A:Answer Yes, but not through the cloud service. It has a DLNA Media Server. I've never used it before but I gave it a shot and it showed up on my PS4 using the default media player app and the video I loaded played fine. I also streamed a 4k video to a 4k TV and it worked. Looks like it'll serve up pretty much any video to any player that uses DLNA. Put your video, music, and photos into the Public video, music, and photo folders and turn on the DLNA server. It'll scan the content and share it on your local network.
However, I can't recommend this product. I've had one for a while and it's been virtually useless as anything but a NAS device. The WD backup software never worked and that was the main reason I bought it. The "cloud" access is unbearably slow. The web interface rarely works unless the device is freshly rebooted and it's often missing information.
The latest firmware update (a couple weeks ago) seems to have significantly improved performance of the web interface (meaning it actually works now), but it's too little too late for me. I've already given up on it. I only noticed the latest update because the best buy site asked if I could answer this question so I gave it a shot. :)