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In this video tutorial, the presenter demonstrates how to extract text from PDFs using Python. The example PDF used is "lorem.pdf," which contains lorem ipsum text and hides the character Waldo on various pages. The tutorial utilizes Visual Studio Code and suggests activating a virtual environment, although it's not necessary to follow along. The presenter installs the library PyPDF2 (noting the capitalization) using pip and updates pip. A script named "pdf_file_extract.py" is created to initiate the extraction process, beginning with importing the PDF file reader from the PyPDF2 library to set up a PDF file reader object.