For any advertising method to be effective, it has to have a target audience that is consuming the medium with which the advertising is attached to. That being said, advertisers are starting to realize that online video advertising is now an effective method to attract large relevant audiences.
Are you willing to make a music video? Are you planning to promote it online? If your answer is yes then you should definitely go for it. There are many people who have done it earlier in order to make their name and gain lots of fame all over the world.