Do HTML tags work to display subtitles on the native iPhone player?

On my website, I have a web page with a Flowplayer video player.

My video contains subtitles. These are formatted with HTML tags such as <b></b> or <i></i>.

When I try to view my video on the iPhone with Safari, it is the native player of the iPhone that starts and the formatting is not taken into account.

Does anyone know if the native iPhone player supports subtitles tags for formatting?