Can AVPlayer instances be used to play two videos simultaneously?

I'm currently using MPMoviePlayerController to play videos in my app. When I switch from one video to the next, it's not a very smooth transition. I've come to the conclusion that what I need to do is fade the first video out while fading the second video in. To do that I'll need to have two videos playing simultaneously. I know I can't do that with MPMoviePlayerController. It's in the documentation. Can it be done with AVPlayer? Can I have two instances of AVPlayer, playing different movies, playing at the same time in my app with both movies visible to the user?