I know a lot of un- and underemployed journalists. First, the quality of journalism itself declined because newspapers increasingly lost their independence after media conglomerate acquisitions. And second, the Internet happened.
My first internship was at a biweekly alternative political magazine, and I really respected what the journalists there were doing. Old-fashioned investigative journalism, dealing with injustices, representing "little people," exposing government wrongdoing. The editor in chief went on to write a couple of influential and widely read books and still reports on government. Can he make a real living this way? Eh. Not so much, his wife is the main breadwinner.
Journalists are traditionally considered very social creatures, and I've found that in a sense this is true, and it's not necessarily about introversion / extraversion. For me, that kind of journalism wasn't a great fit. One of the things that made this lead editor so accomplished was his social network and his social awareness. Like, everywhere we went, people knew who he was, and I'm not talking about just bigwigs, but about ordinary people he'd affected. And they were kind of more important to his work.
For example, I went with him to a restaurant once, and the owner came out and greeted him with huge affection and enthusiasm, and later it turned out our meal was free, and the editor always ate there free, because he had helped the restaurant owner and his family through immigration and to procure loans to establish their business. And the editor did it just because he was asked to, and he had about zero ego in regard to stuff like this. It was kind of the role he played in a social network.
That's incredibly cool. It's not exactly the kind of person I am, though -- to have my finger on the pulse of everything happening across a broad public sector. I can be pretty good about helping people who are in bad straits, but it's generally because they're in my personal sphere and I know they are suffering and need help, and I'm the obvious or only person to give it. Part of why I don't like to turn away from people I know need help is, I understand the broader social forces that created their situations, and I can't judge or blame or ostracize them in the way I see some people do. But I'm not able to stand for a big social agenda like those journalists were.
Music journalism is a little different. I have a friend in Austin who majored in journalism and graduated university a few years ago, and she now works for SXSW doing media / communications ... saw her recently and she's not thrilled with her job. It's music-centric, though.
There are some online publications that specialize in music and seem to lean heavily on interns. :) You can also start your own music publication online. The guy who wrote that article you liked, I didn't check but he could be a freelance journalist who specializes in music. As a book editor I also have some specialties, first children's / juvenile lit, and second, music. Those are both somewhat healthy segments of the book pub industry, for various reasons.)
And as for online . . . I studied with someone this summer who is a journalist by training and in charge of a big division of Time magazine that churns out paid online content for other entities. (And met another person doing something similar at The Economist.) These guys didn't start out intending to do this kind of writing and reporting. It's about their survival now, and I'm not quite sure how they feel about these developments. Some issues of morality and integrity are involved, but it's also not really in their control.
Their work is usually called "content marketing" -- which you can find out more about if you're curious.
I guess what I'm saying here is, journalism is in flux.
And I don't see journalism or editing as a "career" per se. I see these as skills that can be applied in various contexts. (I think this must be a mindset applicable across a lot of sectors now.) Journalism is a great skill that I wouldn't mind having more of, but as I said, I let that fall away a long time ago because I think it takes a certain kind of person to excel at it and I'm not the type. But editing, writing, all kinds of media communication stuff is valuable to know.
In general, Limitless, there's not a lot of money in publishing and it's an especially uncertain field, but quality writing is still important to people. If I were you, and curious about journalism, I'd see if I could attend an informational session at one of the better J-schools and try to find out where people at the vanguard of the field think things stand. And maybe try to get one or more professors at one of those schools to give me some advice. (J profs tend not to be Ivory Tower types.) And ofc, practicing journalists. You could try to email the person who did that F.A. interview/article you liked, and see if he'll answer some of your questions.
In general, look for people in the industry you want to work in for advice. Some people might ignore you, but the "career adviser" people generally have it right when they that people are happy to help out, and that it actually flatters them that you see them as someone who can give advice. And it makes them feel good to help you.