We gently encouraged dd18 not to major in theater/music. She's been very involved in theater since she was in elementary school, just local community theater and in school. She's had a voice coach for the past 7 years (opera is her favorite). She participated in All State and Regional choirs. She's the kid who, if there is a solo, gets the solo.
She is currently a business major at a large university that has a great music program. She just auditioned into one of two choirs there that allow non-music students to participate (she'll get college credit). She's planning on doing what DH did, and take a lot of music electives (DH ended up with a minor in music). We can afford to pay for about one year of college ($25,000 a year). She will graduate with loans to pay back, and will need a good paying job.
My neighbor, a very talented young lady, graduated from Pace a couple of years ago (also got into NYU, but Pace has a better theater department, and is cheaper). She is a true triple threat - amazing voice, great actor and dancer - plays the piano, flute, violin/fiddle - and has a lot of drive (she's been in a bunch of neat bands, and would be taking the bus into NYC for gigs at the age of 16). I "think" she might be working in some production now, and got to callback #10 for Once. However, every 3 months or so, I get calls from daycare centers in the city, asking for a reference.
Anyway, I expect that music and theater will always be a part of dd. If she ends up living around here, right outside of NYC, there are PLENTY of theater companies she can be a part of. She could even end up using that business degree in some way in the industry.