The digital media market now found another contender – Adobe, who unveiled on Wednesday Adobe Media Player 1.0, which enables high-quality playback of streamed, downloaded or locally stored video in the Adobe Flash format.

This wouldn’t have been possible without the help of major television broadcasters and leading content publishers such as CBS, MTV Networks, Universal Music Group, PBS, CondéNet and Scripps Networks, and possible future collaborations with MTV, Nickelodeon, COMEDY CENTRAL, VH1, CMT, Logo, Spike, The N, Game Trailers and Atom Films.

“With Adobe Media Player, we’re bringing viewers and content owners closer together, with an experience that doesn’t constrain them by platform or proprietary software application,” said John Loiacono, senior vice president of Creative Solutions at Adobe.

Adobe offers for the first time the opportunity to download videos outside the browser in Adobe Flash format, offering 1080p, 720p or 480i video display resolutions and an advanced audio quality, the company said.

“It’s a merger of TV Guide and DVR for Internet video content,” Loiacono further said. “Some great shows, like The Hills from MTV and CSI from CBS, are already available to view and more will be coming soon,” he added.

Users will have the possibility to subscribe to television shows and online video content and receive the content they’ve subscribed for as it becomes available, automatically. The video catalog is expected to expand with the help of future collaborations with additional broadcasters, studios or independent producers, Adobe unveiled.

“Audiences want a great playback experience, including streamed or downloaded high-quality video,” said Melissa Webster, vice president, IDC Content and Digital Media Technologies. “At the same time, content owners need to protect and monetize their content via premium services or advertising. This is the opportunity that Adobe is addressing with Adobe Media Player.”

Adobe will offer content owners and media publishers the possibility to “distribute, measure and build businesses around video content,” while at the same time offering next generation offline monetization and branding options, including viewer-centric dynamic advertising for targeted marketing campaigns, as well as customizable options for the player.