Click on the link below and download the latest version of iTunes according to your device.
Apple - Support - Downloads
I'm using that very version and that is why I find the error odd.
That is odd. Well, try this alleged fix I found searching the Apple Support site.
1. close itunes
2. select the application
3. command+i
4. check run in 32 bit mode
5. close window
6. open itunes
7. play the 1080p file.
see if that helps to run in 32bit mode.