Currently doing some work, intending to port TV-Lite to use libVLC4. Things are shaping nicely. Currently only aiming to port the existent functionality
I started this, following a request from Ghiunhan Mamut, the owner and maintainer of the Redcore Linux distribution. Redcore is Gentoo based. Gentoo has recently deprecated Qt5, meaning there will be no more support for it, including any backport support.
One of the applications that still uses the Qt5 framework is the popular VLC player, at least the current 3.x version.
People is still waiting for the 4.x release that has been baking for years now. The player will no longer use Qt5, but Qt6. There is still no official 4.x release in sight. albeit everyone can download and try nightly builds. TV-Lite does not need the actual player. only the library and the plugins, which are not depending on Qt5. However, if VLC 3.x will be phased out, eventually both the 3.x library and plugins will disappear, too.
VLC 4.x will offer some other advantages and fixes. The new library features improved thread synchronization. Pause and stopping may no longer lead to the application freeze (are now asynchronous). There is also a rewritten master clock mechanism that "greatly minimizes dropped video frames on heavily loaded systems and improves multi-channel audio synchronization".
Also the Linux variant of libVLC 4.x should feature native Wayland support.
First build looks fine. I had to adjust TV-LIte to the new, asynchronous stop and pause mechanism and to the new tracklist handling. TV-Lite feels snappier and seems fairly stable, but I have to continue testing for a while. The builds are only for Linux. The next release will aim to preserve the current functionality and fix any bugs. There won't be any new functionality.