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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields for creating forms. Placeholder text often appears in light gray to prompt users to fill in form fields, but it can be aesthetically unpleasing. The tutorial guides viewers through a step-by-step process using a sample form with plain text form fields. To hide the placeholder text, viewers must enable design mode, select the placeholder text (including the period), right-click to open the font options, and check the "hidden" box in the font effects. The presenter encourages viewers to check out additional related content in their playlist on creating fillable forms.