M4V file format
VLC Media Player
Apple QuickTime Player
The M4V format was developed by Apple for Itunes Store and it is much more similar to the MP4 format with a slight difference in DRM protection. If M4V format has DRM protection than the iTunes account used to process the file will have to be authenticated on the computer playing the file.
The M4V supported files have both the audio as well as the video data, the file extension M4V can be converted into the MP4 file extension in order for it to play on an unauthenticated computer because the M4V files are protected by Apple’s DRM. MP4 files do not provide with the functionality to create chapter information while M4V file does that.