How to make Karaoke text

There may be a plug in for this, but you could also just use a symbol or period from one of the titlers and key frame the movement.

Or you can change the colour of the Lyrics as it's sung by:

Using the text generator, put your Karaoke lyric on V2 and V3.
Choose a colour for the V2 text, this will be your default text colour.
Choose the colour you want for the text as it reveals
on the screen when that lyric is being sung and create that colour in the Matte generators
tab. Drop onto V4 and select composite mode Travel matte -LUMA. Text in the canvas should change to that colour. Enable Image+ wireframe mode in the canvas and move V4
'Off Screen' to reveal the V2 text colour. Now using Keyframes, animate V4 across the screen
to match the lyrics on the music track.