One of the things many people miss from XSplit is the ability to add a subtitle renderer like VSFilter to the graph. It simply doesn’t work – no matter how much you force HaaliSplitter to load VSFilter or ffdshow to enable the subtitle renderer – the subs won’t show.
As with so many other things in life there’s a workaround that sort of works: You can use Dxtory’s virtual camera to capture the window of (for example) MPC – including the already rendered subtitles. That way you can get the subs to show up.
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