Wasn't expecting to see a modified version of the french socialist party logo https://en.m.wikipedia.org/wiki/Socialist_Party_(France)
~~There is a new option allowing you to set an app default to all is compatible files type. So it's a one click problem https://support.microsoft.com/en-us/windows/change-default-programs-in-windows-e5d82cad-17d1-c53b-3505-f10a32e1894d~~
Turns out it doesn't, my bad.
I dig a little and there is an option on the GUI to easily stream. On the media menu, there is a stream option (CTRL+S) which allows you to stream a file using the interface you want. It will create a server and it's up to you to make that server available to your friends (port forwarding). They will the open your video from a network interface link.
Though, while I did manage to stream between two instances of VLC on the same machine. It was after many attempts and I did not have any sound.
Not incredible, I will admit, but I'm quite confident it can work well once you understand what parameters to use.
VLC support RTMP, streaming a live feed like twitch. https://wiki.videolan.org/RTMP/
VLC also support reading from network https://wiki.videolan.org/Documentation:Play_HowTo/Basic_Use_0.9/Opening_modes/#Opening_a_Network
You are also able to generate a stream through multiple interfaces though I couldn't find how. Still, it is officially reported as being possible. https://www.videolan.org/streaming-features.html
You only own the game as long as the support holds. Scratch the disk, empty the card ram battery, etc. You're done.