Apple is currently distributing the update to iTunes 12/12/06 for Windows 10 via the Microsoft Store. Apparently, there is a widespread problem: If you already have the update, you can no longer start iTunes.
Affected users are currently reporting this and are discussing the problem in various forums. Neowin has summarized a few of the problem reports and got to the bottom of the cause. They could not reproduce the error itself, it seems, it does not affect all Windows 10 users. The first reports about these problems started shortly after the release of the update (it is a security update) in the Apple forum. It seems that updating to iTunes 220.127.116.11 brings with it a bug that simply prevents the app from opening.
After installing the update via the Microsoft Store, a dialog appears for some users stating that important files for starting iTunes are not available. Then it will be suggested to reinstall iTunes. This can also happen if the update is not carried out via the store.
Use older version
Performing a repair, uninstalling iTunes, and then rebooting before reinstalling, as suggested by Apple in an older support document for such issues, resulting in the same error. Only the option to delete the update and install an older iTunes version led to the desired success, which iTunes starts again. Then you should definitely ignore the update to 12/12/06 afterward.
So far, Apple has not commented on this problem. However, some users are already on the trail of the cause and believe that there could be a problem with the language packages. The error will probably not occur if the Windows user interface is set to English. iTunes, on the other hand, does not start if a different system language is used.
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