Finally the PS4 has a media player!

When you next turn on your PS4 you will be treated to the option to download a new media player! At long last!

This has been a majorly requested feature and Sony have been listening.

Taken from the Playstation blog:

A Media Player icon will appear in the PS4 content area, simply select the icon and you will be taken to the PS Store where you can begin the download.

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!Of course, we know what you really want to see: look below to see supported video and audio file formats and codec details.
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)