First of all, I’ve found similar archived topics, here for example: https://forums.coronalabs.com/topic/61203-video-is-not-getting-played-from-document-directory/
According to them this issue should be solved but doesn’t seem so for me.
Some facts:
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I use latest Corona build (2016.2992)
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problem exists on iOS only (Android plays downloaded videos without problem)
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I use latest iOS version (10.1)
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if I load the video remotely (without downloading the file first) and play it, it works
In summary, it seems that video downloaded and saved to temporary or documents system folder can’t be found and therefore it can’t be played.