Can Not Run Pinnacle Studio 16 After Upgrading To Windows 8.1

Problem:

I have upgraded my system to Windows 8.1 since then I can not run Pinnacle Studio 16.It  hungs at the launch screen, I get this error message:

 
Resolution:
Ensure that your installation of Studio 16 is patched to 16.1 – find that patch here.
If you get this error ““…updates a different version…”then run this patch: PS16_Patch_for_Win8.1.exe

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