The video player is the wrapper which goes around the video content and determines which features (closed captions, sharing options, play speed, etc.) are available to viewers.  For a preview of the new players, please see this article on the Kaltura Video Players  

Kaltura will be discontinuing support for the version 2 players on September 30th, 2024.  Although all previous videos will continue to play past that date, we want to take steps towards using players the vendor will continue to maintain and improve.  

Beginning August 5th, 2024 any video added to Canvas will be utilizing the new players.   

Don’t worry! Videos added in previous semesters will continue to play, they are not going anywhere.  Remember, the player is not the actual video.  Think about this transition as giving your videos a fancy new wardrobe.  The video itself won’t change; it will just look a lot nicer.  

Maybe.  Old videos will continue to play, so there is no requirement to make any changes at all. However, to take advantage of the new design and accessibility features, you may want to consider updating them.  It is your decision. 
Note: at some point in the future, the old players may stop working, videos would then need to be updated.  

Updating videos is as easy as removing old videos and reinserting them into the page, discussion, announcement or quiz.  This guide on adding videos to Canvas will help. Additionally, a process to bulk migrate videos to the new players is in development.
Note: If you have multiple versions of the same video, just make sure you know which one belongs in the course.