Every time a video or audio volley is sent, it is automatically transcribed. This allows you to turn closed captioning on, as well as to have a transcript of the entire conversation.
For Spaces that have been upgraded to Volley Pro, any member can navigate to the transcript view of a conversation by clicking the "Transcript" button in the upper right-hand corner, and the transcript view will open on the right side of your screen. To exit the transcript view, simply tap the transcript button again, and it will disappear.
Pro tip: Click anywhere in the transcript to be taken to that specific spot of the volley you're listening to!