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In this video tutorial, the speaker demonstrates how to make money by transcribing audio into text. They recommend using the transcription tool called otter.ai, which is based on AI algorithm. Users can sign up for free and get 600 minutes for transcription. More minutes can be purchased if needed. The process involves importing audio files, letting the tool transcribe them, and accessing the transcribed text in the dashboard. Otter.ai is praised as one of the best audio transcription tools available.