。
Musical taste varies from person to person.
Literal
Music [possessive-の] preference [topic-は] person [by-によって] individual-liking [copula-です].
好き好き (すきずき) means 'a matter of individual preference, each to their own' — a reduplicated form of 好き. Structurally the sentence overlaps 好み ('preference') with 好き好き ('individual liking'), which is slightly redundant but natural in conversational Japanese. 人によって ('depending on the person') is a standard pattern for individual variation.