Itunes will not open

My laptop has recently been restored to factory settings, however I backed up all my files.

Upon reinstalling the files to the laptop, I had to redownload itunes, and when attemting to open it after it was fully downloaded, I recieved an error message stating 'the file 'itunes library itl' cannot be read because it was created by a newer version of itunes.'

I have no idea what to do now as it won't even let me open itunes and I am worried all my music may be lost.

Any advice on how to start itunes up again, and use my old itunes library?