Kodi is a free and open source software media player and entertainment hub for digital media. Available as a native application for Android, Linux, BSD, macOS, iOS, tvOS and Windows operating systems, Kodi runs on most common processor architectures.
Kodi can be used to play almost all popular audio and video formats around. It was designed for network playback, so you can stream your multimedia from anywhere in the house or directly from the internet using practically any protocol available.
SpecsUpdate
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Pros
Pro Can install on several devices
Android, Mac, Windows, Linux, iOS, Xbox, Apple TV (jailbroken), and more.
Pro Lots of plugins available
Like PlutoTV, Curiosity Stream, and YouTube. 3rd party repositories, such as the SlyGuy Repository, contain more plugins like Disney+, Paramount+, Hulu, and Netflix.
Pro Free
Pro Open source
Completely FOSS, licensed under GPL 2.0
Pro Great customization/multiple skins
You can change navigation flow and other aspects of Kodi with the plethora of customization options and skins.
Pro Can play many different file formats
It supports Blu-ray Discs, CDs, DVDs, USB Flash Drives, local Hard Disk Drives, AirPlay, network file shares, basically every video, audio, and image format available, subtitle files, and even retro game console ROMs.
Cons
Con You may have to jailbreak some devices
This is only for things like a Fire stick, but Android TV boxes etc. should be fine.
Con Terrible navigation
Menus over menus with dozens of submenus.
Con Not Client/Server Capable
While most solutions provide a client/server setup the KODI developers REFUSE to adopt this approach forcing individual setups for every device.
Con Poorly optimized
Often not a fluid experience on low-end devices.
Con No official AAA addons for streaming services
It does not have any official AAA addons and fully relies on the community which result in often broken packages/addons.