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In this video tutorial, you will learn about the best free speech to text APIs and open source libraries for converting speech to text. This task is exciting yet challenging, but there are existing solutions available. You have two options: using an API or an open source library, both of which have their advantages and disadvantages. APIs are easier to start with and don't require deep learning knowledge. The listed services in the video offer free tiers, making them accessible for simple projects or getting started with your minimum viable product.