I think this is where I say "don't use beta software unless you know how to fix the problems that might crop up" but since I do the same -- which is how I hit this error myself -- it'd be a bit bogus. Further, the solution is pretty easy once you know how to do it, and it's a nice demonstration of how well iTunes takes care of things for us to avoid us getting into trouble.
You will need to rename some files and poke around a bit on your system, but it's not too bad. The basic problem is that each version of iTunes embeds its own version number into the data files it uses (.itl = iTunes library) to ensure that if anything's been tweaked or expanded that your music and video library don't get messed up.
To start out, here's the error message I bet you're seeing:
Scary and if you're running beta software, trying to download the latest version of iTunes accomplishes nothing. Now what? First things first: quit iTunes.
Now, to fix it, you need to move an older version of the "iTunes Library.itl" file into the main iTunes folder, extracting it from a backup folder. First step is to go to your own iTunes Library (your home directory --> Music --> iTunes), where you'll find this:
Click once on the "iTunes Library.itl" file and then click your cursor into the filename under the icon. Add ".old" as a suffix:
In that same directory should be a folder called "Previous iTunes Libraries". Open it and look inside:
The most recent copy of your iTunes Library is the one with the ".itl" suffix. That's what we want. Duplicate it (select it and choose File --> Duplicate), then drag the duplicate up to the "iTunes" folder one level above.
You can also drag the original and leave the copy behind, of course.
Either way, you'll end up with a new file that has a name like this:
Almost done. Again, click on the filename, then click *into* the filename just once, so you can change it's name. Remove the date stamp so that it just reads "iTunes Library.itl", then relaunch iTunes.
Yay! We're good and it works great now. You should be all set too.
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hi. I just wanted to express how extremely grateful I am to you for your straight forward instruction to solve this problem!
I could not believe it when my itunes would not open earlier & once I re installed it NOTHING was present (including my playlist for my ipod.) It's safe to say I felt sick & could've almost burst into tears. But after hours of searching & many failed attempts to solve this I came across your page & everything now, is back to normal!
I AM SO SO GRATEFUL - THANK YOU!