I'm not a Microsoft compiler user but as I understand it you will get two instances of side-by-side DLLs because the system is maintaining isolation between the one loaded by the codec dll, and the one loaded by the application. It only does this for libraries that the application or library carries a manifest entry for.
Why does it matter?
If I were you I'd deploy the MSVC++ redist runtime (into system locations) with your application rather than use private copies.
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