Elon Musk can do no wrong in my eyes. I've read a biography of his lifeand he seems like a total genius(verging on the mad side but a genius none the less). My understanding of the music business is limited but I thought that over recent years, the money an artist makes from single and album sales (and now streaming) was a pittance. These are seen as loss leaders in order to publicise the main product which is the live tours. This is where the artist makes the real money. I am happy to be corrected!
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I read a biography about him too, probably the same one. Great book! It's incredible to see the story and understand that he's just another human who happens to find a way to do these incredible things.
Artist finances are just a mess - generally all of the major acts rake in a decent amount of dough like you said, mostly through touring and merchandise. DIY acts tend to make very little money unless they have a VERY smart touring/merch situation