The much awaited VLC Player app for Windows Phone was released in Windows Phone Store few days back. This app today got updated to v1.0.2 and it is a minor release with no new features. The developers behind this app also announced that v1.0.3 is coming soon with lots of bug fixes.
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.