This is intended to be 'neutral'- not implying that the answer is 'yes it would', or 'no it wouldn't' - just asking the question.
Music Fans doesn't currently seem to be functioning very well, and hasn't been for some time. The active community of subject experts on the main site doesn't seem well-matched to the number and type of questions being asked, and the meta community in here is very quiet.
Sites like movies and sci-fi indicate the possibility of successful arts appreciation sites on SE; maybe a site along the lines of music fans could be doing a lot better?
Could a closure and reopening (via the Area 51 process) allow the remaining user base here to use their collective experience to try again? Apparently, the Literature site has undergone just such a relaunch.
If no, what will fix the current problems? Just patience and time?
If yes, how might the site be scoped differently to create a better-balanced site in the future?
Answers and comments on this SE meta question have some suggestions for what could be done with existing high-quality content.