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In this video tutorial, the speaker demonstrates how to make money by transcribing audio into text. The recommended tool for this task is otter.ai, which is an AI-based transcription tool. Users can sign up for a free account and get 600 minutes of transcription for free. After logging in and importing the audio file, the tool will transcribe the audio automatically. The speaker emphasizes the ease and efficiency of this transcription tool, while also mentioning other similar tools available for transcription purposes.