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I recently updated from version 2022 to 2024 premier elements. When I import my 2022 project into version 2024 I get a "media pending" display. I tried rendering but that did not help. I can export and play the unfinished video but I cannot continue editing. I hope I don't have to start over again in 2024!
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Premiere Elements is not designed to be "backward compatible". In other words, it is not intended that projects from older versions will work in newer versions. You can keep multiple versions installed so that you can continue work on older projects with the version used to create it.