Video Embed field creates a simple field type that allows you to embed videos from YouTube and Vimeo and show their thumbnail previews simply by entering the video's url.
After install and enable add a new field type 'Video Embed' to a content type
Check the providers you want to use and save settings
You find other format settings in Manage display.
Create a new content and fill in the youtube/vimeo url in the field you have create.