From Codec Guide:
Standard contains everything you need to play all the most commonly used formats. This package should be enough for the average user.
K-Lite Codec Pack is a collection of VFW/ACM codecs, DirectShow filters and tools. Codecs and DirectShow filters are needed for encoding and decoding (playing) audio and video formats. The K-Lite Codec Pack is designed as a user-friendly solution for playing all your movie files. With the K-Lite Codec Pack you should be able to play all the popular audio and video formats and even several less common formats.
Other related software:
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