Can't play PlayReady DRM video after installing Silverlight Update 5.1.31010

On December 9 Microsoft released Silverlight version 5.1.31010. 
This version has been pulled and replaced with 5.1.30514.

If you experience errors when trying to view DRM protected videos on sites like Netflix, Amazon Prime, or Sky, please check to see if you have Silverlight version 5.1.31010 installed and if so, uninstall and reinstall Silverlight.

Uninstall Silverlight
1.Control Panel > Programs > Uninstall a Program
2.Select Microsoft Silverlight
3.Click Uninstall

Install the previous version of Silverlight
1.Go to https://www.microsoft.com/getsilverlight
2.Click "Click to Install"
3.Run the file
Silverlight_x64.exe for 64-bit OS
-or-
Silverlight_x86.exe for 32-bit OS)