You can now use these new features in Speech:

• Closed captions—Provides you with an SRT file as an extra output format. Use the SRT to add closed captions to your video files.

• Punctuation—Long text requires punctuation so Speech punctuates the transcribe content automatically.

• Telephoney ready—Your files can be 8 kHz or 16 kHz and each are automatically detected so that the right model is applied. With this capability, you can transcribe telephone recordings.

You can find interesting information in the AI Blog.