From WikiVS, the open comparison website

Proprietary file formats are problematic because "the user may own the information by virtue of having created it, but they [may] have no way to retrieve it except by using a version of the original software which produced the file." ([1])

HTML5 Video allows, but does not require, the use of proprietary file formats.

Flash video is composed of files that use proprietary file formats.

Flash is a format owned by Adobe. HTML5 is a standard supported by web browsers from Google and Apple, as well as other companies.

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