Family Tree Maker 2005, service pack 1, which Roots Magic specifically states it does a direct import. (I have FTM 2012 & 2014, but neither of those versions are satisfactory when compared to 2005.)
Windows 10, always currently updated.
If I remember from when I used FTM2005, the images are stored with the .img filename extension but that is misleading as they are actually in JPEG2000 format which is not the same as jpg format. Very few programs can handle them. I found that using a program like IrfanView to do a batch conversion worked for me at the time. Have you checked to see if the media files do exist somewhere on your computer but with extension ".img" or ".j2k"? There was a program from FTM that was supposed to convert FTM2005 to the new FTM format, extracting the media files -but with my aging memory I may be completely wrong....
I've just checked using an old FTW file (might be FTM2006) and the files are exported by RM as .jpg but they are actually Jpeg2000 when opened by Irfanview.
I renamed a "*.jpg" to "*.jp2" and RM opened it so RM can handle jpeg2000. However, the easiest way is batch convert the files to proper jpg using a suitable program, not irfanview which seems to have problem on my Windows 7.
Hope this helps.