iTunes Library vs Music Library

I recently purchased a new iMac and I'm trying to transfer my iTunes Library from my old iMac (2012). I kept up-to-date with OS and iTunes updates so iTunes is at the latest version. On the new iMac I noticed the new iTunes library is named Music Library and the old one is named iTunes Library. When I try to import the old iTunes Library nothing is imported. Do I need to do something different like move or rename folders?

Thanks