I played in a cover band with some well-paid engineers. We enjoyed music enough to consider going full time, but even with four-figure bookings were were barely taking home minimum wage. We looked into getting a manager to find us more high-paying gigs, but management fees and travel costs eat up the gains.
For a band, it's virtually impossible to find work outside the weekend. If a region had a few restaurants that were known for year round "live music Mondays", "live music lunches", etc, it would increase the number of hours that a musician could work during the week, and make full time performance viable for more musicians. Of course, people would also need to support these performances by patronizing the venues that host them.
But until a working musician can fill their weekday calendar with paying gigs without excessive travel/lodging costs, you'll continue to see talented musicians drop out and do something else.
replies(4):