It's just trying to read the sectors that make up the 2nd track, but your drive can't do it.
I doubt I've got a video cd to test with... and even then, mine might be different. I thought they usually had 2 tracks. The first is form 1 and has the filesystem stuff in it, the 2nd is basically just the raw video file - and uses form2 so as to have more space for the data and sacrifices error correction stuff.