Google has introduced Phenaki, a text-to-video system which produces 2-minute videos.

Compared to the previous video generation methods, Phenaki can generate arbitrary long videos conditioned on a sequence of prompts (i.e. time variable text or a story) in open domain. To the best of our knowledge, this is the first time a paper studies generating videos from time variable prompts. In addition, the proposed video encoder-decoder outperforms all per-frame baselines currently used in the literature in terms of spatio-temporal quality and number of tokens per video.

[phenaki.github.io...]

Earlier story
Google Introduces a Text-Conditional Video Generator System, "Imagen Video" [webmasterworld.com]