Video Upload Issue

When trying to upload a video file directly from my Drupal site to BrightCove its showing rendition issue in BrightCove studio.

Steps to replicate the issue

• In node edit page selected a raw video (.mp4 file in my case) from BrightCove media browser interface (Under Videos tab "Upload video" section)
• Chosen a thumbnail and a poster images as well
• Populated Name and Short Description
• After clicking "Upload and attach" form submitted without any error(pfa error_in_client_site.png) and showing next screen to select player options
• On submit showing the video thumbnail in client Drupal site with "The Video Cloud video is not playable" error message
• BrightCove studio page is showing all the Metadata has been updated and video entity has been created but with an error "No renditions are available" for the video (pfa error_in_bc_studio.png)
• Thumbnail images are also not rendering in the BrightCove studio page along with the video itself

Can you please let me know what can be the issue here. I'm using all the necessary required modules along with the "PHP-API-Wrapper" library. Using BrightCove video and playlist are working properly in my setup and only exception is video upload to BrightCove.