The much awaited VLC Player app for Windows Phone is now available in Store. The main advantage of VLC app is that it allows playback of wide variety of videos and audio formats including MKV and others.
VLC media player is a portable, free and open-source, cross-platform media player and streaming media server written by the VideoLAN project.
VLC media player supports most audio and video compression formats, files and streaming protocols.
Thomas Nigro has tweeted that the current closed beta app will receive no further updates, so it is recommended that even beta users switch to this branch of the development.
Download it here from Windows Phone Store for free.