Managing expenses is always more important than revenue, and that applies no matter how much revenue there is. A million $ a year means nothing if expenditures and lifestyle choices are $1.1m. Conversely, someone with zero debt doesn't have to work too hard to live a great life and have money in the bank.
While I didn't feel like investing 28 minutes in the video, from what I could determine, it applies to payments for writers and producers, not necessarily the session players, and certainly not players in a band which is what most of us here are.
So for players out there free-lancing but struggling with money, there's no shame in getting a regular job. First, it's not likely to interfere with gigs or rehearsals, since it's likely some (or all) of the other bandmembers also have jobs, and gigs are typically in the evening. Second, it's a nice way to build income instead of sitting around and making nothing. For those of us in the US, depending on the job and length of employment, it also builds your social security equity which comes back to you later. It's almost like free money! Almost... Third, a little regimen never hurts. Could help avoid depression.
In short, starving for one's art is highly overrated.
That said, managing debt is crucial. I don't think it's ever smart to live beyond your means. Fun perhaps, but it does catch up. The instant you have a month or two without work, you're in trouble. It's easy enough to make cheap choices. Cook at home, don't buy the latest phone when it comes out, stop paying for digital TV channels, make more than the minimum payments on credit cards (ideally, keep those charges to a minimum and pay off the entire balance each month,) etc. saving $50, 75 or more on random expenses adds up fast and helps bring other debts down faster. It doesn't take too long to see the debts shrinking, and the discretionary income growing. And that's a great feeling!
Anyway, I don't imagine any of that is really new to anyone, I just thought it needed to be said. I've been there and worked hard to reverse it, and it will never happen again.
Anyway, with respect to music creators and the dearth of physical & digital sales and paltry streaming revenue, live performance has survived as the tried & true way to make money. It's not necessary to play for 10,000 or even 1,000 people every night. But if the music is good, and the band is enjoyable to watch, people will come. If the music can't attract an audience, that says something, too.
