That's just basic position animation combined with a linear wipe, a static matte or masks.
When faced with the problem of dissecting an effect it is usually best to download or screen capture the footage and look at the shot one frame at a time. Pick out every separate element that is moving and think of that as a separate layer. This is the best approach for almost every effects breakdown. In this shot there are three lines of text animating in a different way.
The top line of text is moving down with motion blur and disappearing below center frame, the bottom line of text is moving up with motion blur and disappearing above frame center, and the middle layer of text is disappearing from the top and bottom with blurred edges the top and bottom edge meet at the center of the frame.
This can be accomplished with three text layers each having their own track matte. The track matte for the top and bottom layer can be a duplicate of the same layer with one copy set to Alpha and the other set to Inverse Alpha. The disappearing middle layer can be done with an animated track matte. Then it's just a matter of motion blur and position animation for the top and bottom text layers and Y scale for the animated track matte for the center layer. You may have to throw in some directional blur to get the edges to look right.
You may be able to get the same effect by throwing a bunch of text animators at a single text layer but it would be way more complicated. I'm guessing this could be set up in about 5 or 10 minutes.
Just for fun - 3 minutes.
One more note. If this had been my project the entire animation for the word rediscover would have been a nested comp inside a main comp for the first line of the song. Each sentence would be a separate comp, then the final edit would be done in Premiere Pro. At a very minimum each musical phrase or every four bars would be a separate comp. Trying to do a whole 4 minute animation like this in a single comp gets very complicated and very difficult to fine tune as you get farther into the song. You will have a better product in less time if you break it up.