First of all, what do you think it takes to be a music producer?
Another question you should ask yourself is, "What kind of music producer am I?"
Let me explain. There are different types of producers. There's the producer who pays musicians
and artists for services, and their main contribution to the finished product is the money used for the production. Then there's the producer who spends the money and also is able to communicate to musicians and vocalists his/her needs as far as the song production goes. And there's the producer who can play the instruments, knows the keys and is very hands on in the production process.
To be the latter you need to know at least music theory and some fundamentals in music.
You can download for FREE, my "KEYBOARD BASICS" - Introduction to notes on a Piano/Keyboard pdf HERE.
I see too many young music producers/beat makers today not having a clue about keys or notes, just simple stuff. I'm not saying you can't make a hit record if you don't have knowledge, sure you can. But, if you make a big enough record and you are called upon by a mega star to produce a track, wouldn't it be less stressful if you knew even a little bit of music theory so you could at least tell what key a song/beat is in?
Song production goes far beyond just fitting loops together, yes, it's a good start. However, you'll need to step up your knowledge in music if you really want to play with the BIG BOYS!