Embedding YouTube Videos in SharePoint Wiki Page

In SharePoint Wiki Pages we can directly put the formatted text or HTML content. I faced an issue when I tried to embed a youtube video in a new wiki page by editing the HTML & adding the <object> embed code. When I saved the page, the <object> code was stripped out.

Then I tried another option. I inserted out-of-the-box Media Web Part, opened it in the Edit mode, and change media address to the youtube video address. It seems logical and it should work, but it didn't work and it shown an error message “Media failed to load.”

Then I looked around other possible options and found that there are following two approaches to achieve this:

1. Upload the video in the SharePoint site & embed it using the Media Web Part
2. Add a content editor web part, open it in HTML mode, and embed Youtube or other videos using <object> tag