This doesn't describe a story, rather a situation. A story needs a plot, and a plot needs an inciting event that motivates the main character to take action.
What is the inciting event? Is it securing a recording contract? Is it discovering the Rock n' Roll lifestyle? If so, what does that mean in specific terms? Do they start taking drugs, drinking, sleeping around and contracting an STD?
Whatever it is, the event has to be a single out of the ordinary incident, which motivates them to achieve a goal. As a logline needs to demonstrate a cause and effect relationship between the inciting event and goal, the goal can't be random or unrelated.
Also, it's hard enough writing a story about one protagonist, let alone two. therefore, it's better for early-career writers to write a single protagonist story. Pick one of the two sisters, and focus the story around her.
Lastly, there have been many stories about the rise and fall of a musician/singer - some fictional some based on real people. What is it about this idea that makes it different to the plethora of other very similar stories?