The file "iTunes Library.itl" cannot be read because it was created with a newer version of iTunes
got this msg, i just deleted all the folders and programs and was prompted to download newest version of itunes. hope this helps
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The ideal approach is covered in Empty/corrupt iTunes library after upgrade/crash - Apple Community, in particular in the section of bullet points. This would preserve playlists, play counts, ratings, date added, etc. which starting over doesn't do.
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