You're not going to make anything like that in iMovie.
You can, however, make a much more basic version pretty easily using the Titles function. You would create a still image or animation in another program, bring that in as your "background" video, then add titles with the lyrics in the places where they can be read along to appropriately. Any good iMovie tutorial will show you how to add titles to a movie, you'll pick up the obvious adaption to your needs from that.