WVM is a video file that has been encrypted using the Widevine (now Google) DRM platform. The first 10 seconds are not encrypted, that is why you can see it in VLC.
A wvm file is not the same as a wmv, the wvm is a video downloaded from Google play movies and is a type of mpeg-4 video file. It is currently unable to be opened by anything other than the Google play movies app because of the DRM properties surrounding the file.