You are way off. Standard charge for transcription (without timing) is 1 hour work for 15 minutes audio. You can try subtitling yourself and see how difficult your real-time idea is in practice.

http://www.universalsubtitles.org/en/

$60 per hour audio is in the low end.

http://www.transcriptionlive.com/pricing.html http://www.transcriptionwing.com/price.html http://www.transcriptionwave.com/pricing.html