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The process of transcribing audio files is essential in many projects involving recordings of various content such as stories, conversations, and historical accounts. Transcribing the audio helps in converting it into text, allowing for easier reading and potential translation into different languages. In this tutorial example, the speaker demonstrates how to transcribe a story about their grandmother by adding labels to the audio track and inserting transcriptions in English and IPA format. The steps involve highlighting the text to be transcribed, adding labels, and playing the audio for transcription.
