Windows Media Player protocol error KBA3636

When attempting to play back a Mediasite presentation that has Windows Media content, the following error is displayed:

Windows Media Player can't play the file because the specified protocol is not supported. If you typed a URL in the Open URL dialog box, try using a different transport protocol (for example, "http:" or "rtsp:"). (-1072885317)

This issue occurs when using the classic player, and does not affect the Silverlight player. It is due to a problem with the Windows Media Player configuration, and there are three possible solutions. See Microsoft KB Article 940029 for instructions on how to resolve the issue.