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In this video tutorial on Microsoft Publisher 2016, the instructor demonstrates how to replace text boxes, including both placeholder and default text. The tutorial begins with a flyer example, showcasing various objects within it. As the instructor hovers over these objects, the boundaries indicate their contents, some featuring generic text while others contain specific information such as business names and images. The focus then shifts to replacing text, where clicking on the generic text highlights it, allowing the user to type in new content, demonstrating the process step-by-step.