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The K-Lite Codec Pack is a free collection of codecs and related tools. Codec is short for Compressor-decompressor. Codecs are needed for encoding and decoding (playing) audio and video. The very user-friendly installation is fully customizable, which means that you can install only those components that you want.

There are three versions of the K-Lite Codec Pack: The Standard version contains everything what is needed to play all the commonly used formats. The Full version contains even more codecs and also has encoding support. The Corporate version is a special version for use in a corporate environment.

Pro Tips
HDR Video Playback

To play such videos you need to use the included MPC-HC player and select Madvr as the video renderer. Madvr will automatically send the HDR metadata to your TV when it is HDR capable. Otherwise it will convert the video to SDR so you can watch it (with proper colors) on a normal monitor/TV.

You can select Madvr here:
MPC-HC options > Playback > Output > Video Renderer
Or during installation of the codec pack.

Note: currently only HDR10 format is supported. Not Dolby Vision.

3D Video

The codec pack contains a plugin for decoding H.264 MVC 3D Video. Included in Full/Mega edition only, for this Standard edition it is available separately HERE. To properly watch such videos you should use the included MPC-HC player and select Madvr as the video renderer. Outputting 3D video to your monitor/TV requires Windows 8.x/10 (or Windows 7 with a modern NVIDIA GPU).

Note: playback of SBS (side-by-side) and Top/Bottom 3D video does not have the above requirements. Such videos are actually encoded as 2D video. Your TV should have an option to turn this into 3D.

In case of NVIDIA you must use driver version 418.xx or older. 3D support was removed in newer versions.

Blu-ray

MPC-HC is capable of playing Blu-ray discs. There are just two limitations:
1) It doesn't support Blu-ray menus. It automatically plays the longest title on the disc. Other titles can be accessed through the Navigate menu of the player.
2) The disc must be decrypted using an external tool. For example AnyDVD HD or Passkey Lite.