Drupal's "Media" module extends Drupal's out-of-the-box functionality for file management, specifically for:
- images
- video clips
- audio clips
- other (general files)
In particular, it has its own "view" of all media assets/files and allows for each type of media to have its own set of custom fields.
As of July 2015, Media module has one stable released version (7.x-1.x), and a development version (7.x-2.x) which includes much refactoring and new features in preparation for Drupal 8's release. The documentation provided here is for version 7.x-1.x.
Watch the Video Demo/Tutorial for this section.