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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields. This is useful when you prefer not to display the light-gray prompt for users. The process involves creating a form with plain text form fields, activating design mode, and selecting the placeholder text, including the period. Once highlighted, the user should right-click and choose the font option, where they can check the "hidden" box under font effects to conceal the placeholder text. The video is part of a playlist focused on creating fillable forms.