Thank you for posting and welcome to Nokia Support Discussions!
Bluetooth share application is only compatible with Windows Phone 7.8.
Can you provide us the following informations:
1. Who is your carrier/network provider?
2. What is the Software version, firmware revision number of your phone? To check go to Settings > About > More info.
3. What is the file format of the video?
If you still don't have the Windows Phone 7.8 it is recommended to update your phone. Use Zune software to perform the update.