To play links or playlist, we can use applications like VLC, SimpleTV, Kodi among others, there are also Apps for SmartTV, or for our Smartphone / Tablet. The lists can be uploaded by some type server Dropbox, pastebin etc etc, some links can work in one player but not in others.
When you import an M3u file or create a link to it, the application’s M3u parser will read each line and process the data. Certain attributes will be saved. This page explains what M3u attributes will be read. Advanced users can take a look at