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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields, which appears as light gray to prompt users. They demonstrate the process using a plain text form field. First, they navigate to design mode and highlight the placeholder text, ensuring to include any punctuation. Next, they right-click on the selected text and choose the font option. In the font effects section, they point out a checkbox labeled "hidden" that can be enabled to hide the placeholder text. The video is part of a playlist on creating fillable forms, encouraging viewers to explore additional content.