Our decision stems from recent reports that hackers have illegally obtained certain software licensing keys and have used them to duplicate copyrighted content without prior authorization. Corel takes this situation very seriously. We have been working closely with our partners and other industry organizations to ensure we take the steps necessary to prevent copyright infringement from happening in the future.
Until you update, even your legal content will cease to play. Once again it seems like companies are inconveniencing the legal users more than those who are pirating movies.
Source: Official Website