The Chrome OS iteration of VLC supports most of the video and audio files including the weird one such as FLAC. Also network stream and DVD ISOs are being supported by this much loved VLC media player. Jean-Baptiste Kempf, the VideoLAN President has written in a blog that this media player developed by the passionate developers is proposed for all that is completely free from any ads, spying and in- app purchases. Even the source code is offered at free. VLC is available on every single Operating System starting from Windows, Linux, OS X, BSD, OS/2, BeOS, Solaris and ReactOS.
VideoLAN has tested this VLC media player on HP Chromebook 14 and on a Chromebook Pixel. However, this is the first release so you might face issue while checking on any other machine. But it is advised to utilize the latest version Chrome 48 to have better result. It is featured with a media library for the video and audio files, a widget to control audio and support for subtitles and cover arts.