SEO value in transcribing and translating subtitles in youtube videos?

Selected answers from the Dumb SEO Questions Facebook & G+ community.

• 
  James Simmonds: Hi Jim here are my questions for this week.
  
  1) My first questions is about the value of local SEO  ;and Hangouts in relation to local ranking. There can be no doubt about the  ;effect hangouts have on organic ranking but what about local ranking? I intend to start to use hangouts for our local business teaching English online once a week. What local factors might Google take into account if any when hosting a local Hangout? Might it for example track IP addresses of users or the host? So if I have people watching from China (as an example) this might devalue the reliance on a local level. Last, is there a way to only have people lets say from Hannover watch i.e. localise the Hangout? ;
  
  2) My second question is about transcribing and translating subtitles in youtube videos. Do you think there is a real SEO value in transcribing youtube videos. The speech recognition youtube uses is really quite appalling for subtitles. Do you have any experience with this? As we have 80 videos this would be quite a lot of work especially if we translate them as well (into German)
  
  3) My third question is a technical one about hangouts. I have the lower third (toolbox) enabled but for some reason the writing does not render properly and the writing looks awful.  ;Any suggestions?
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  Edwin Jonk: Hangouts don't affect your ranking. However since Hangouts do create content, it can help you to rank with regard to content marketing. The subtitles don't always work especially when you have a long hangout (like 3 hours). Furthermore the sound quality might be too low and thereby the subtitle might not work that well. If the auto-subtitle does work you still have to edit it yourself because the results are weird from time to time. And yes this is hard work. ;
  
  You cannot "localise" your Hangout in the sense that you set it to people from a certain region (as far as I know). But you can create a circle of people from the same region and only send invitations to that circle (assuming people shared their location with you).