I was having the exact same problem. I found this thread on google. It worked out precisely the same for me. I just didn’t have to haul through, testing all the 3rd party components. I went straight to zygo timecode component.
“timecode media type” – was also in the error box – i didn’t put it into google when i made the search though.
Thanks for the help. These forums and the IT online community that contribute their knowledge… is a beautiful thing!