The Video.js project has released a beta version of its v10 player, which is 88% smaller than the previous version. The new player has been rewritten from the ground up and features a more modular architecture, allowing for easier customization and better performance. The player also includes new features such as support for React, Typescript, and Tailwind, as well as improved support for adaptive bitrate streaming. The release aims to provide a more modern and efficient video player for the web.