Like the above says, depends how and why the first MC dies.
In other stories authors kill of the MC but keep on going with the same novel, just have a new MC. I know that if I went through a story where I liked the MC, then they died, I might be aggravated enough that I won't read that next novel (unless story was already tagged as tragedy and it was clearly leading up to the MC's death). Because at that point, readers went through ENTIRE first novel to only find that they were just reading an elaborate set up for the second novel.
I might not continue because I am uncertain if I will like the next MC as much as the first.
Especially if the first MC seemed to be killed off arbitrarily, I wouldn't continue.
So...it certainly can and has been done, but I say it has to be handled well. Their death should probably be explained in the same novel, and it should be for a plausible reason. Moreover, what's surrounding their death has to be interesting enough to make a reader want to continue with the story and see things through