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This video tutorial provides an overview of the best free speech to text APIs and open-source libraries available for converting speech to text. The video explains that converting speech to text can be both exciting and challenging, but there are existing solutions that can help. The tutorial discusses the two options for speech to text conversion: using an API or an open-source library. The video highlights that while APIs typically require payment, the services listed in the video offer free tiers that could be sufficient for simple projects or getting started with a minimum viable product. Additionally, the tutorial covers the advantages and disadvantages of both approaches, emphasizing that using an API makes it easier to start without needing deep learning knowledge.