In addition to being a universal media player, this app is open source, which means you can find people who create new add-ons and builds for it, as well as create your own version. It's more than enough to be the only video player you'll ever need on your computer.
There aren't many videos this app can't play and play amazingly well. VLC Media Player (64-bit) is a favorite of many video watchers thanks to abundant format support, style, and customization options.