This issue can be caused by conflicting, missing or damaged video codecs.
If you have installed any codec packs in the past, remove them through the Programs and Features menu in Windows Control Panel, just like you would any other application.
Remember to reinstall the game and restart your computer after uninstaling the codecs.
If you do not have any codec packs installed and the game is still crashing, install the latest version of the Combined Community Codec Pack (CCCP)
Remember to restart your computer and reinstall the game after the CCCP is installed.