How to transfer iTunes library from old iMac to new Mac Studio?

Hello!

I am trying to transfer my iTunes music library from a 2012 iMac running HighSierra to a 2022 Mac Studio running Monterey.

I have followed these instructions: How to transfer iTunes library from old M… - Apple Community

And THINK I did it right.

• I copied the old iTubes folder onto a flash drive, but left off "Mobil Applications" because it was outdated.
• Then, pasted it into the Music folder under my User folder. I labeled the existing iTunes folder iTunes new, and as I pasted in the old folder in, labeled it iTunes.
• I then started Music, holding down the option key, and when it asked for a library, pointed it to the "iTunes Library.itl" doc in my iTunes folder.
• Now Music has a wheel spinning, saying "loading" and has been spinning for about an hour.

Is this just the process? Or did I do something wrong?