Popup message on Gom player

My video skips when played. It was recorded through my Sony DCR-dvd 605 Mini DVD, I can easily play it on regular DVD player but not on GOM software on my Acer laptop. And a pop up message comes up "cannot play the media file in normal process" What are codecs?
What does it mean?

Error :
Cannot play the media file in normal process.
You dont have necessary codec to play
Please click "Find Codec" button to right side.
Codec Finder will help you to install Codec.
