Imported movie, redline, last frame.

Upon importing a video I created out of keynote, the video is imported with a red line at the top of the video. The entire clip seems to be the right length but it all shows only the last frame of the video and when I drag it into my project it just showed black, no video what-so-ever.

I can play the video outside of iMovie just fine in quicktime but iMovie refuses to import it properly. What's going on? This is killing my productivity and wasting a lot of my time.