Windows error code 80070003 - Can't play audio and video On Lumia phone

[windchimes]

Have this annoying problem ( and so with many as a google search shows) where I can't play a video and audio file on my Lumia 720 as Windows 8 notifies " error code 80070003" . Sometimes the file plays after the alert display. Any way to resolve this issue?
The files are residing in a card...

 

[rijinpk1]

restarting the phone will possibly fix that issue.

 

[windchimes]

restarting the phone will possibly fix that issue.

Nope..

 

[rijinpk1]

is the content stored on your memory card? if yes, you better format your memory card and copy the contents again. what is the extension of the video file ? is it anything other than avi/mp4?