ElevenLabs: "It Cannot Be an AI Bubble, because Companies Are Actually Buying It"

At the TechBBQ conference last week in Copenhagen, I had the
opportunity to conduct an interview with Carles Reina
from ElevenLabs. ElevenLabs is that AI startup for audio
applications like voice cloning, text-to-speech, and music
generation, which is now valued at $3.3 billion and is among the
global stars of the GenAI movement.


I had a pretty exciting and open conversation with Carles, not
just about audio AI, but also about a possible AI bubble, about
copyright, and about what AI startups will soon be facing -
listen in, it's absolutely worth it!


1. From First Investor to Go-to-Market Leader


Why Carles Reina switched from investor to operator role

The vision of AI Voice as fundamental communication
infrastructure



2. Competitive Moats: More than just Technology




Research and model quality as core USP




The Voice Marketplace: Artists earn with their voices




Multi-layered Defensibility: The "Onion Principle"






3. Competition with Tech Giants: David vs.
Goliath


Why OpenAI and Google don't keep Carles up at night

The advantage of specialization over Big Tech

Quality vs. Distribution: Who wins?






4. Growth and Profitability


From 0 to $100M ARR in 17 months



Unit Economics and the path to profitability

Why AI is not a bubble

The Future of Startup Financing

2022: Foundation Models, 2023: Applications, 2024:
Distribution Why Go-to-Market becomes the new investment priority
Distribution strategies for different markets






5. Partnerships and Licensing


Why Apple and Meta increasingly rely on partnerships

ElevenLabs Music: The legal path through record label deals

Telcos as new sexy distribution partners



Speech-to-Speech and Real-Time Conversations






6. The Future of Voice AI


Expanding from 70 to 500 languages

Omni-Models: Music, voice and sounds from one model

Enterprise as fastest growing segment

Global expansion and new offices

The vision: ElevenLabs in every moment of the day