Why can't iTunes find media on my Time Capsule drive? I have a new MacBook Air that is connected to a Time Capsule for both internet and storage.  I have a fresh installation of iTunes (up to date) and am going to preferences / advanced and telling it to find media in a folder on the Time Capsule.  I have both keep itunes media folder organized and copy files to iTunes Media folder when adding to the library unchecked (don't think this matters, but just in case it does). It seems to accept the setting without error, but my media never shows up.  I've restarted both iTunes and the Mac with no change.
Did you add your media to iTunes?

menubar -> file -> add to library

Then restart iTunes.