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In this video tutorial, the presenter demonstrates how to extract text from PDFs using Python. A sample PDF, "lorem.pdf," filled with lorem ipsum text, includes a hidden element, Waldo, for the viewer to find. The tutorial is conducted in Visual Studio Code, and the presenter activates a virtual environment, though it's not required for following along. They install the necessary library, PyPDF2, ensuring to note the capitalization. After confirming the successful installation, they plan to create a script named "pdf_extract.py" and import the PDF file reader from PyPDF2. The initial steps involve setting up the PDF file reader object to begin the text extraction process.