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There is plenty of opportunity. It does not come easy though, and you usually won't make a lot, but enough to make a living if you do it well.
My example in this case would be Chris Reece. Basically you need to be able to produce a track a day or more. In lots of different genres (Chris goes from country, jazzy house to full on commercial). Ghostproduce for several ambitious and viable projects. If you're lucky you might be able to reel in a big fish with an audience already which gives you a head start.
Now I know far from all from Chris, But I've seen him producing since about '07/'08 for projects that are still growing in size (reach) to this date, yet haven't really broken through. It's really hard to be in music, even if you have all the talent that it takes. (mind you this guy has been producing quite some charted hits since the 90's if I'm not mistaken.)
If you go down this route, make sure the contracts are set up properly. Either make them pay it forward. Or make them pay a bit and take all the royalties on the tracks while the 'artist' can make an income out of performing. For some reason I think the latter is the setup Chris works in, but truth is I really don't know.
Selling content as Geoff stated is a slightly easier road to go down.
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