Both software programs are not required. I had my Hikvision working with WC7 and WCXP the first day I got it without netcam studio installed.
I sent an email to support 4 hours ago explaining how the 32bit version fixed webcam7 problem.
Haven't received any response yet but its in Scandinavia.
But did notice they now have pasted everywhere on download files area "In order to connect RTSP Sources, please install Visual C++ 2013 Redistributable (32-bit) version." Don't remember it being there before. I have x64 and several x86 versions which I believe are 32 bit but go into the X86 folder. The one missing is required 2013 version.
You may of avoided the issue originally if you started with 32 bit Webcam XP free. I don't know, I started out with netcam studio 64 and webcam7 64. With that said hopefully 2013 32 bit C++ is the fix.