The document describes VIDSUM, an AI-based web application that uses natural language processing and transformer models to summarize video content in text and audio formats. It aims to address the problem of information overload by extracting meaningful summaries from lengthy videos. The key objectives are to develop VIDSUM using advanced NLP techniques, ensure it has a user-friendly interface, integrate both extractive and abstractive summarization, evaluate its performance compared to other methods, and make it adaptable to different video content types.