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This video tutorial explores the best free speech to text APIs and open source libraries for converting speech to text. There are two options available - using an API or an open source library. The listed services in the video offer a free tier, making it accessible for simple projects or to start with. APIs make it easier to get started without deep learning knowledge, while open source libraries provide more customization options. Before diving into each service and library, the advantages and disadvantages of both approaches are discussed.