1. A method for dynamically generating a text transcript, comprising: segmenting, by an application server comprising a processor, each identified set of text frames to determine one or more spatial regions, wherein the one or more spatial regions comprise at least one or more portions of text content; extracting, by an application server comprising a processor, one or more keywords from the one or more spatial regions, wherein the one or more keywords are extracted from one or more available portions of the text content in the one or more spatial regions; determining, by an application server comprising a processor, a first set of keywords from the one or more extracted keywords by filtering one or more off-topic keywords from the one or more extracted keywords; extracting, by an application server comprising a processor, a second set of keywords similar to or related with the one or more second set of keywords, wherein the second set of keywords being retrieved from one or more knowledge databases; generating, by an application server comprising a processor, a graph from a semantic relationship between the first set of keywords and the second set of keywords, wherein the graph comprises one or more first nodes and one or more second nodes with each node in the one or more first nodes corresponding with a keyword in the first set of keywords and each node in the one or more second nodes corresponding with a keyword in the second set of keywords; and generating, by an application server comprising a processor, the text transcript of the audio content in the multimedia content using the generated graph, wherein the generating of the text transcript comprises utilizing at least one of an updated language module and an updated dictionary module to generate the text transcript of the audio content in the multimedia content.