VideoJS is the default media player in Moodle 3.2 onwards. It is demonstrated in the screencast Media players.
To see how to add audio and video using the VideoJS players, see Audio and Video.
VideoJS player settings, such as the supported video and audio file extensions, may be found in 'VideoJS player' in Site administration.
See Media FAQ for details on how to display YouTube subtitles and/or playlists if you are using VideoJS player.