Sony Video app has been updated to new 9.4.A.1.6 version over the older beta 9.3.A.0.2 version. New update adds screen rotation button on the player.
Sony introduced some new features in the Video app (first spotted in 9.2.A.0.6 version) like swipe down to shrink the video player with playback ongoing; swipe up to maximize it again and swipe left to dismiss the video.
Sony Video app
Download Sony Video app version 9.4.A.1.6 apk from the below link. Update size is 14.8 MB, available as OTA. 
Check out the latest Sony Xperia app updates here.
Facing any issues with the app, drop your comments below.
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