What's transcribing your videos for?

It just adds subtitles to your video, it's great if you want your video accessible to everyone (if they're deaf, or you can also add other language subtitles to people that speak the language)

For smaller channels it may not really do much, but it can look professional.
 
It just adds subtitles to your video, it's great if you want your video accessible to everyone (if they're deaf, or you can also add other language subtitles to people that speak the language)

For smaller channels it may not really do much, but it can look professional.

Does it take long to transcribe your videos?
 
In addition to iHailzee's point, adding closed captions also helps YouTube understand more of what your video is about. But it doesn't really give much SEO advantage. How closed captions benefit you is explained very well in this video on Video Creators:
www [dot] youtube [dot] com/watch?v=23mt95RaveA

Does it take long to transcribe your videos?
If you do it manually, it can take a bit of time, but there are a few services out there where you can pay for a professional to transcribe it.
Video Creators has another video which explains the easiest ways to create closed captions:
www [dot] youtube [dot] com/watch?v=EUsutLrHZqE
 
Honestly I've done this for a bunch of videos. It's hard to tell if it's helped. Even speaking to people who work at YouTube can't confirm it helps from a SEO standpoint. However, if you have a video(s) popular in a certain country, I think it would help appeal to that demo. I did one that was partially in Russian, so I did a translation caption in Russian. The YouTube default translator stinks however.
 
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