How to upgrade paralel desktop version 11 to 16 with existing key

Hello, I have license for parallels desktop 11 for Mac. I have updated my computer and I have installed macOS Big Sur version 11.4 but it doesn't allow to use parallels desktop 11 for Mac and it forces me to upgrade to version 16. When I install version 16 and enter my key of version 11, it doesn't accept. Why?
Could you please send me a valid key?

 

Hello, are you trying to activate your Parallels Desktop 16 with your Parallels Desktop 11 version license key?

 

Yes. Is it wrong? As we know, our lisence key is valid for the new updates, do we have to pay extra cost and if yes, why?

 

Yes, it is. Updates are released for the same version but the upgrade is for newer versions. Moving to Parallels Desktop 16 from Parallels Desktop 11 is an upgrade. You need to have an upgrade key or annual subscription to use the latest version.