YouTube actually supports it through a feature called WebVTT [0], though it is rarely used, an example of it is this video [1] where it is used for placement and lighting up text for karaoke.
The actual code for it is looks like this:
00:03:31.485 --> 00:03:31.719 align:start position:0% line:0%
<c.color96D2D3>Hey! nanika ga okoru spe cial </c><c.colorFEFEFE>night</c>
00:03:31.485 --> 00:03:31.719 align:start position:0% line:0%
<c.color96D2D3>Hey! nanika ga okoru spe cial </c><c.colorFEFEFE>night</c>
00:03:31.719 --> 00:03:32.486 align:start position:0% line:0%
<c.color96D2D3>Hey! nanika ga okoru special night</c>
00:03:31.719 --> 00:03:32.486 align:start position:0% line:0%
<c.color96D2D3>Hey! nanika ga okoru special night</c>
The actual code for it is looks like this:
[0]: https://en.wikipedia.org/wiki/WebVTT [1]: https://www.youtube.com/watch?v=AufydOsiD6M