iMac Music playlists empty after transfer

Transferring music from one iMac to another iMac - playlists empty.

What I've done so far:

Consolidate music on old iMac

Transfer Music folder via external drive to new iMac

Opened Music holding the Option key

Chose the Music Library.musiclibrary

Music app opened with only a handful of albums, missing 95% of my music

Next tried to import my music via Music/File/Import/

Chose iTunes Music Library.xml

All of my playlists showed up in Music, but are empty

Note that most of my music is compilations/playlists

Old iMac - Venture

New iMac - Sequoia

Please see screenshots attached. For some reason there are two Music

files. One contains only Music Library.musiclibrary, the other one

contains everything else.