Creating subtitles for a video is much cheaper than dubbing, as neither dubbers nor a recording studio are required.
Like with dubbing, it is first necessary to listen to the audio of the video and transcribe it into text format. The time stamps of the individual sections of the video are then noted.
The next step is to translate the text and have it proofread by a native speaker.
Finally, the translated text is synced with the individual time stamps in the video.