OS X: Unable to install QuickTime MPEG2 Playback Component

When trying to install the QuickTime MPEG2 Playback Component in OS X, an alert appears stating the software can't be installed on this disk.

The QuickTime MPEG-2 Playback Component cannot be installed in OS X Lion and later because it is no longer needed. With OS X Lion and later, QuickTime Player plays MPEG-2 media without additional software. You can play most non-encrypted MPEG-2 file formats containing MPEG layer I or II audio, including .mpg, .mpeg, .m2v, .m2a, and .m2s files.

Note: If the QuickTime MPEG-2 Component is already installed on a Mac that upgrades or migrates to Lion or later, it remains available for use by older QuickTime 7-based applications.

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