This is a malware application that's impersonating the original video codec. The error that you receive is actually related to adware. Try using Revo Uninstaller. Even if it can't uninstall the application normally, it will force it to uninstall by wiping out all traces of its presence from the system.
After that, try running AdwCleaner to make sure that there are no leftover rogue registry keys or toolbars in your system.
Restart the PC and then run AdwCleaner again.