Multi signature encryption (multiple people can decrypt)

I understand that multi sig transactions exist so that X of N need to sign to release a transaction. If only 1 of N is required I guess any of the recipients can spend.

This made me wonder, is it possible to encrypt something, so that any one of a set of people can decrypt the data?

I suppose the data could be in the exponent or something, but also possibly going beyond bitcoin, would it be possible to do this with multiple Mb worth of data (stored off chain in this case)? I guess it would require some sort of script that means conditions have to be met to decrypt the data.