The file "iTunes Library.itl" cannot be read because it was created with a newer version of iTunes

While launching iTunes I get following error:

The file "iTunes Library.itl" cannot be read because it was created with a newer version of iTunes

Screenshot:

Solution:

Go to documents and delete the iTunes library you are using an older version of iTunes and your library was created on newer iTunes version so delete the old library first then try to open iTunes it will work

iTunes folder location: Open My Computer -> Documents (you will find in your left pan) -> iTunes.

Delete the iTunes folder.