It likely means you are trying to pass a media file that is not supported by the player. If you are not supplying a DASH or HLS streaming locator URL from the Azure Media Services platform, it will not work. See this page for error codes - https://learn.microsoft.com/en-us/azure/media-services/azure-media-player/azure-media-player-error-codes
If you are using the Azure Media Player for content that is not hosted in Media Services, it likely won't work as you expect and is not supported by our teams. You could look at using another open source player like HLS.js, Video.js, or Shaka player as well. There are also commercial players available like Theo Player or Bitmovin that might work for your needs.