Official Google Blog: Automatic captions in YouTube - 1 views
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Patti Porto on 20 Nov 09"To help address this challenge, we've combined Google's automatic speech recognition (ASR) technology with the YouTube caption system to offer automatic captions, or auto-caps for short. Auto-caps use the same voice recognition algorithms in Google Voice to automatically generate captions for video. The captions will not always be perfect (check out the video below for an amusing example), but even when they're off, they can still be helpful-and the technology will continue to improve with time."