iTunes Library folder organization
There is another way to regain control of your iTunes Library. Open iTunes, with the Option key, choose to create a brand new iTunes Library. For an example, select an external hard drive. A brand new iTunes folder will be created with the latest file structure. iTunes 12.3 looks like
If you selected to share your "iTunes Library XML file with other applications" iTunes Library.xml will be also added to your new iTunes Library. All that is required to build your new iTunes Library is to "Add to Library" folders that contain all of your Music, Home Videos, TV Shows etc.
Mac Mini, Mac OS X (10.5.6)