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When i open video even without subtitles, often Smplayer looking for fonts in system directory too long, about 2 minutes.
Same thing happened to me, i closed it when i first saw it and i got the msg like "mplayer has crushed" and, in the log, it seemed like it was stuck in a loop scanning same fonts many times.. good thing i saw your comment about it actually working after a while coz i like mplayer and dont wanna use other software.
I agree this is a problem. It happens to me in Windows 7 ultimate 64 bit. I found that a workaround is to use the -nofontconfig parameter
This worked for me.
Please update to version 14.3.
It still scans for fonts, but it uses a supplied folder with few fonts, so it takes only a few seconds.