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This video tutorial explores the best free speech-to-text APIs and open source libraries for converting speech to text. It explains that speech-to-text conversion is exciting yet challenging, but there are existing solutions available. The tutorial discusses the two options of using an API or an open source library, and highlights the advantages and disadvantages of each approach. The listed services in the video offer a free tier that may be sufficient for simple projects or starting with an MVP. Before delving into each service and library, the tutorial also emphasizes the ease of getting started with an API without requiring deep learning knowledge.