This project first started as a Ogre3D plugin which was originally written by Ogre3D user pjcast ( Phil Castaneda ). This project rendered frames on demand, had some audio integration and seeking was experimental. pjcast abandoned the project but since the plugin was reasonably stable, it was used in a variety of projects and applications.
In 2008, kspes (Krešimir Špes) took over the project and developed a number of features, most notably frame pre-caching which greatly improved performance and reduced frame dropping.
The project's development continues in 2009 and is aimed at a fully featured and optimized plugin. kspes managed to choose this project as his college undergraduate thesis which ensured more time to develop the project. In late 2009, the Ogre3D plugin was separated in two projects, libtheoraplayer (this project) which became an abstracted Audio/Video interface and ogrevideo which is now an Ogre3D interface for libtheoraplayer. Since the separation, considerable improvements were made, most notably performance optimizations and better seeking support.
In 2012, after a two-year long pause, kspes returned to active development, implementing frame-precise seeks and perfect A/V sync after seeking among other improvements. kspes managed yet again to get a college Master's thesis related to this project and, this time for a graduate degree, ensuring more time for development. In case you're wondering, the college is "FER" in Zagreb, Croatia (Europe).
Future plans for this library are available in the Roadmap section.