The best replacement for m4v is mp4.

The best alternatives to m4v are rated as following:
★★★★★  mp4
★★★  mkv
★★★  mov
★★★  avi
★  wmv
★  mkv handbrake
★  f4v
★  mp4 quality
★  mov better
★  mp4 handbrake
  mpeg4
  mp4 which is better
  avi which is better
  mv4
  mp4 itunes
  m4p
  mpg
  flv
  m4a
  m2ts

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Google Trends

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m4v
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