VLC Media Player
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Full user review
"Awesome app. You have to download this"
Everything. Set it as the default for all of your video files.
There are no cons at all. Unless you don't play any media on your computer.
I downloaded this app at first so Handbrake would work on my mac and it turned out to be one of my most used apps. I download a lot of torrented videos and Quicktime doesn't support most of the files I play. VLC has solved the problems Quicktime has been giving me and works with absolutely no issues. Definitely worth downloading.