[0] https://en.wikipedia.org/wiki/Deep_learning_super_sampling
You could actually use ML for all of the video decoding, but that research is still in it's early stages. It has been done rather well with still images [1], so I'm sure it'll eventually be done with video too.
Those ML techniques are still a little slow and require large networks (the one in [1] decodes to PNG at 0.7 megapixels/s and its network is 726MB) so more optimizations will be needed before they can see any real-world use.
[1] https://hific.github.io/ HN thread: https://news.ycombinator.com/item?id=23652753
Once you get to an AI that has full comprehension of what humans perceive to be reality, you can just give them a rough outline of a story, add some information on casting, writers, and Spielberg's mood during production, and they'll fill in the (rather large) blanks.
That's a bit exaggerated, but I remember reading about one such algorithm a few days ago (by Netflix, maybe?). It was image compression that had internal representations such as "there is an oak tree on the left".
It would then run the "decompression", find the differences to the original, and add further hints where neccessary.
Right now neural networks allow for higher compression for tailored content, so you need to ship a decoder with the video, or have several categories of decoders. The future is untold and it might end up not being done this way.