Is it important to have multiple video formats for embedded html5 video?

I only linked mp4 video for html5 videos on my site and it seems to be working fine on iPhone and mac. I’m curious to know what’s the risk of not having other video formats.

All modern browsers have support for MP4, except where the audio is encoded in FLAC.

More info:

Media type and format guide: image, audio, and video content - Web media technologies | MDN

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