You can now use the YouTube API to access and create captions for your videos. That means you could let your site visitors refine the transcript to videos you own, or create their own versions of the caption.
Vadio is building a business off the YouTube API. The company also has its own technology for translating a list of songs into music video playlists no matter where the videos are stored. Vadio has already seen interest from radio stations, because the product is more appealing than simple audio and increases listener engagement.