level is something we're starting to question?
01:19Are you seeing any caution at all?
01:20Especially as you think about last month and last year, there is a real ROI attached to those numbers.
01:28And that's why that revenue number is growing so quickly.
01:30So hopefully, like you said, it continues getting to the new benchmarks and new heights.
01:35For us, we started as a company with creating the first voice model that has sounded human.
01:41It produced the right intonation, right emotions.
01:43And over last year, alongside the foundational research, we brought a new product which effectively combined a voice with the knowledge, creating the first agent's platform.
01:55Companies across Fortune 500, the fastest-growing startups, adopted that in customer support and customer experience.
02:02A good example here is a company like Square, which is using that for all their merchants to provide better support.
02:07All the way through to training, we work with Deliveroo here in the UK on enabling riders to get quicker, onboard it, get understood better on how to provide services.
02:18All the way through to governments, working with Ukraine government on helping them provide new assistance to the citizens across the country.
02:26All the way through to creating personalized education in that realm.
02:30And that combination of knowledge and voice, which hasn't been possible before, is where our focus lies as we think about reimagining the human-technology interaction.
02:38On pricing, where do you think pricing power ends up sitting in terms of the value chain?
02:44Because models seem to be getting cheaper, and then you have the applications that you're producing, and then the integration of those applications at the enterprise level.
02:51Where do you think pricing power sits, ultimately?
02:53For us, research is a stepping stone, but like you said, it needs to go alongside of the application.
03:00Over a long period of time, we think research will majorly commoditize, and a lot of the pricing value will align with the outcomes that you can provide to the customers,
03:10which are closer to the platform, closer to the application, and that's where our energy is being spent, alongside the research.
03:16But the real incredible part is combining both together.
03:18Just this Friday, we started text-to-speech, we released speech-to-text, and now we released a new model.
03:25My co-founder has been able to assemble some of the mightiest researchers in the space.
03:30And our speech-to-text model also is beating all the giants, whether it's OpenAI or Google on benchmarks,
03:36which has been a proud moment and incredible work from Piotr and the team.
03:40Is the call center dead, and what is the productivity improvement?
03:44I think the whole customer support will evolve.
03:47You will not need to have and go through the IVR flow, where you go through the buttons to get to the experience.
03:53And that will shift from being a reactive support to being a proactive one.
03:57We've seen this already with some of the companies.
03:59Misho in India is a great example.
04:00It's an e-commerce store.
04:01You can call.
04:02You can get support.
04:03But now, over time, what happens is that instead of just being supportive for all,
04:08the moment you go onto the website, you have an effectively AI concierge that can help you navigate for the product.
04:13So the call center is dead, right?
04:14I think the current form, it will shift and it will evolve to a new form, yes.
04:19Is that code for yes is dead?
04:23I wonder what the jobs impact here is.
04:25Yeah, I think if you're asking about the jobs, I think that will shift.
04:28I have a pleasure of being on board of Klarna.
04:30We've seen an incredible shift of people who are doing the L1 level of support to now doing the deeper knowledge.
04:37But you need fewer people for that, presumably.
04:39Well, you can provide a better service.
04:42So we still have the similar amount of expertise and amount of people.
04:45So I think the role will change.
04:46If you're asking the current support, yes.
04:49The basic, the low level, the bad one will be gone.
04:54The new version will definitely take place where all of us will have a better experience the next time we are trying to get a service.
04:59Cool.
04:59Matti, good morning.
05:01Can I ask you boring questions about regulation?
05:03It fools to me to do that this morning.
05:06What's the conversation in the industry around transparency, about whether people should know the nature of the person or entity they are dealing with?
05:14Should people know if they're talking to a human or not?
05:17Anna, I think this is one of the most important questions.
05:20As we think about working with enterprises around the world, safety, reliability are some of the key criteria.
05:25To answer your question directly, yes, we believe that transparency will be so important in that AI world where you know that you are speaking with AI.
05:33You know that you are seeing AI generated content online that will be increasing and it's already increasing around the social media across the interactions.
05:42So it's one of the key values and something that we enable in our software and our services as well.
05:46Okay, and sticking with that sort of transparency theme, I suppose, I mean, you are doing deals with, around voiceovers, you're doing deals with certain voice talents, if you like.
05:55I know you did a deal with Michael Caine not long ago.
05:57I mean, what assurances do you offer to those who give their voices to you or sell their voices to you in some format that their voices are only used in ways that they would want them to be used?
06:07So we have a few different systems for helping people create their voice and monetize their voice.
06:13We have now a marketplace of 10,000 voices.
06:15We've paid back over $11 million to that community.
06:18It's the highest number of voice talent that's possible.
06:21And with certain talent, like Sir Michael Caine, we work on specific projects.
06:25Everything is traced.
06:25Everything is tracked.
06:27But as you think about the general AI generated content in the future, this will open new opportunities.
06:32One of the incredible ones is how you bring that content to other languages while still sounding the same.
06:37We have a pleasure of working with Meta, where all the Instagram content is brought to other languages, where you can enjoy that around the world while still hearing that original.
06:46So Michael Caine can speak a number of languages, more than he can in real life.
06:50Exactly.
06:50I have no idea how many languages he can speak.
06:51It's quite a unique voice, isn't it, the Michael Caine voice?
06:53Yeah.
06:53One of the incredible ones recently was working with Matthew McConaughey on his newsletter, which you can enjoy in Spanish while still hearing the Michael McConaughey tone.
07:01The Matthew McConaughey accent, which is itself unique.
07:04You've raised a lot of money.
07:05You're hitting all these metrics on ARR.
07:07How are the capital markets looking to you, Matty?
07:09Is this the year when you go public?
07:12We want to get public one day, for sure.
07:15This year, we are focusing on – so last year, I think we solidified ourselves as the voice of technology.
07:21This year, we are taking it further with reimagining the human-technology interaction.
07:25And hopefully, in the next couple of years, we'll bring 11 months public.
07:28Are you another European gem that migrates and lists in the U.S.?
07:31Well, we have a huge set of people here in Europe.
07:36We think that Thailand is phenomenal.
07:37We want to keep investing in that European side.
07:39We know that U.S. is where a lot of the revenue and the growth is.
07:42If we can find a way to combine both, that would be a dream.
07:56We'll manager.
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