I plan to build similar functionality down the line. You are going to need two plugins. One is the videoJS plugin. It is the most powerful video editing plugin here and allows for subtitle creation using the Happyscribe API. For automatic transcripts you will need either this plugin which uses the Amazon Speech to Text API or this plugin which uses the Google Speech to Text API. You will also need to use any one of the free text editors to allow for editing transcripts/subtitles.
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