I agree it's probably tougher today though. The fact that producing and recording is something anyone can do with a laptop just makes the S/N ratio even smaller. And a lot of the surrounding industry jobs have probably gone away too, since big physical mixing desks and multi-track tape machines and record cutting and pressing machines are no longer used nearly as much.
It's extremely easy to make a living from music right now. With a weekend's worth of YouTube training, any decent musician or songwriter should be able to invest 40hr/wk and reliably generate $5k/mo within a year.
Many thousands of live streaming musicians have had no trouble going from $0 to $5k/mo. You're welcome to check out Twitch or TikTok any time for evidence of this.
Also "reliably" is optimistic given YouTube's issues with policy/copyright enforcement and channel restrictions. (I.e. do you want your 5k income to be dependent on a few sudden bogus claims you can't dispute?)