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In this video tutorial, the presenter explains how to hide the placeholder text that appears in content control form fields, which is typically displayed in light gray to prompt users. The tutorial begins with an example of a form using plain text form fields. To hide the placeholder text, the presenter demonstrates selecting the text in design mode, ensuring to include the period, and then right-clicking to access the font options. In the font box, they highlight the font effects section, where a checkbox labeled 'hidden' can be selected to conceal the placeholder text from users. Viewers are encouraged to check out the channel's playlist on creating fillable forms for more information.