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Re:How I OCR hundreds of hours of video (2011) by ianstallings on Sunday August 10, 2014 @09:06PM (#8161409)
And one could combine it with closed-captioning of the audio track for a pretty cool searchable result.
Re:How I OCR hundreds of hours of video (2011) by ersii on Monday August 11, 2014 @07:51AM (#8162867)
The lovely and fantastic Internet Archive has exactly this, for US News TV (Eg. C-SPAN IIRC) and they say they have clips from 594,000 shows since 2009 available. From what I've read and heard, they basically eat the subtitle/close caption track that's baked into the video/audio stream.

Feel free to check it out at https://archive.org/details/tv and search around for some fun terms/words.

If you really like it and if you like the Internet Archive, feel free to donate a one-time sum or set up a subscription at http://archive.org/donate/ - they're a US-based 501(c)(3) non-profit organisation - so donations are tax deductable if you're US based.