https://www.google.com/search?q=HO2+ERROR+ON+PANASONIC+DVDLS50&ie=utf-8&oe=utf-8

"In line with the other Panansonic DVD players, the error seems to relate to the internal drive machanism getting stuck.

To fix you just need to carefully take the back off (disconnect power source first!), locate the drive cogs for the lens machanism and give the a couple of turns. Also a blast from a air can will help get rid of any dust build up. Pop the back cover back on and you should be working.

Looking at the other Panasonic threads on the site, this may happen on a regular basis especially as the unit gets older (and the crud builds up)."

With so many priors that point at cleaning and replacement I think this issue is well discussed. Your choice what to do about it.