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In this tutorial, Mike Murphy shares three methods to add text in ScreenFlow 10. The first method involves using the inspector panel by clicking on 'T' for text or using the keyboard shortcut Command + 8 to access text and titles properties. Users can select the dropdown to add a text box and start typing. The second method is through the top menu by clicking on 'Insert' and selecting 'Text Box,' which also allows text customization in the inspector panel, where users can adjust the font, size, colors, and apply styles. The tutorial emphasizes the ease of inserting and modifying text within the software.