WordPress already comes with everything you need to create any type of site. If your site focuses on music, you should consider adding a decent audio player to it. Waveform Audio Filter is just the audio player for the job. It not only lets you share unlimited playlists and songs but has a beautiful waveform visualizer.
This plugin can also display live lyrics. It comes with social sharing and audio stats, so you can track which songs are played and downloaded the most. Webmasters can import songs in bulk with a JSON file. You can change download URL, share URL, description, and other settings in the back-end.