The iMediaElement module is based on the MediaElement module for Drupal 7 but uses an improved mediaelement library and provides some super-useful features not found in the drupal.org version:
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Simple integration with 3rd party media providers (YouTube, Vimeo, etc.)
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Player skin selection.
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autoplay,preload, andloopmedia attributes. - 
            
Support for many mediaelement.js settings through the admin UI.
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I18n integration with Drupal.
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~20% smaller player filesize.
 
Installation and Usage
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Download/git the improved mediaelement library and extract to
$base_url/sites/all/libraries/imediaelement- 
                
Optional Customize mediaelement.js for your specific needs ( ads, playlist, sourcechooser, or other features) by editing the
grunt/concattask or editing the/src/assets and rebuilding the script.- 
                    
cd path/to/imediaelement - 
                    
npm install: installs grunt & tasks. - 
                    
grunt: compiles all/src/assets to/local-build/. - 
                    
grunt build: copies the/local-build/to/build/. 
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Download/git the mediaelement module and extract to
$base_url/sites/$site/modules/imediaelement - 
            
Enable the module.
 
Configure global settings
          Select the player skin other sitewide options that make you happy:
          $base_url/admin/config/media/imediaelement
        
Configure content fields
Add fields: Your content type should include some type of media.
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File: media hosted on your server. - 
            
Link: media hosted on another domain, i.e. YouTube, Vimeo, etc. 
        
          Manage Display: Set the Format to
          MediaElement Audio or
          MediaElement Video
        
- The Format settings allow you to manage attributes specific to that field ( i.e. width, height, autoplay, etc.).
 
        3rd Party Sources
          Streaming media from 3rd party sources is accomplished by adding a
          link field displayed as Mediaelement Audio/Video. Youtube & Vimeo are explicitly supported, though
          other providers may also be used as long as they provide public file access.
        
          The link may reference either the Embed (
          https://www.youtube.com/embed/mUPyVAdbnag) or Share (
          http://youtu.be/mUPyVAdbnag) source.
        
          It's best to use protocol agnostic (
          //youtu.be/mUPyVAdbnag) links, although that isn't a requirement.
        
Player Skins