Using time capsule as an external Itunes medium

I am currently using my Macbook Air, with an external 2TB hard drive to store my itunes data on (I have about 750 Gb of itunes media). I am able to use this to watch my itunes media on my apple TV. What I am thinking of doing is have the itunes library directed to the Time Capsule, now will I still be able to watch the content on my Macbook air and Apple TV?

QA Apple Time Capsule

QA Apple Time Capsule

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