I just went to open itunes, and it says 'unable to read itunes.itl because it was created by a newer version of itunes'.  I googled it, someone said to change the 'itl' to 'old', so I did.  I was then able to open itunes, but there was no music in there.

I just tried to open itunes on my Macbook, and it says, "the file ituneslibrary.itl cannot be read because it was created by a newer version of itunes.  I googled it, and someone suggested to change 'itl' to 'old', which I did. I was then able to open itunes, but nothing was there of my library.  Have I lost my entire itunes library?  Please say it ain't so ...

Hi,
By changing itl to old you made iTunes create a new blank library.
You may be able to use a previous iTunes library which are created when you update itunes. Therefore delete the current itl file, go to previous iTunes library folder, select the one that is most recent one before you made updates to iTunes. Move this to replace the one you moved to trash. Rename to iTunes library.itl then open iTunes.
Jim

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