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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields used to create forms. While placeholder text appears light gray to prompt users to fill in the form, it can sometimes be undesirable. The tutorial demonstrates this by using a plain text content control form field. The steps include entering design mode, highlighting the placeholder text along with the period, right-clicking to select the font option, and then checking the hidden box in the font effects to remove the visibility of the placeholder text. Viewers are encouraged to check out the playlist on the channel for further guidance on creating fillable forms.