There have been other reports of Photos not being about to play some formats. You can try the fix that léonie found and posted here:
léonie i
Nov 26, 2014 7:34 AM
Re: (OSStatus error -54)
in response to Chris Pugh
Solved
One reason why videos don't play after extensive cleaning might be a missing cached file.
With MacOSX Mavericks and Mt. Lion it helped to rebuild the cache using a Terminal command:
Try this fix posted by andyBall_UK
- Open a Terminal window (the Terminal.app is in Applications > Utilities)
- Copy and paste the line below into the Terminal window, hit return and enter your administrator password.
sudo /usr/libexec/xpchelper --rebuild-cache
If you do not want to use a Terminal command you can achieve the same thing by booting into recovery and reinstalling the system on top of your current system - don't wipe the drive again. OS X: About OS X Recovery
A workaround for me on a couple was to click and drag the video thumbnail to the Desktop. That will start a conversion to a format that Photos could use. When the conversion is completed import the new file into Photos and try playing it again.