Never mind... I found the issue. It's clearly a bug and a bad one that I shouldn't have missed. This is already fixed in the new Media Module version that will soon hit the release tracker. However, in the meantime, here is an SQL script that will get you up and running with your embed code until then.
PLEASE NOTE: Back-up, back-up, back-up and test this code in non-production before running it in production. You never know what may happen. :)
Run this code using the Host > SQL module:
IF NOT OBJECT_ID(N'{databaseOwner}[{objectQualifier}AddMedia]') IS NULL
DROP PROCEDURE {databaseOwner}[{objectQualifier}AddMedia];
GO
SET QUOTED_IDENTIFIER ON;
GO
SET ANSI_NULLS ON;
GO
CREATE PROCEDURE {databaseOwner}[{objectQualifier}AddMedia]
@ModuleID INT, @Src NVARCHAR(1000), @Alt NVARCHAR(100), @Width INT, @Height INT, @NavigateUrl NVARCHAR(250), @MediaAlignment INT, @AutoStart BIT, @MediaLoop BIT, @NewWindow BIT, @TrackClicks BIT, @MediaType INT
AS
BEGIN
SET NOCOUNT ON;
INSERT INTO {databaseOwner}[{objectQualifier}Media] ([ModuleID],[Src],[Alt],[Width],[Height],[NavigateUrl],[MediaAlignment],[AutoStart],[MediaLoop],[NewWindow],[TrackClicks],[MediaType])
VALUES (@ModuleId, @Src, @Alt, @Width, @Height, @NavigateUrl, @MediaAlignment, @AutoStart, @MediaLoop, @NewWindow, @TrackClicks, @MediaType);
END
GO
IF NOT OBJECT_ID(N'{databaseOwner}[{objectQualifier}UpdateMedia]') IS NULL
DROP PROCEDURE {databaseOwner}[{objectQualifier}UpdateMedia];
GO
SET QUOTED_IDENTIFIER ON;
GO
SET ANSI_NULLS ON;
GO
CREATE PROCEDURE {databaseOwner}[{objectQualifier}UpdateMedia]
@ModuleID INT, @Src NVARCHAR(1000), @Alt NVARCHAR(100), @Width INT, @Height INT, @NavigateUrl NVARCHAR(250), @MediaAlignment INT, @AutoStart BIT, @MediaLoop BIT, @NewWindow BIT, @TrackClicks BIT, @MediaType INT
AS
BEGIN
SET NOCOUNT ON
UPDATE {databaseOwner}[{objectQualifier}Media]
SET [Src] = @Src,
[Alt] = @Alt,
[Width] = @Width,
[Height] = @Height,
[NavigateUrl] = @NavigateUrl,
[MediaAlignment] = @MediaAlignment,
[AutoStart] = @AutoStart,
[MediaLoop] = @MediaLoop,
[NewWindow] = @NewWindow,
[TrackClicks] = @TrackClicks,
[MediaType] = @MediaType
WHERE [ModuleID] = @ModuleID;
END
GO