2023 Year In Review

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Thank you for continuing to be part of this journey - it means the world to us.

Below is a summary of our 2023 at Speak Ai and a sneak peek at what is in store for 2024:

Some Customer Testimonials from 2023

"Has gotten me back literally hours back in my day and has cut costs from my expenses"

"Amazing product and fantastic customer service"

"This is an incredibly robust product. The brains behind it are working diligently to embrace AI and automation tied to the use of AI. Updates are frequent and well-delivered."

"Speak's insights offer superior accuracy and detail compared to similar platforms. My audio recordings were transcribed perfectly, and the data analytics were also correctly categorized. My favorite thing about Speak's platform is the time saved by not having to reorganize the data used for analytics."

"High quality, clear, insightful, and most of all, helpful!"

You can see these and more reviews on our G2 page here.

Business Development

A Reflection On 2023

An explosion of user growth began at the start of 2023. The marketing foundation paid off as people began searching for AI software.

We went from 500 sign-ups per month in September 2022 to almost 500 sign-ups per day in early 2023.

We did not expect such quick and monumental tailwinds and did our best to navigate, pushing updates quickly and building customer support solutions in real time.

As the growth continued, we hired a developer, salesperson and designer. They did an admirable job onboarding quickly and contributing.

In the latter half of 2023, we saw the original over-exuberant demand level as limitations were understood, hype settled, and competition grew.

It was clear there was a dramatic customer behaviour and expectations shift underway.

While our overall product is good, our often self-inflicted friction points with pricing, user experience and support jeopardized what could have and should have been a much more monumental breakout year.

Reframed, we have a powerful dataset and clarity for us to make meaningful improvements in 2024.

Reflecting on 2023 one final time, it was an incredible, challenging, and insightful year.

Other Notable Business Updates:

  • Our Affiliate Program took off driving over $20K USD in revenue for 1,500+ affiliates
  • Our Pay-As-You-Go offering drove over $10K USD in revenue
  • Scaled organic website traffic from 2K to 60K monthly visits
  • Named G2 Small-Business High Performer
  • Secured $300K USD in non-dilutive capital

Product Development

Generative AI Dominates The Year

The quick integration of large language models into our system in late 2022 was a huge lever of growth for us.

We started with the introduction of Magic Prompts, a simple way to query a single audio, video and text file in Speak.

We then quickly released folder-level Magic Prompting, enabling users to query many files at once.

Almost immediately, we saw challenges with character limitations, costs and response success rates.

This led us to develop an in-house vector embedding infrastructure to handle large data sets.

These vector embeddings also gave customers the ability to run Magic Prompts in their Shareable Media Libraries.

Next came Prompt Automation, which helped users run customized prompts automatically.

We realized certain models outperform others for specific tasks and integrated different models into Speak.

Developers and teams then drove us to release our Magic Prompts API and Zapier integration.

Finally, we developed "Chat with Speak" which will be released in early 2024.

A lesson from 2023: LLMs are magnificent but do not solve everything. These gaps are both challenges and opportunities.

The Speak Ai Meeting Assistant

When we first started Speak, one of our original goals was to build iOS and Android applications for instant transcription and analysis of in-person meetings.

As COVID-19 emerged, the prioritization shifted to transcribing and analyzing meeting conference platforms like Zoom.

So, we were excited to finally release our Speak Ai Meeting Assistant in 2023 with support for Zoom, Microsoft Teams, Google Meet and Cisco Webex.

Quickly after, we released our calendar synchronization function to connect Google and Microsoft Calendars so the Assistant will automatically join, transcribe, analyze and share meetings.

We differentiated our Meeting Assistant through customized branding options, multiple invite methods and easy integration with the rest of our system's functions.

We continue to see the Meeting Assistant drive adoption and growth including 20+ people teams using it every single day!

Support for 71 Languages

In 2023, we introduced 50+ languages to reach a total of 71 languages supported.

These languages have helped us differentiate and drive a global audience of users and customers from:

  • 13,165 cities
  • 214 countries

We did not expect when starting this company to connect with this many people across the world. We love it.

You can see the entire breakdown of supported languages in our documentation here.

We will continue adding more languages to support our customers and drive growth!

Other Notable Product Updates:

  • A complete individual media experience redesign
  • Made transcription 70% faster and 17% cheaper
  • Enhanced analysis with speaker filters, markdown-formatted Magic Prompt responses and improved sentiment

A Sneak Peak At 2024

Pricing Changes (Already Live)

  1. 50% reduction of transcription costs (from $3 USD to $1.50 USD per hour)
  2. 50% Magic Prompts cost reduction (from $4 USD per 250K characters to $2 USD)
  3. The 7-day trial is converted to a 7-day trial
  4. A credit card requirement for the trial period

Product Development:

  • Chat with Speak
  • Automatic summarization of data
  • Theme identification and classification
  • Custom fields for improved uploading and analysis
  • Advanced filters to compare and contrast data
  • Live transcription
  • Automatic translation

How You Can Contribute

  1. Introduce us to potential customers and partners
  2. Refer talented designers, developers, marketers, and salespeople
  3. Become a partner and generate a new revenue stream through referrals
  4. Sign up for our application and share your feedback with us - we value it a lot!

 

We hope you have an exceptional 2024!

If there is anything we can do to help, please send me a note or use my Calendly to find a time that works well.

Thank you again for everything.

All the best,

Speak Ai Team

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