Cannot open iTunes. I get the message" the file--iTunes library.itl cannot be read because it was created by a newer version of iTunes. How do I proceed?

cannot open iTunes. I get the message" the file--iTunes library.itl cannot be read because it was created by a newer version of iTunes. How do I proceed?

Had same problem and solved it without having to reinstore any music or movies:
1. Delete old Library file
2. Go to the 'Previous iTunes Libraries' folder and copy one of the earlier files - note, they have a date extension, e.g. 'iTunes Library 2011-11-01'.
3. Paste this file in your iTuners folder and rename file by removing the date extension -  'iTunes Library'
You should have all your music and paylists in tact, unless it was a really old previous file.

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