diff --git a/CHANGELOG.md b/CHANGELOG.md
index e1704a3540..8668a91585 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,8 @@
 * Change compileOnly to implementation on gradle (for newer gradle versions and react-native 0.59 support) [#1592](https://github.com/react-native-community/react-native-video/pull/1592)
 * Replaced RCTBubblingEventBlock events by RCTDirectEventBlock to avoid event name collisions [#1625](https://github.com/react-native-community/react-native-video/pull/1625)
 * Added `onPlaybackRateChange` to README [#1578](https://github.com/react-native-community/react-native-video/pull/1578)
+* Added `onReadyForDisplay` to README [#1627](https://github.com/react-native-community/react-native-video/pull/1627)
+* Improved handling of poster image. Fixes bug with displaying video and poster simultaneously. [#1627](https://github.com/react-native-community/react-native-video/pull/1627)
 * Fix background audio stopping on iOS when using `controls` [#1614](https://github.com/react-native-community/react-native-video/pull/1614)
 
 ### Version 4.4.1
diff --git a/README.md b/README.md
index b5f99f218b..c8242d5ab8 100644
--- a/README.md
+++ b/README.md
@@ -302,6 +302,7 @@ var styles = StyleSheet.create({
 * [onFullscreenPlayerDidDismiss](#onfullscreenplayerdiddismiss)
 * [onLoad](#onload)
 * [onLoadStart](#onloadstart)
+* [onReadyForDisplay](#onreadyfordisplay)
 * [onPictureInPictureStatusChanged](#onpictureinpicturestatuschanged)
 * [onPlaybackRateChange](#onplaybackratechange)
 * [onProgress](#onprogress)
@@ -954,6 +955,17 @@ Example:
 
 Platforms: all
 
+#### onReadyForDisplay
+Callback function that is called when the first video frame is ready for display. This is when the poster is removed.
+
+Payload: none
+
+* iOS: [readyForDisplay](https://developer.apple.com/documentation/avkit/avplayerviewcontroller/1615830-readyfordisplay?language=objc)
+* Android: [MEDIA_INFO_VIDEO_RENDERING_START](https://developer.android.com/reference/android/media/MediaPlayer#MEDIA_INFO_VIDEO_RENDERING_START)
+* Android ExoPlayer [STATE_READY](https://exoplayer.dev/doc/reference/com/google/android/exoplayer2/Player.html#STATE_READY)
+
+Platforms: Android ExoPlayer, Android MediaPlayer, iOS, Web
+
 #### onPictureInPictureStatusChanged
 Callback function that is called when picture in picture becomes active or inactive.
 
diff --git a/Video.js b/Video.js
index 81c1b80202..474d7b269d 100644
--- a/Video.js
+++ b/Video.js
@@ -20,7 +20,7 @@ export default class Video extends Component {
     super(props);
 
     this.state = {
-      showPoster: true,
+      showPoster: !!props.poster
     };
   }
 
@@ -86,6 +86,12 @@ export default class Video extends Component {
     this._root = component;
   };
 
+  _hidePoster = () => {
+    if (this.state.showPoster) {
+      this.setState({showPoster: false});
+    }
+  }
+
   _onLoadStart = (event) => {
     if (this.props.onLoadStart) {
       this.props.onLoadStart(event.nativeEvent);
@@ -93,6 +99,10 @@ export default class Video extends Component {
   };
 
   _onLoad = (event) => {
+    // Need to hide poster here for windows as onReadyForDisplay is not implemented
+    if (Platform.OS === 'windows') {
+      this._hidePoster();
+    }
     if (this.props.onLoad) {
       this.props.onLoad(event.nativeEvent);
     }
@@ -117,10 +127,6 @@ export default class Video extends Component {
   };  
 
   _onSeek = (event) => {
-    if (this.state.showPoster && !this.props.audioOnly) {
-      this.setState({showPoster: false});
-    }
-
     if (this.props.onSeek) {
       this.props.onSeek(event.nativeEvent);
     }
@@ -163,6 +169,7 @@ export default class Video extends Component {
   };
 
   _onReadyForDisplay = (event) => {
+    this._hidePoster();
     if (this.props.onReadyForDisplay) {
       this.props.onReadyForDisplay(event.nativeEvent);
     }
@@ -181,10 +188,6 @@ export default class Video extends Component {
   };
 
   _onPlaybackRateChange = (event) => {
-    if (this.state.showPoster && event.nativeEvent.playbackRate !== 0 && !this.props.audioOnly) {
-      this.setState({showPoster: false});
-    }
-
     if (this.props.onPlaybackRateChange) {
       this.props.onPlaybackRateChange(event.nativeEvent);
     }
@@ -308,15 +311,16 @@ export default class Video extends Component {
     };
 
