If you receive the message "Could Not Be Initialized" when trying to use Elgato Video Capture, then there are some steps you can take to hopefully resolve the issue.

Change The Settings.xml File - YUY2
 

1. Quit the Elgato Video Capture software.
2. Press WIN+R and type %appdata% and hit "Enter".
3. You should see an Elgato folder.
4. Open this folder and open the Video Capture folder afterwards.
5. Look for the settings.xml file.
6. Open this file with an editor, e.g. Word Pad.
7. Look for the string: <ForceYUY2>false</ForceYUY2>
8. Change it into: <ForceYUY2>true</ForceYUY2>
9. Save and close the Settings.xml file.
10. After installing this driver and changing the mentioned settings, reboot your PC and try Elgato Video Capture again.

Change The Settings.xml File - NTSC, PAL or SECAM
 

If things are still not working in Windows 10 or 11, please try the following steps:

1. Quit the Elgato Video Capture software.
2. Press WIN+R and type %appdata% and hit "Enter".
3. You should see an Elgato folder.
4. Open this folder and open the Video Capture folder afterwards.
5. Look for the settings.xml file.
6. Open this file with an editor, e.g. Word Pad.
7. Look for the string: <TVFormat>Auto</TVFormat> 
   Normally, you would leave "Auto" alone.  However, you can change "Auto" into the actual TV format your VCR or Camera is using , so the automatic detection is not used.  NTSC is the US standard, and PAL or SECAM are used in Europe and elsewhere. The standard may also vary, depending on your country rather than region.
8. Thus, if you need to have the US standard, use<TVFormat>NTSC</TVFormat>.  If you need the main European standard, choose <TVFormat>PAL</TVFormat>.  If you live in a country that uses SECAM, choose <TVFormat>SECAM</TVFormat>
9. Save and close the Settings.xml file.
10. After installing this driver and changing the mentioned settings, reboot your PC and try Elgato Video Capture again.