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I have a program that converts lots of audio using WMEncoder. Sometimes during execution I get the following error:

System.Runtime.InteropServices.COMException] Retrieving the COM class factory for component with CLSID {632B606A-BBC6-11D2-A329-006097C4E476} failed due to the following error: 80040154.

WMEncoder is installed and some files are converted successfully so the problem is intermittent. If it helps multiple files are converted concurrently either using multiple threads or multiple processes.