Open Source Media Framework

The Open Source Media Framework is something to keep an eye on.

Open Source Media Framework (OSMF) is an open software framework for building robust, feature-rich video players and applications based on the Adobe® Flash® Platform.

OSMF reduces the complexity of player development, allowing the developer more time to focus on the overall user experience. OSMF’s flexible architecture allows the developer to easily customize their player for the browser or the desktop, incorporating plugins for advertising, reporting, and content delivery along with standard player features such as playback controls, video navigation, buffering, and Dynamic Streaming. The OSMF can be integrated into your own custom applications using the simple API, or you can deploy the ready-to-run dynamic SWF player without compiling or writing custom scripts.

There’s also a nice devnet article on this topic by R. Blank.