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How many DVD formats are available today and what is the most preferable to use

For recordable formats there are five namely: DVD-R, DVD-RW, DVD-RAM,D VD+R and DVD+RW
For non-recordable formats there are three namely: DVD-ROM, DVD-D and DVD Plus

Each format has various manufacturers that support them but today almost all the players can already play different formats. To read more about each format click Guide to the Different DVD Formats