Hi there,
Not a rock-and-roller (at least not for about 20 years), but rather a jazzer, with a lot of experience in society bands. That whole market was pretty good in the 90s, has been steadily declining ever since.
At the point of crossing 50, I decided to just hang it up and stop constantly scrabbling at the bottom end of the professional music scene. I set down the sax (my main instrument all those years) and picked up the double bass. I am now purely an amateur musician on bass, playing at various jams (country, trad-jazz, bluegrass), and having a better time than I had the last decade or so as a semi pro weekend warrior type. No more getting home at 3:00 am after playing to a handful of uninterested people in a bar in a sketchy part of town.
Frankly, I think there is such an oversupply of people who can play and entertain at a high level, and such an underdemand, that we will see an entire subculture of people who join together to play music for their own enjoyment, with or without an audience, with or without any money involved. While the average American will only experience corpo-pop pabulum when they go out drinking (probably all pre-recorded, no musicians harmed in the creating of this product), the rest of us will be doing our thing off on the side. You can already see this in the bluegrass world, where the commercial viability of the music outside the bluegrass community is essentially nil, yet I can go play three hours of bluegrass at a shot three or four times a week if I am willing to do a little driving.
I won't get paid a lick for my jamming. But which way comes out better: (1) I throw the bass in the car, drive a half hour, play for three hours for nothing, drive a half hour and I'm home at 8:30 pm ready to go to work the next morning; or (2) the same half-hour drive, an hour setting up the band at the bar, wait around an hour, play three or four hours, tear down takes at least another half hour, get home at let's say 2:00 am, get up at 6:30 the next morning trashed and have to run sleep-deprived the rest of the week; and take home $50 for my trouble. As far as I am concerned, $50/6 hours or so, coming out at $8/hour, is essentially the same as $0/hour.
So, I am done with "weekend warrioring" and I think my experience is a harbinger of what most of you will be experiencing in the next 10-20 years.