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The GPL version of Flowplayer is free and may be used on commercial sites. The Flowplayer logo disappears after one second, but always shows in the upper right when in full screen mode. A limitation of the free version is that you can't brand it yourself.
JW player is not free for commercial sites and the free version doesn't support ad plugins.
The open source flash video player (osflv .com), like its name suggests, is free. There's also openvideoplayer.sourceforge .net.
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