"Children like your music."
Translation:Дети любят твою музыку.
Yes. Both лю́бит and лю́бят are pronounced /'lʲubʲɪt/. Since «и» and «я» are unstressed, they are reduced in pronunciation.
They might be distinguished in careful speech, but usually they are pronounced in the same way.
The natural word order is to place the direct object after the verb (unless it's a pronoun; direct objects expressed by pronouns might go before the verb). When you switch the usual word order, you show that one of the words switched needs to be emphasised.
So, the sentence «Де́ти твою́ му́зыку лю́бят» adds emphasis to 'лю́бят', for example, to show contrast:
- Роди́телям не нра́вится твоя́ му́зыка, а вот де́ти твою му́зыку лю́бят. 'Parents don't like your music, but children like it.'
- Я тако́е не слу́шаю, но де́ти твою́ му́зыку лю́бят. 'I don't listen to such things, but [my] kids do like your music.'
Here, «лю́бят» is emphasised to show that it's an important difference, contrasted with the fact expressed in the previous sentence.
However, when used without a context, as a stand-alone sentence, «Де́ти твою́ му́зыку лю́бят» sounds awkward and unnatural.