Transcription Industry News: Rev’s Shocking 50% Price Increase for Transcripts

We’ve written extensively about Rev in the past. They’re an industry leader in transcription services, but in recent years the large company has been riddled with controversy over extremely low pay and harsh working conditions. In reaction to this, in 2020 Rev increased their price for non-automated transcription from $1.00 per audio minute to $1.25/audio minute.

Shockingly, they’ve just raised their prices again to $1.50/audio minute, which is a 50% increase from their early 2020 pricing. That’s now on par with our rates, though we don’t use a catch-all model like Rev does, so some files cost less and some more.

But what does this increase mean for the transcription industry as a whole?

The 2010s were rough for traditional transcription companies and for transcriptionists. With new technology and a global workforce both coming into play, rates were dropping lower and lower every year. It became hard to make a living for a lot of people in this industry.

But what we’ve noticed is a lot of clients are coming back to traditional transcription companies after being burned by large, low-cost sites that have no quality standards. Clients are finding that they were just throwing away their money because they had to spend so long fixing poor transcripts.

The industry moving back towards fair rates is good news, though it’s still too soon to see if this helps transcriptionists who are doing most of the work or only the big transcription companies who are keeping profits to themselves.

Have you ever heard older generations lamenting how good things used to be? That’s us, with transcription quality in the industry overall. Quality has plummeted because workers are barely being paid. Even in some companies where the price charged to the client seems fair, that doesn’t mean the workers are seeing a majority of that, which they should be.

But Rev raising their pricing again is a promising start. It shows that the model of pay little, get little (but fast!) isn’t working for clients. So hopefully this shows clients what fair prices are for transcription and how it is worth it to pay those prices.

Okay, we’re biased in this. We are a small business, with a tight-knit workforce, and we believe in having personal relationships with our clients. That could simply mean sending a personal email when files are ready, so that our clients know we care about each project and are guaranteeing our best work. We don’t want to bug you and take up your time, but we think a small personal touch goes a long way.

So, please, when you’re picking a transcription partner, think of it as a partnership. Do you want a large company that looks at you as a dollar sign, or do you want a team that cares about your business and cares about delivering the highest quality possible?

It’s too early to say what Rev raising their prices means for the transcription industry as a whole. What we are confident about is that if clients can choose between Rev and Atomic Scribe at the same price for transcription, they’ll choose Atomic Scribe for our personalized service and dedication to quality.

We value our workers and our clients, and we love this industry. We want the transcription industry to be a great, prosperous place for all, including our competitors.

Remember: a rising tide lifts all boats.