The application has issues on Windows 10, because there is no updated version to support it. However, the only thing you can do is to increase its compatibility through a tweak. Right click the shortcut or the executable file and go to Properties > Compatibility. Choose an older version of Windows from the list and then launch the application again. If you keep getting the same error, then download a player that is compatible with Windows 10.
You can find some using the database of Software Informer.