Alphabet, Meta Offer Millions to Partner With Hollywood on AI

Alphabet Inc. and Meta Platforms Inc. have held discussions with major Hollywood studios about licensing content for use in the tech giants’ artificial intelligence video generation software, according to people familiar with the matter.

Both companies are developing technology that can create realistic scenes from a text prompt, and have offered tens of millions of dollars to partner with studios in some capacity. Rival OpenAI, backed by Microsoft Corp., is having similar conversations. Alphabet, Meta and OpenAI declined to comment on the talks.

Hollywood studios are keen to discuss ways to use AI to reduce costs while also ...