Any app to dynamically create subtitles

Hi folks
Is there anything out there that can create subtitles "dynamically" while watching a tv /movie in real time. Doesn't have to be 100% accurate as minor edits can be done later. I can't believe when one sees currently subtitled programs these are all created manually frame by frame -- would be a long / tedious job. Surely decent A.I can or should be able to do this stuff.

(Note I'm aware of some subtitle sites such as opensubtitles.com - but wish to avoid using "quasi legal" sites and presumably posters to those sites have created subtitles via some application anyway).

I need the subtitles for some people who can watch the programs later. I can translate .srt pr .sub type subtitles as well so that's what I want is for the app to create an .srt or .sub file. This would be really useful as I could schedule the movie / TV program for record when I'm out.

Cheers
jimbo

I'm using AI Video to SRT to convert Audio or Videos with subtitle its not free.