I want to play a movie file or any animation file till the time application not loaded completely.
Is there any simple way to do it?
You have to think carefully about if you really want to do this. On a hardware limited device, loading a movie is going to increase load times, not reduce them as should be your goal. Even the Default.png method is meant as a way to indicate the application is loading and reduce the perceived load time to the user; it's not intended as a splash screen or eye candy.
If your application does have a very long operation during load that you absolutely can't avoid before showing a functional UI, I think the best bet might be to whip up a quick 'loading' animation using Core Animation layers. Maybe there's a better way to do it but in my experience loading the movie player takes time.