VideoJS is a project mainly written in PHP and JAVASCRIPT, it's free.
(This version is quite old so checkout the latest one on the Drupal.org)HTML5 video player for Drupal
// $Id: README.txt,v 1.1.2.2 2010/11/30 20:26:52 heshanmw Exp $
1) Copy the videojs folder to the modules folder in your installation. Usually this is sites/all/modules.
2) Download videojs from http://videojs.com.
3) In your Drupal site, enable the module under Administer -> Site building -> Modules (/admin/build/modules).
4) Add or configure a FileField under Administer -> Content management -> Content types -> [type] -> Manage Fields (admin/content/node-type/[type]/fields). Restrict the upload extension to only allow the video HTML5 extension. It's also a good idea to enable the Description option, as this can be used to label your files when they are displayed.
5) Configure the display of your FileField to use "videojs player".
6) Create a piece of content with the configured field. Give the file a description that will be used as the file label in the playlist.
7) Create poster image, install the filefield image and create field named videojs_poster (which is, as you know, internally field_videojs_poster)
Heshan