@compmom I don’t know if you are specifically asking about composers or anyone involved in new music but my S is actively involved in new music as a performer and series event organizer though he has not done a specific grad program in it. He graduated from his masters program last spring and though very early in the process is able to support himself with all music jobs. He has a spot in a not quite full time orchestra and a part time teaching job that are enough to cover his basic living expenses. He takes any other free lance gigs that he can manage. His passion is the new music/playing music by living composers gigs and he is currently involved in 4 projects involving commissioning and playing music by up and coming composers. For the time being these gigs don’t pay very much, usually only a token payment but who knows what they will grow into or what other opportunities and skills he will cultivate by following this path.
Much of what others have said resonates with me. I especially like violinmaz’s post above. I can’t really see my S doing anything else at this point and from a very early age music is really all he pictured himself doing. I have had my share of worries but less and less so as I see his development and see how happy he is pursuing this path. We have always felt excited to be able to support him to the extent that we can.