What version is being run? Look at the bottom-left of the window.
Is the 'format' field propagated - usually with mp4, by default? 
If not, click the caret and select it.
Install the latest and see if that takes care of it. If not, report back. For licensed users upgrades are free for up to six months from purchase date. After that, VP will continue to fully function but a fee will be required in order to register the newest. Retain your old install file and registration info.