I do not think that you can do this with the usual MPMoviePlayerController , but there are several libraries for this. Look at here:
They work with OpenGL, and you can embed them in your Objective-C code.
EDIT: As @Mangesh Vyas kindly noted, they are intended for use only with fixed images. However, they can be a good starting point for embedding videos if you change the code accordingly. They already process the direction, accelerometer, etc., so you do not need to do it all yourself.
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