Simplest Ways has announced Superstring, which lets you create a lyric video. It’s available at the Mac App Store in a free or pro (US$29.99) version. The latter lets you use effects, edit or remove the watermark, import Superstring data, or export your lyric video in more sizes than the free version.
With Superstring, you select a song that you want to create a lyric video and find lyrics from ID3 tags. You can align the timing of lyrics by dragging, customize styles, colors, and more.
Superstring requires Mac OS X 10.6 or higher. Go to http://www.simplestways.com/mac for more info.