Sony’s bringing a much-requested feature into the PlayStation 4 with the arrival of the Media Player for the PS4. If you own a PS4, you might want to start checking on it as the feature is going live already. This feature lets you watch content from various sources, adding functionality to your console. It can play different file formats such as MKV, AVI, MP4, and MPEG-2 TS in various codecs. You can also play MP3 and AAC music files as well as view photos in JPEG, PNG, and BMP formats.
Source: PlayStation Blog