If you do a Show Package contents on Music Library.musiclibrary you will find it is a package file containing
  • Application.musicdb
  • Extras.itdb
  • Genius.itdb
  • Library Preferences.musicdb
  • Library.musicdb
  • Preferences.plist
Only Preferences.plist is directly readable as the others are all database files — I am guessing they use Apple's Core Data framework but they could be written directly in either PostgreSQL or SQLite.

As near as I can tell the tunes, album covers, etc. are all stored in Library.musicdb. (I say "As near as I can tell…" because my tunes are all stored in Apple's Music Library online and only download when they are playing.) In any case, the actual physical content of your Music Library is in Music Library.musiclibrary assuming they were imported with "Copy files to Music Media folder when adding to Library" was selected. Otherwise all that is contained in the Music Library are pointers to the physical location(s) of the files on your system.



"All you've got to do is own up to your ignorance
honestly, and you'll find people who are eager to
fill your head with information"
--Walt Disney