Just to add a little to what @CubeAce has written: at the moment VMS project files cannot be opened in the new MMS18, though we understand this is being "worked on" by the developers. At the moment you can open the "raw" video files in the new program but not any existing project (.vf) files.
I did that. I was building a project in the older Sony movie studio. I had all of my effects, pan and zoom, other effects and then the program just kept crashing with this error so I upgraded. Was able to load the VF like you show but lost all my hard work. Is there another product you have that is fully compatible that I can exchange for?
The program hasn't been a Sony product for some years so I doubt any modern program is going to be 100% compatible with such old projects. If instead it was after the program was taken over by Vegas then there is a chance a Vegas product may be compatible but you should visit the Vegas forums for such answers, not here.
Even then some older effects may no longer be usable due to the changes within the Windows operating system in the intervening years.
We have no products. We are merely uses of Magix products. There are no Magix staff on the forums that interact with normal posts.