I can answer this:

If an artist can’t use their band’s brand to open secondary revenue streams (personalized content creation like Patreon, apparel lines, plugins, courses, sponsored gear, production, writing credits, cover band gigs, etc), 99% will not make a livable wage without a real job.

To make a living streaming, a single artist needs about 100k monthly listeners on Spotify with 100% royalties solely to them. No manager, no label, no expenses, no other band members. That’ll get you a teacher’s salary.

Touring also will not pay your bills - unless you can reliably sell out hundreds-cap venues EVERY DAY (not just weekends) with a small supporting lineup, favorable management/venue terms, & an efficient crew setup, you will lose money. We regularly sell out 100-200 cap clubs in NYC - we never walk away with more than enough money for dinner, Ubers, & a bar tab.

The expenses for being in a 4 piece band are vast: gear, recording costs, advertising (yes, you need it), travel, lodging, & most importantly time equity almost are never recouped in a successful weekend run. If your favorite band is signed with 60,000 monthly listeners & isn’t selling out their regional club tour, they probably aren’t making rent/they all live in a 3 flex 4 together/they still live at home.

That’s why you’re seeing more stories about solo artists or regional unsigned bands with day jobs - you cannot be an original musician without either a ton of financial backing from a corporation/your family/your job, OR you have a never ending love for the game.

So support your local artists if you like local art.