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Solution: The Sony QuickTime plug-in was not able to initialize the QuickTime components on your system. It appears that QuickTime for Windows is not properly installed. QuickTime files cannot be read or written without a full installation of the QuickTime version 7.1.6 or greater components, including the authoring components.

I got this error today when I tried to drag a video file that was created with my iPhone 5 to Sony Movie Studio (Vegas) The Sony QuickTime plug-in was not able to initialize the QuickTime components