Been working on this same problem since the update dropped. Works fine on our macs and windows 10 boxes and windows 7 boxes with AMD. This is only happening on windows 7/nvidia setups.
I've had both Adobe and Nvidia support throw up their hands.
Wish there was some action on this.
Only affects the video apps: Pr, Ae, Pl and AME. Everything else works just fine.
Well that's a shame, so we're just left hanging until this is resolved?
That sucks, thanks so much for the response though, I appreciate it.
I guess I'm screwed for work then... Pr, and Ae are literally the two programs I use the most.
Wish me luck.
I'm having a specific issue with Adobe Premiere Pro CC.
I've just installed it onto my computer from my Creative Cloud but it will not start up properly.
When I try to open the application I get an Application Error saying,
"The application was unable to start correctly (0x00000005). Click OK to close the application."
I have no clue what this means and I've been on several forums trying to fins out the issue, but alas no solution.
My OS specs are: Windows 7 Home Premium 64-bit Service pack 1
All of my drivers are up to date, and I've tried uninstalling and reinstalling multiple times as well as running as administrator.
If I could get any info on this could really use some help.
Here is a photo of the window:
FYI, The error code 0xC0000005 (not 0x00000005)... look closer at your screenshot. The code 0xC0000005 is an access violation, meaning the app is accessing invalid memory (for example, trying to store something in location  or any other invalid location).This may help you search for or report issues.
You can report bugs at the following link (which now redirects elsewhere for Premiere):
Accessing the crash dump or call stack is typically an advanced task. I often use Debugging Tools for Windows to do that... a call stack can sometimes be helpful by itself in that it might reveal a module connected with the crash (i.e., like a plug-in or something).
Without getting into the lower level or advanced details like a call stack, you can try standard things such as resetting Premiere preferences (i.e., I think Press Alt (Windows) or Option (Mac OS) while launching Premiere Pro). I'm guessing you tried that. Beyond that, ensure you have no 3rd party plugs which are active (things you added to premiere after you installed it).
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When I search for 0xC0000005 I ran across posts like this...
which mention a similar crash on win7... their resolution appears to have been to downgrade to older ver until fixed. To be clear, I can't be certain this relates to your specific issue with closer analysis etc.
Check the other thread for a solution.
Just switched the processing to my Intel GPU instead of the nVidia and it works! New installed nVidia version must be creating the problem.