Not even close.Many musicians can play Bach's organ works by ear after listening to a recording only a few times. Bach's complete organ works is on 12 CDs so if you compare how much a musician has in memory to the equivalent gigabytes on CD, it's quite astounding.
Seems the algorithm involved in memorizing music would involve recognizing a logical relationship between audio frequencies and also their rhythm.
To store a single note that lasts one second on a music CD takes about 176 kB of storage, which is enough to store about 33 pages of ASCII text.
A much better comparison, though still highly flawed, would be to the compressed sheet music.