Use a texture image and a gradient map, with some adjustment layers and filters, to create a super quick and easy duotone text effect. Let's get started!
1. How to Create the Background and Text Layers
Create a new 1000 x 650 px document with a White Background. Click the Create new fill or adjustment layer icon at the bottom of the Layers panel, and choose Gradient.
Create a Fill Color to Transparent gradient fill using the Colors #a9a9a9 to the left and #868686 to the right.
Change the Scale to 150% and check the Dither box.
Create the text in All Caps using the font Sofia Pro Black. Set the Size to 250 pt, and if you have more than one line of text, set the Leading to 235.
2. How to Create a Duotone Effect
Place the Image Texture on top of the text layer, rename its layer to Texture, and right-click it to choose Create Clipping Mask.
You can try using different images if you like, but it's important that the image has some details to get a nice duotone effect.
Click the Create new fill or adjustment layer icon at the bottom of the Layers panel, and choose Gradient Map.
Check the Dither box, and click the gradient fill box to create the gradient using the Colors #281960 to the left and #d52e51 to the right.
What the Gradient Map does is it maps the equivalent grayscale range of an image to the colors of the gradient fill you create. So the left endpoint of the gradient fill replaces the shadows in the image, and the right endpoint replaces the highlights.
You can try different colors for each endpoint to get different results.