M2TS (MPEG-2 Transport Stream) is a Blu-ray BDAV container format that uses MPEG-2 transport stream and comes with a .m2ts filename extension. It can manipulate audio, video, and other metadata such as disc menu and subtitles. At a bare minimum, any Blu-ray player should play M2TS files easily.
MKA is a free Matroska Multimedia Container format that can store multiple audio, video, image, and subtitle tracks. It’s used to save typical multimedia content such as TV shows and movies and comes with a .mkv for video files. When used on audio files, it features a .mka filename extension, .mks for subtitles, and .mk3d for stereoscopic video files.