Quoting
file-extensions.org:
m4v is used in Apple iTunes and iPod. It can be renamed to MP4 file extension.
MP4 is a container format. As any other container format like AVI (.avi), RealMedia (.rm, .rmvb), QuickTime (.mov), MPEG (.mpg, .mpeg), Matroska (.mkv, .mka), OGM (.ogm) it allows you to combine different multimedia streams (mostly audio and video) into one single file.
MP4 is a file extension for the container format defined in the Systems Part of the MPEG-4 standard (ISO 14496-1).
MP4 supports all kinds of multimedia content (multiple audio streams, video streams, subtitle streams, pictures) and advanced content (called "Rich Media" or "BIFS") like 2D and 3D graphics, user interactivity, DVD-like menus.
MP4 is a streamable format.
René Borroto
Media Consulting