Failed to communicate with qtkitserver: Connection invalid

In Mountain Lion (Fresh installation and not upgrade from 10.6 or 10.7), Im facing the issue while m trying to create a QTMovie, with the following exception:

2012-08-17 15:34:49.434 DemoApp[15995:303] Failed to communicate with qtkitserver:      
Connection invalid
2012-08-17 15:34:49.434 DemoApp [15995:303] Failed to initializeServer(), returned 5
2012-08-17 15:34:55.614 DemoApp [15995:303] Error -  Error Domain=NSOSStatusErrorDomain   Code=-2012 
 "The movie contains an invalid data reference." (invalidDataRef) 
 UserInfo=0x108ae9ca0 {NSLocalizedDescription=The movie contains an invalid data reference.}

My code is as follows:

        NSError *error = nil;

        movie = [QTMovie movieWithURL:mediaURL error:&error];

        NSLog(@"Error -  %@", error);

But the 'movie' object is nil. Can anyone help me on this.

Thanks in advance,