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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields, which appears as light-gray prompts for users. The tutorial begins with an example of a form using plain text content control fields. To hide the placeholder text, users need to enter design mode, highlight the desired text (including any punctuation), right-click to access font options, and then check the "hidden" box under font effects. Viewers are encouraged to explore the playlist on the channel for more tutorials on creating fillable forms.