[Windows 10 Update KB4338819 issue] Conversion Failed. The transcoder exited due to an error

May be there is a problem with the new update KB4340917

The Microsoft web page says

If you installed earlier updates, only the new fixes in this package will be downloaded and installed on your device

Web page July 24, 2018—KB4340917 (OS Build 17134.191) - Microsoft Support

This implies that if you have not installed earlier updates, it would apply them.

What we know

10th July Windows Update KB4338819

This caused the issue July 10, 2018—KB4338819 (OS Build 17134.165) - Microsoft Support

16th July Windows Update KB4345421

This applied on top fixed the issue July 16, 2018—KB4345421 (OS Build 17134.167) - Microsoft Support

24th July Windows Update KB4340917

This is an unknown quantity at this stage July 24, 2018—KB4340917 (OS Build 17134.191) - Microsoft Support

You could try removing the 24th July update and applying the 16th July
May need some extra reboots