The PS5 supports all media formats as the PS4, and lets you watch and listen to custom music/video. Here's how to do it.
How to Play Music on PS5
Sony PlayStation 5 Gaming Console
Sony PlayStation Portal: Where to Buy Online, Availability, & Pricing. – Billboard
PS5 FAQ: games, apps, PS4 backward compatibility, storage, and more - Polygon
Can PS5 Play Videos and Music from a USB Device?
How Many USB Ports on PS5? How to Use These PS5 Ports? - MiniTool Partition Wizard
How to transfer videos from a USB to a PS5 - Quora
How to Play Music and Video on PS4 From USB Flash Drive [3 Easy Steps]
Sony's PlayStation Portal remote player is a $200 handheld just for PS5 game streaming
How to Use an External Hard Drive on PS5