I just counseled a parent about this very question, and I'll sum up what I told him.
Firstly, there is this myth that musicians don't make money. That is not true. BAD musicians don't make money. I'm not sure what research allchopin has done, but I would respectfully recommend doing some more. The future is not quite as dire as some are making it out to be.
A pianist has three routes: the performer, recording artist, and the teacher.
Performer:
Most concert pianists make between $500 to $10,000 per concert, or per weekend. You have a few like Evgeny Kissin and Andre Watts who pull $50,000 per concert, but there only are about ten pianists in the world who make that. I’ll be candid with you now about my own finances so that you can make an informed conclusion. I make $1,500 to $4,000 per concert. If you figure that my goal is to eventually be playing at least two to three weekends a month, then that is not too bad. That’s at least $40,000 at the lowest rates. Part of this is marketing yourself well; have a press kit designed for you with reviews, resumes, headshots, business cards, stationary, and demo cd's. Create some sort of web presence. And play well when you get there.
Teacher:
Add to that $50 an hour for lessons (to be $60 when I finish my DMA) with 15 hours per week devoted to teaching, and that’s also good money. That’s almost $50,000 per year. So we are up to $80,000-90,000.
Then there is the full-time teaching position at a local university, which should bring about $40,000 to start with, depending on the school. Now you are talking $120,000.
Recording Artist:
I don’t know really anything about the recording business as I haven’t begun to record my first commercial CD. I do know that unless you is a household name like Kissin, you cannot rely on recordings to make money. Just think of them as a marketing tool. I would definitely explore finding an unrecorded composer and recording his/her music.
I’m not making that money right now, because I’m just starting my studio and I don’t yet have two-three concerts per month (I average one), and I'm currently interviewing for a full-time teaching position, but that is where I will be in probably 3-4 years. Also, keep in mind that I'm still in school. But, the trick to making money as a musician is simply to be good at what you do. I feel I am a high level teacher, and in this market I am charging accordingly ($50 and up). Some teachers have a Bachelor of Musical Arts degree and aren’t qualified to charge lots of money for lessons, nor are they in demand for concerts. So they make $30,000 a year. I am not judging them, but that’s the way it is.
It is possible to make a very good living as a pianist. Music follows the same rules as any profession. Those who know what they are doing make more money.
Robert Henry