How do I fix this video memory problem?

I downloaded a new game on steam and every time I try to load it up this pops up. I've tried closing other applications and lowering my resolution all the way and nothing has worked so what gives?

Do I need to get a new video memory card? Or maybe I just need to free up space on my card? How do I do that?

If it helps the computer is an hp model dv7-6c95dx (or at least that's what it says on the back)

The pop up says: "error: out of video memory trying to allocate a rendering resource. Make sure your video card has the minimum required memory, try lowering the resolution and/or closing other applications that are running. Exiting..."