The students on Folk Degree courses are making their careers wherever they can, either in music or without (I belong to that generation where the label on your degree didn't mean that that was what you did afterwards, there isn't much call for professional Economic Historians).

If you look at the Folk courses (or Dog Training or whatever) you'll see they're very similar to a lot of other degrees, only the subject that carries the degree is different. The best (or most hungry) will find a way to make a career in music, most will enjot the degree and then get a "normal" job and music will be a hobby. Whether or not Folk Clubs are still booking guests won't matter to either group, they'll find other outlets as many are already doing.

Steve