Sounds about right, but consider also that music, painting, sculpture, theatre are all simultaneously (1) hobbies requiring great skill to master and which people dervive much joy from, and (2) are experiences that can be bought for a pittance as a download, a "print your own {thing}" shop, 3D printing etc., or YouTube.

The bathwater of economics will surely dirty, but you don't need to throw out the baby of hobbies with it.