Makeshift VHS Tape Ribbon Controller In 3-Minutes

Haven't had any synth repairs or DIY hacks in a while.
A buddy sent a FB video link and asked what's up with this.
Somebody was using a videotape as a makeshift ribbon controller.
Using the tape to send a control voltage to their modular gear.
You may have seen something like this, but wondered about the details required.

Does it actually work?
If so what are the necessary steps?
Let's find out.