Yes, I hear a lot of people say, "has it ever been different", but they're missing the scale of the problem. To pick some numbers out of the air - it used to be that maybe 1% of musicians would make it big, 4% would stay small but maybe make a living from it anyway, 15% would at least cover their costs while never really becoming a touring act, and the other 80% would go nowhere or just treat it as a hobby. Now, it's more like 0.1% make it big, 0.9% stay small but make a reasonable living, 2% just cover their costs, and 97% go nowhere. And this is despite people's music reaching an ever-wider audience.
There will always be a market for touring bands as well.
The market for touring bands is collapsing, except at the very top. In the past, many tours would only happen because record labels would partially fund the tour as marketing for the latest album. Now that record sales have tanked, labels can't provide tour support, so lots of bands can no longer play gigs. Venues are closing and people are turning to YouTube and Spotify to discover new acts instead of going to see some fresh names at a gig.
If music is headed away from being an industry back to something social that people do for other people - I don't mind, to be honest.
I wouldn't mind if it didn't cost so much money to do. Our last album cost us £2000 to make, but we're lucky in that we all have day jobs and can just about afford that. What about younger kids who, in some cases, are better musicians than us, but can't afford that sort of outlay? And as for being 'social', we can't get out and play to people because the live market is collapsing. People want music on their phones and computers, or at festivals where you typically have to pay to play or hope you know the right person to pull some strings.
The relative abundance of cheap music for everybody may seem like a utopia but it hides some real problems, namely that it is pushing musicians out. In a few years we may see that the supply of good new music is drying up as musicians decide not to continue to throw thousands at making something that other people will take without a second thought.