KMPlayer is a video application developed by PandoraTV. This application lets you play video files of all different formats directly on your Android device.
Like video players for desktop computers such as VLC, KMPlayer is useful when you need to watch any video on your phone like a movie you ripped from a DVD. Along with being able to watch videos directly on your phone, KMPlayer has a feature called KMP Connect that lets you watch any videos hosted on a local computer that's on the same network as you.
Overall, KMPlayer is a great video player when you are looking to play all types of video files on your Android device. The only parts of KMPlayer to be concerned with is that some video files don't playback as well as using other video players along with the fact that you can't run any audio files through the app.