http://blog.eu.playstation.com/2015/06/16/media-player-launches-on-ps4-today/
Supported file formats and codecs
Video
MKV
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
AVI
Visual: MPEG4 ASP, H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
MP4
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: AAC LC, AC-3 (Dolby Digital)
MPEG-2 TS
Visual: H.264/MPEG-4 AVC High Profile Level4.2, MPEG2 Visual
Audio: MP2 (MPEG2 Audio Layer 2), AAC LC, AC-3(Dolby Digital)
AVCHD: (.m2ts, .mts)
Photo
JPEG (based on DCF 2.0/Exif 2.21)
BMP
PNG
Music
MP3
AAC (M4A)
The Media Player works with both your home server and when plugging a USB stick with media into one of the available ports on the PS4. Your home server will appear as a media option in the player automatically and finding your media is simple and quick. You may also simply enjoy music as background music on your PS4!
Supported file formats and codecs
Video
MKV
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
AVI
Visual: MPEG4 ASP, H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
MP4
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: AAC LC, AC-3 (Dolby Digital)
MPEG-2 TS
Visual: H.264/MPEG-4 AVC High Profile Level4.2, MPEG2 Visual
Audio: MP2 (MPEG2 Audio Layer 2), AAC LC, AC-3(Dolby Digital)
AVCHD: (.m2ts, .mts)
Photo
JPEG (based on DCF 2.0/Exif 2.21)
BMP
PNG
Music
MP3
AAC (M4A)