The version of QuickTime that ships with 10.7 “Lion” and later is QuickTime X. Apple has changed the way the default QuickTime X player handles text tracks (InqScribe adds subtitles to movies via text tracks).
So the subtitled movies that used to work with your prior QuickTime players may appear to have all disappeared. In fact, what’s happened is the new QuickTime X Player is simply not showing the text track.
There are two simple solutions:
1. Install QuickTime 7.
QuickTime 7 supports many of the features that are not supported by the more recent QuickTime X.
Please visit Apple’s support site for instructions to download and install QuickTime 7 for Lion.
1b. You may also want to set QuickTime 7 to be the default player for movies, otherwise, QuickTime X will open by default if you open movies by double-clicking on them. See this article: http://support.inqscribe.com/knowledgebase/articles/169825
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2. “Burn” your subtitles into the movie
If you must use the QuickTime X Player (e.g. if you’re using Keynote), then you can simply “burn” your subtitles into the movie. Please see this article for instructions on how to burn your subtitles into your movie.