I had created a VideoWave production in Easy Media Creator 7. When I upgraded it to version 8 and tried open the production and preview, it causing some issues. The background music seems to quit midway, the Pan/Zoom is missing on several still pactures, etc. Is there a backword compatibility issue with VideoWave production developed in ver. 7 and earlier.

Yes, there were a number of changes in V8 that are not compatible with V7. Pan & Zoom being one of them. You could either finish that project in 7, or strip out some of the effects then save it with a new project name, and try it again in 8