IPTV Player Apps

VLC Media Player
VLC is best media player, it plays Live Streams, MPEG-1, MPEG-2, MPEG-4, DivX, mp3, ogg and more formats without extra codecs.
Support subtitles and EPG.
Download: http://www.videolan.org/vlc/

VLC IPTV Player Screenshoot

SimpleTV Player
It plays and record rtmp streams (support librtmp), Diverse ordering channels (creating groups, favorite channels, search by name, advanced filter),  PIP and Multi PiP (Cntr + P or Menu → TV → Multi PiP), Downloadable Schedule and Entry Program Guide
Download: http://www.softpedia.com/get/Internet/Internet-Radio-TV-Player/SimpleTV.shtml

Tano Player
Other Open source IP TV player. Its play most media formats and support all IPTV Services.
Download: http://projects.tano.si