When iTunes Just Wont Do
Like its desktop counterpart, VLC for iOS is the Swiss Army knife of alternative media players. It plays most video formats and audio formats without question. Its also the simplest way to play just about any streaming audio from the Internet. The major downsides are lack of good playlist control, as well as still needing iTunes in some cases to transfer files, but overall its a must-have on any iOS device.
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VLC for Mobile, v2.7.8