Embodiments of the present disclosure provide, a method, a system, and a computer storage media that provide mechanisms for multimedia effect addition and editing support for text-based video editing tools. The method includes generating a user interface (UI) displaying a transcript of an audio track of a video and receiving, via the UI, input identifying selection of a text segment from the transcript. The method also includes in response to receiving, via the UI, input identifying selection of a particular type of text stylization or layout for application to the text segment. The method further includes identifying a video effect corresponding to the particular type of text stylization or layout, applying the video effect to a video segment corresponding to the text segment, and applying the particular type of text stylization or layout to the text segment to visually represent the video effect in the transcript.