Youtube Video stopped playing after TItanium studio update to 3.4

Hi, I am working on android and iOS app on titanium build using titanium classic project. Everything was working fine in the application build using titanium studio version 3.3. After updating the version to 3.4.1 the youtube video on the webview has stopped playing.

Titanium Studio, build: 3.4.1.201410281727 Titanium Studio, SDK: 3.4.1.GA

Following is the detailed log message I am getting in console-

I/TiWebChromeClient.console: (main) [99,10993] The key "target-densitydpi" is not supported. (39:file:///android_asset/Resources/)
 
[INFO] :   I/TiWebChromeClient.console: (main) [20979,31972] XMLHttpRequest cannot load chrome-extension://boadgeojelhgndaghljhdicfkmllpafd/cast_sender.js. Cross origin requests are only supported for HTTP. (0:http://www.youtube.com/embed/8W_sr4mW620)
 
[ERROR] :  OMXMaster: A component of name 'OMX.qcom.audio.decoder.aac' already exists, ignoring this one.
[INFO] :   VideoCapabilities: Unsupported profile 4 for video/mp4v-es
[INFO] :   SoftAAC2: Reconfiguring decoder: 0->44100 Hz, 0->2 channels
[INFO] :   OMXClient: Using client-side OMX mux.
[ERROR] :  ACodec: [OMX.qcom.video.decoder.avc] storeMetaDataInBuffers failed w/ err -2147483648
[WARN] :   ACodec: do not know color format 0x7fa30c03 = 2141391875
[ERROR] :  ACodec: registering GraphicBuffer 0 with OMX IL component failed: -2147483648
[ERROR] :  ACodec: Failed to allocate buffers after transitioning to IDLE state (error 0x80000000)
[ERROR] :  ACodec: signalError(omxError 0x80001001, internalError -2147483648)
[ERROR] :  MediaCodec: Codec reported err 0x80001001, actionCode 0, while in state 5
[ERROR] :  MediaCodecBridge: Cannot start the media codec
[ERROR] :  MediaCodecBridge: android.media.MediaCodec$CodecException: start failed
[ERROR] :  MediaCodecBridge:    at android.media.MediaCodec.native_start(Native Method)
[ERROR] :  MediaCodecBridge:    at android.media.MediaCodec.start(MediaCodec.java:612)
[ERROR] :  MediaCodecBridge:    at com.android.org.chromium.media.MediaCodecBridge.start(MediaCodecBridge.java:274)
[ERROR] :  MediaCodecBridge:    at com.android.org.chromium.base.SystemMessageHandler.nativeDoRunLoopOnce(Native Method)
[ERROR] :  MediaCodecBridge:    at com.android.org.chromium.base.SystemMessageHandler.handleMessage(SystemMessageHandler.java:28)
[ERROR] :  MediaCodecBridge:    at android.os.Handler.dispatchMessage(Handler.java:102)
[ERROR] :  MediaCodecBridge:    at android.os.Looper.loop(Looper.java:135)
[ERROR] :  MediaCodecBridge:    at android.app.ActivityThread.main(ActivityThread.java:5221)
[ERROR] :  MediaCodecBridge:    at java.lang.reflect.Method.invoke(Native Method)
[ERROR] :  MediaCodecBridge:    at java.lang.reflect.Method.invoke(Method.java:372)
[ERROR] :  MediaCodecBridge:    at com.android.internal.os.ZygoteInit$MethodAndArgsCaller.run(ZygoteInit.java:899)
[ERROR] :  MediaCodecBridge:    at com.android.internal.os.ZygoteInit.main(ZygoteInit.java:694)