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In this video tutorial, the best free speech to text APIs and open source libraries for speech recognition are discussed. Converting speech to text is both exciting and challenging, but there are existing solutions available. The two options presented are using an API or an open source library. The listed services in the video offer a free tier, which can be sufficient for simple projects or to start with a minimum viable product. Before diving into each service and library, the advantages and disadvantages of both approaches are explored. Using an API requires less technical knowledge, as the underlying model workings are abstracted.