Unable to import videos into Sitecore from Brightcove Cloud

Auto syncing videos from Brightcove Cloud into Sitecore is failing with the below error. I tried importing the videos manually from Sitecore but it fails with the same error. FYI, we are using Sitecore 8.1 and Sitecore Media Framework Brightcove Edition 21 rev 150625. What might be causing the problem?

 

ManagedPoolThread #14 01:50:56 INFO  Job started: MediaFramework_Import_Brightcove
ManagedPoolThread #17 01:50:57 WARN  MediaFramework *** Null Result during importing    Called by:TagCollectionImporter
ManagedPoolThread #17 01:50:57 ERROR MediaFramework *** Import data failed.
Exception: System.Web.HttpException
Message: Http null result
Source: Sitecore.MediaFramework.Brightcove
   at Sitecore.MediaFramework.Brightcove.Import.EntityCollectionImporter`1.<GetWithPaging>d__1.MoveNext()
   at System.Linq.Enumerable.<OfTypeIterator>d__aa`1.MoveNext()
   at Sitecore.MediaFramework.Brightcove.Import.TagCollectionImporter.<ReadAllTags>d__1.MoveNext()
   at Sitecore.MediaFramework.Pipelines.MediaSyncImport.CallItemImport.Process(MediaSyncImportArgs args)

ManagedPoolThread #19 01:50:57 WARN  MediaFramework *** Null Result during importing    Called by:VideoCollectionImporter
ManagedPoolThread #19 01:50:57 ERROR MediaFramework *** Import data failed.
Exception: System.Web.HttpException
Message: Http null result
Source: Sitecore.MediaFramework.Brightcove
   at Sitecore.MediaFramework.Brightcove.Import.EntityCollectionImporter`1.<GetWithPaging>d__1.MoveNext()
   at Sitecore.MediaFramework.Pipelines.MediaSyncImport.CallItemImport.Process(MediaSyncImportArgs args)

ManagedPoolThread #1 01:50:57 WARN  MediaFramework *** Null Result during importing     Called by:PlayListCollectionImporter
ManagedPoolThread #1 01:50:57 ERROR MediaFramework *** Import data failed.
Exception: System.Web.HttpException
Message: Http null result
Source: Sitecore.MediaFramework.Brightcove
   at Sitecore.MediaFramework.Brightcove.Import.EntityCollectionImporter`1.<GetWithPaging>d__1.MoveNext()
   at Sitecore.MediaFramework.Pipelines.MediaSyncImport.CallItemImport.Process(MediaSyncImportArgs args)