The PS4 has gotten a lot of flak for its lackluster multimedia capabilities. Unlike its predecessor, it still does not support MP3 or DLNA streams and initially it did not support 3D BluRay discs. It would seem that Microsoft noticed the complaints of Sony's disgruntled fans and acted upon them, as the Xbox One has been confirmed to receive a multimedia application supporting "a few dozen of file formats" with the capability to load files via USB and, in the future, via DLNA streaming. This is what the official Microsoft release says about it:
Interesting - perhaps this new development will additionally motivate Sony, as Microsoft is clearly hot on their tail in terms of functionality. What else is there to say? Ah, yes! I forgot the obligatory "TV, TV, TV!", didn't I?"Media Player – A new app will be available soon that enables users to play media files from either an attached USB device or from a network connected home media server that supports DLNA protocols. The preview version of the Media Player app will initially only support USB devices, with DLNA support coming soon. Xbox One will support more formats than Xbox 360, including support for dozens of new file formats like mpeg 2 TS, animated gifs and mkv which will be added by the end of the year. See below for additional file formKats."
Source (Kotaku)