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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields used for creating forms. The placeholder text appears as light-gray to prompt users, but it can be undesirable in certain cases. To hide it, the presenter demonstrates the steps using a plain text form field. First, they enter design mode and highlight the placeholder text, ensuring to include the period. Next, they right-click on the selected text, choose the font option, and access the font effects, where they can check the "hidden" box to conceal the placeholder. The tutorial encourages viewers to explore more about creating fillable forms in the channel's playlist.