One player does All: VLC

With increasing types of video and formats available, many people do not know how to playback them, but thankfully there is VLC. You do not have to download any specific codec to play back your favourite video or audio.  Just use VLC and its open source! VLC is fast and and simple. It can simply playback any format available.

If you have a movie with subtitles or audio to fast, there is sync option for you to speed it up or slow it down. This media player also allow you to set a video as desktop wallpaper.(For people who want to work and watch at the same time)

VLC is also available for different OS, Mac, Windows, Linux.

For advance users: There is also an function called network streaming. If you have any video or audio files stored online, you can stream it directly from vlc by entering its url. It is at File> Network stream.

Some screenshots:

Source: VLC

Source: VLC

Source: VLC