The bp kaltura media component works only with Buddypress + WPMU.
(Single User WP support will be available soon)
If you are not getting the “Activate” link in Dashboard >> Plugins >> Installed then there must be a folder permission issue.
After installation of the component (bp-kaltura-media) on WPMU, please check Dashboard >> Buddypress >> Kaltura Settings. Here you have to submit PartnerID, eMail, Password and Kaltura Server URL.
Please check readme.txt for more details.
Have a look at screenshots as well ??