Hi hasse,
In order to narrow down the issue, please troubleshoot as below.
1. Check if this particular .mp4 file could played with sound in Asset library after you upload, see if the issue is related to .mp4 file itself, or web part control.
2. Check if multiple types of browser (IE, Chrome or Firefox) have this issue, also try IE compatibility mode.
3. Check if other .mp4 files could work, here is another post below about codec format issue (e.g. worked after change to H264), check if it helps.
https://social.technet.microsoft.com/Forums/office/en-US/ef4a0922-bacd-40df-9c97-25d09bed30ac/how-to-play-mp4-video-in-sharepoint-2013
Thanks
Daniel
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