This issue is related to the Local Machine Zone Lockdown feature. Windows Media Player needs to load the Flash Player control to play SWF file.

However, the Local Machine Zone Lockdown feature prevents WMP from loading the Flash player control. You can modify the following registry to resolve the issue.

 

[HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Internet Settings\Lockdown_Zones\0]

"1200"=dword:00000000