Calling Apple Support is a dead end for this issue, I'm afraid -- at least for me, I spent a few hours with them (over 2 different phone calls!) weeks ago when I was first trying to troubleshoot the iTunes spinning beach ball problem, and their final solution was to reinstall El Capitan -- unfortunately, it did not solve the problem.
It's clearly an issue with the latest version of iTunes not being able to interface with large "iTunes Library.xml" and "iTunes Music Library.xml" files that have been built up over multiple past versions of iTunes. Like others, my first thought was to create a "Guest User" account on my Mac, restart, and try launching iTunes with a brand new library -- the software works perfectly in this scenario. But when the latest version links to my built-up-over-15-years-in-the-making Library, it grinded to a halt.
This file isn't corrupted, however, because when I revert to the earlier version of iTunes, this version can easily read my Library file and the program behaves as it has for the past couple of years (occasional spinning beach balls, but useable).
To those afraid of reverting to the earlier version of iTunes, Russell's solution took me about 5 minutes and did not wipe out my playlists. Again, you are not deleting your Library files (where all your playlists and media information are stored), you are just deleting the current iTunes application and re-installing an earlier version the iTunes application.
Anyway, I still encourage everyone to send a comment directly to Apple about this issue:
http://www.apple.com/feedback/itunesapp.html
PS In a final Hail Mary pass, I also wrote an email to Tim Cook -- maybe if he gets enough messages, I hope he'll forward them to the iTunes team so this issue can be resolved in the next update:
<Email Edited by Host>