To get a more detailed look at one segment of “the arts,” being an orchestral musician used to be a much easier career to enter. At the tippy top of the field (maybe about 10 orchestras in the US/Canada) the compensation is still ridiculously good, but good luck winning an audition for a position in any of those orchestras. There’s a much larger middle tier where you can have a salary and benefits and make a comfortable living (about 40-45 more orchestras). Beyond that many orchestras that used to be salaried have gone under or gone to just hiring musicians on a contract per-service basis. The top tier of contract musicians (mostly in LA and New York, plus maybe the first-call subs in most other major metro areas) can still make a pretty comfortable living.
The big reality is that the number of people aspiring to these positions is going up and the number of positions is going down. It used to be that the people in the New York Philharmonic were just pretty talented musicians doing very well for themselves. And the people in say, the Columbus Symphony, were quite unremarkable musicians, and also living very comfortably. Now the people in the New York Philharmonic are intensely well-trained artists, some of the best in the world at their respective instruments. And the members of the Columbus Symphony are not that far behind them in ability, while paid significantly less.
Every audition for a full-time position will have 50-120 people there for one position (plus dozens more applicants who were declined the opportunity to even play). And maybe there are a dozen auditions for full-time positions for any given instrument in a year. So your life at the beginning of your career comes down to stretching your meager freelance earnings as far as possible to pay out the wazoo out of your own pocket to travel to all these auditions, where maybe if you’re really one of the best players in the country you’ll have a 5% chance of winning. And maybe you’re good enough to play in one of the top orchestras and make 200k, but it wasn’t your lucky day when you were at that audition, and so you end up in a mid-tier orchestra that only pays 50k, and you still count yourself lucky to have full-time employment at all, while you wait for another 70-year-old who can barely play anymore to retire from their incredibly prestigious and lucrative position (which they won back in the 70s when the standards were far lower).
This is because ticket sales can’t at all fund the employment of a full orchestra, and the US doesn’t fund the arts for shit. So every orchestra in the US is funded primarily through philanthropy, and so the only orchestras that can afford to pay musicians really well are the ones that got set up with huge endowments back in the 50s when Leonard Bernstein and the New York Phil were on TV every week and Americans actually cared about classical music (hence, top-tier orchestras in decaying rust-belt cities like Cleveland, Detroit, and Pittsburgh). Meanwhile in the rest of the developed world, orchestras are given generous government funding, but that’s another thing that the US government can’t pay for despite being the wealthiest nation in all of human history, because “socialism.”
Orchestras are thriving in Europe, east Asia, Australia, and New Zealand (though positions are still scarce and highly coveted), but if you’re a US-based musician, good luck stretching your tight budget to repeatedly travel across the world for auditions, and don’t even bother if you play an instrument where there’s too big of a stylistic gap between American playing and European playing.