Adobe Premiere Elements 2024 Editor Quit Unexpectedly (Mac)

I bought the digital version of the Photoshop/Premiere Elements bundle from Best Buy's website a while back. Photoshop works fine, but for some reason Premiere kept crashing when I start it. It never got to load the app. I tried uninstalling and reinstalling the app. Didn't work. I have a 2015 Macbook Pro w/Retina Display with Monterey 12.7.4 that I just had updated. It didn't work either. 

I get a message that says "Adobe Premiere Elements 2024 Editor quit unexpectedly. Click Reopen to open the application again. Click Report to see more detailed information and send a report to Apple". I reopened it and it kept popping up. 

What could be the reason for that? It has worked in the past, but stopped working all of a sudden. I spent too much money for it to be crashing like that.

Thank you in advance. Any advice would be greatly appreciated.