1. A method for processing multimedia content, by a computing device, to dynamically generate a text transcript, said method comprising: independently segmenting, by a region segmenting processor in an automatic speech recognition (ASR) unit in said computing device, each of a set of text frames that correspond to audio content and visual content of said multimedia content, to determine one or more spatial regions comprising at least one or more portions of text content, wherein one or more keywords are extracted, by a data processor in said ASR unit, from each of said determined one or more spatial regions; generating, by a graph generating processor in said ASR unit, a graph based on at least a semantic relationship between each of a first set of keywords and one or more of a second set of keywords; wherein said first set of keywords is determined, by a natural language processor in said ASR unit, from one or more keywords based on filtering of at least one or more off-topic keywords from said one or more keywords; wherein said second set of keywords is extracted, by said data processor, from one or more knowledge databases based on at least said determined first set of keywords; and generating, by a speech-to-text generating processor in said ASR unit, dynamically said text transcript of audio content in said multimedia content based on at least said generated graph.