1. First of all download this software from Here and install it.

2. In Desktop double-click the icon to launch the application.

Launch DreamScene in Windows 8
3. Now, you can select Download DreamScene Wallpapers! button to download new vi
deo wallpapers. You can also click the Green plus button to browse and select yo
ur desired video to set as video wallpaper.
Select DreamScene video
4. In Display Properties option you can adjust how your video will be displayed
in desktop screen. Press OK.
LockKeyboard
That s it, you will able to see the video as your desktop wallpaper.
DreamScene worked
There is no official support for Windows 8.1. But if you are using Windows 8.1 y
ou may want to give Stardock a try. It has some cool animations and it supports
.WMV files too. (@StenchBag: Thanks for sharing it)