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On your video, click the ellipsis (…) and from the dropdown, click Edit.
The Edit content screen appears.
In the Convert audio to text section, select a language from the Select video language dropdown and click Convert to transcribe the video in the selected language. For example, the video might be in English but you might want to add Danish subtitles too.
Once completed, the extracted transcript is listed underneath in the Subtitles section, where you can edit the transcript if necessary, and it can be selected by users in the CC (Closed Captions) menu when playing the video.
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