I’ve tested this out without jquery — as taylor-newton mentioned, you’ll need to create a tag for your text to appear in.
document.getElementById('my-audio-player').textTracks[0].addEventListener('cuechange', function() {
document.getElementById('my-subtitle-display').innerText = this.activeCues[0].text;
});
This does work with subtitles from audio tags too and using kind="subtitles"
in your track tag works with audio as well.