     return (
-      <React.Fragment>
-        <RCTVideo ref={this._assignRoot} {...nativeProps} />
-        {this.props.poster &&
-          this.state.showPoster && (
-            <View style={nativeProps.style}>
-              <Image style={posterStyle} source={{ uri: this.props.poster }} />
-            </View>
-          )}
-      </React.Fragment>
+      <View style={nativeProps.style}>
+        <RCTVideo
+          ref={this._assignRoot}
+          {...nativeProps}
+          style={StyleSheet.absoluteFill}
+        />
+        {this.state.showPoster && (
+          <Image style={posterStyle} source={{ uri: this.props.poster }} />
+        )}
+      </View>
     );
   }
 }
diff --git a/dom/RCTVideo.js b/dom/RCTVideo.js
index 9831b61ddb..321289736c 100644
--- a/dom/RCTVideo.js
+++ b/dom/RCTVideo.js
@@ -37,6 +37,7 @@ class RCTVideo extends RCTView {
     this.videoElement = this.initializeVideoElement();
     this.videoElement.addEventListener("ended", this.onEnd);
     this.videoElement.addEventListener("loadeddata", this.onLoad);
+    this.videoElement.addEventListener("canplay", this.onReadyForDisplay);
     this.videoElement.addEventListener("loadstart", this.onLoadStart);
     this.videoElement.addEventListener("pause", this.onPause);
     this.videoElement.addEventListener("play", this.onPlay);
@@ -51,6 +52,7 @@ class RCTVideo extends RCTView {
   detachFromView(view: UIView) {
     this.videoElement.removeEventListener("ended", this.onEnd);
     this.videoElement.removeEventListener("loadeddata", this.onLoad);
+    this.videoElement.removeEventListener("canplay", this.onReadyForDisplay);
     this.videoElement.removeEventListener("loadstart", this.onLoadStart);
     this.videoElement.removeEventListener("pause", this.onPause);
     this.videoElement.removeEventListener("play", this.onPlay);
@@ -203,6 +205,10 @@ class RCTVideo extends RCTView {
     this.sendEvent("topVideoLoad", payload);
   }
 
+  onReadyForDisplay = () => {
+    this.sendEvent("onReadyForDisplay");
+  }
+
   onLoadStart = () => {
     const src = this.videoElement.currentSrc;
     const payload = {
diff --git a/ios/Video/RCTVideo.m b/ios/Video/RCTVideo.m
index 271433b3b8..71bf82d855 100644
--- a/ios/Video/RCTVideo.m
+++ b/ios/Video/RCTVideo.m
@@ -356,8 +356,6 @@ - (void)setSrc:(NSDictionary *)source
       [self setMaxBitRate:_maxBitRate];
       
       [_player pause];
-      [_playerViewController.view removeFromSuperview];
-      _playerViewController = nil;
         
       if (_playbackRateObserverRegistered) {
         [_player removeObserver:self forKeyPath:playbackRate context:nil];
@@ -600,7 +598,10 @@ - (void)observeValueForKeyPath:(NSString *)keyPath ofObject:(id)object change:(N
     } else
       return [super observeValueForKeyPath:keyPath ofObject:object change:change context:context];
   }
-  
+  if([keyPath isEqualToString:readyForDisplayKeyPath] && [change objectForKey:NSKeyValueChangeNewKey] && self.onReadyForDisplay) {
+    self.onReadyForDisplay(@{@"target": self.reactTag});
+    return;
+  }
   if (object == _playerItem) {
     // When timeMetadata is read the event onTimedMetadata is triggered
     if ([keyPath isEqualToString:timedMetadata]) {
@@ -692,12 +693,6 @@ - (void)observeValueForKeyPath:(NSString *)keyPath ofObject:(id)object change:(N
       _playerBufferEmpty = NO;
       self.onVideoBuffer(@{@"isBuffering": @(NO), @"target": self.reactTag});
     }
-  } else if (object == _playerLayer) {
-    if([keyPath isEqualToString:readyForDisplayKeyPath] && [change objectForKey:NSKeyValueChangeNewKey]) {
-      if([change objectForKey:NSKeyValueChangeNewKey] && self.onReadyForDisplay) {
-        self.onReadyForDisplay(@{@"target": self.reactTag});
-      }
-    }
   } else if (object == _player) {
     if([keyPath isEqualToString:playbackRate]) {
       if(self.onPlaybackRateChange) {
@@ -1285,7 +1280,9 @@ - (void)usePlayerViewController
 {
   if( _player )
   {
-    _playerViewController = [self createPlayerViewController:_player withPlayerItem:_playerItem];
+    if (!_playerViewController) {
+      _playerViewController = [self createPlayerViewController:_player withPlayerItem:_playerItem];
+    }
     // to prevent video from being animated when resizeMode is 'cover'
     // resize mode must be set before subview is added
     [self setResizeMode:_resizeMode];
@@ -1295,6 +1292,8 @@ - (void)usePlayerViewController
       [viewController addChildViewController:_playerViewController];
       [self addSubview:_playerViewController.view];
     }
+      
+    [_playerViewController addObserver:self forKeyPath:readyForDisplayKeyPath options:NSKeyValueObservingOptionNew context:nil];
     
     [_playerViewController.contentOverlayView addObserver:self forKeyPath:@"frame" options:NSKeyValueObservingOptionNew | NSKeyValueObservingOptionOld context:NULL];
   }
@@ -1490,6 +1489,7 @@ - (void)removeFromSuperview
   [self removePlayerLayer];
   
   [_playerViewController.contentOverlayView removeObserver:self forKeyPath:@"frame"];
+  [_playerViewController removeObserver:self forKeyPath:readyForDisplayKeyPath];
   [_playerViewController.view removeFromSuperview];
   _playerViewController = nil;