VLC team informed about submitting a crash-fixing update for Windows 8.1 VLC app. Good news is that this update has now gone live and can be installed from the store. As informed this update takes care of app crash on start of the app. They have also promised next update for the next week.
Version 2 of the VLC for Windows 8 application is now on the store… It should fix the startup crash. Next release, during this week…
— VideoLAN (@videolan) March 17, 2014
Click here to download the updated app from store.