Step 1:
Install RPM Fusion (Free & Non-Free) repositories:
su
dnf install http://download1.rpmfusion.org/free/fedora/rpmfusion-free-release-$(rpm -E %fedora).noarch.rpm
Step 2:
Install the multimedia codecs:
If you are using GNOME:
su -c 'yum install gstreamer{1,}-{ffmpeg,libav,plugins-{good,ugly,bad{,-free,-nonfree}}} ffmpeg'
If you are using KDE, you might prefer xine instead of Gstreamer:
su -c 'yum install xine-lib* k3b-extras-freeworld'
Step 3:
If you also plan to listen to internet radio streams via rhythmbox for example, you need a few more packages:
su -c 'yum install gstreamer{1,}-{plugin-crystalhd,ffmpeg,plugins-{good,ugly,bad{,-free,-nonfree,-freeworld,-extras}{-extras}}} ffmpeg libmpg123 lame-libs'
Step 4:
Install VLC media player: