Musical chairs is can be modeled quite accurately using game theory. The first conclusion this paper gave was that noise is intrinsic to the game. Hence, the musical part of musical chairs, nobody wants to play silent chairs.
The study also found that the length of the music being played has little effect on the outcome. Most people pick the dominant strategy, and stick to the strategy even if the music is played for a ultralong time.
If you are risk-averse and you practice that strategy accordingly, you will have no success at musical chairs. Keep on dancing.