Run the Chrome application as Administrator- This might solve the issue, If it doesn't follow the steps given below.
Fix that worked for me was to delete WidevineCDM from my Chrome folder, which allowed me to update Widevine under Chrome://components, and then go to Chrome://plugins and ensure that Widevine was enabled.
To delete WidevineCDM follow these steps. It may seem complicated but it's actually really easy and you can do it :D
If using Chrome and Windows 8.1:
Close the Chrome browser then press Windows Key + R to bring up the "Run" menu.
When the window opens, click Local, then click Google, then click Chrome. Find the WidevineCDM folder and delete it.
Press Ctrl+Alt+Del and open the Task Manager.
Right click on anything that says chrome.exe and choose end task. There may not be anything to click on, that's fine. If running Windows 8.1 you can click 'Name' near the top to sort everything by name to make it easier to find. Close Task Manager.
Open Chrome. Go to chrome://components
You should see Widevine at the top, click update. It should now update to the current version. Once it's finished (it only takes a moment)...
Go to chrome://plugins
Make sure that Widevine is enabled.
Launch Netflix again. Try to play a video. It should work now. If not, then there is something else going on and I apologize if I've wasted your time.