I am Marketing responsible for video monetization and have dealt with traffic creation for musical websites (amongst others).

As often, there is no such thing as a best way, in general.
There is the best way for your company.

First things first, what are you selling and thus who is your target, who are your prospects ?
- Are they young and connected using a lot social networks ?
- Are they traditional users that you can attract from search in google ?

Second, what are your objectives and budget.
Once you have answered those two questions, you can start building a strategy to bring people on your website.

It can be a mix of the following :
- SEO : building mid term strategy to bring people on your website through their searches on google
- Adwords : on top of SEO, you might want to buy words within Google (or bing). Still you need to be very cautious on how you spend your money and on the ROI you can expect.
- Social Media Strategy : creating events, animating pages on facebook, twitter, etc
- newsletter : still very powerful (depending on the target of course)
- Video Marketing : Video is a very powerful way to bring people on your website

Of course you will also need to think about mobile strategy; People are still watching website but this is the App reign. How will you address people when they are on the move : App or website that then must be responsive (or both).

And the website should be build AFTER you have those answers...

Many many subjects to go through.
We can address some on the phone.