Eric the red said "...nobody ever got to be a millionaire through folk music...".

In the English-speaking world, arguably (though Dylan did all right using folk songs). But in other cultures, this does not hold true - plenty of millionaires from folk music in Greece, for example, and I am not talking drachmas but euros. The Halkias family, for a start. George Dalaras, Eleftheria Arvanitaki, Dionysis Savopoulos and a host of others have been successful for 30-40 years now, they have been consistently filling stadia and arts centres and concert halls, they have been selling albums in the hundreds of thousands and millions.

So let's not assume that folk means "no money". Only in some distorted markets is this the case.