It is very easy to simulate the effect of clipping mask in Photoshop in PowerPoint 2010 & 2013. The set transparent color tool enable us to view the animated gif or video that was laid behind it:
Kan, Sumitra Fong Kuen. (2014). MS PowerPoint 2010 – Demo Text Effect.
This effect may be achieving by carrying out the following steps:
Kan, Sumitra Fong Kuen. (2014). MS PowerPoint 2013 – Text Effects – Video/ Animation Gif As Background