location / {
    root /Library/WebServer/Documents;
    index  index.html index.htm;
}

location /media {
    root /Library/WebServer/media;
    mp4;
    mp4_buffer_size       1m;
    mp4_max_buffer_size   5m;
}

"/Library/WebServer/media/media/myvideo.mp4" failed (2: No such file or directory), client: 127.0.0.1, server: localhost, request: "GET /media/myvideo.mp4 HTTP/1.1", host: "localhost"

location /media {
  root /Library/WebServer;
  mp4;
  mp4_buffer_size       1m;
  mp4_max_buffer_size   5m;
}