Magix Video Pro X3 does not start, stops at location 'Loading media Folder' on splash screen.

Following is the error report

Problem signature:

  Problem Event Name: APPCRASH
  Application Name: video_pro_x.exe
  Application Version: 10.0.10.2
  Application Timestamp: 4d5b97c1
  Fault Module Name: video_pro_x.exe
  Fault Module Version: 10.0.10.2
  Fault Module Timestamp: 4d5b97c1
  Exception Code: c0000005
  Exception Offset: 0019a7d4
  OS Version: 6.1.7600.2.0.0.256.1
  Locale ID: 1033
  Additional Information 1: 0a9e
  Additional Information 2: 0a9e372d3b4ad19135b953a78882e789
  Additional Information 3: 0a9e
  Additional Information 4: 0a9e372d3b4ad19135b953a78882e789