You can enable audio and video captioning in accessibility settings of the advanced section of Chrome settings. You can access the accessibility settings by entering chrome://settings/accessibility in the Chrome URL field or by opening the little "three dot" menu in the upper-right corner of Chrome and then choosing "settings." In this short video I provide a demonstration of how to enable captions in Chrome and how captions appear on a page.
Applications for Education
This is a great update for students and teaches two reasons. First, from an accessibility standpoint Chrome's new captioning service makes more content accessible to more students than ever. Second, on those days when a student forgets his or her headphones and you plan to have students watch videos or listen to audio, they can still get the information without having to play the audio aloud.