musician vs performing artist

musician and performing artist both are nouns.

Word	Noun	Adjective	Verb	Adverb
musician	Yes	No	No	No
performing artist	Yes	No	No	No

As nouns, performing artist is a hypernym of musician; that is, performing artist is a word with a broader meaning than musician:

musician: someone who plays a music as a profession
performing artist: an entertainer who performs a dramatic or musical work for an audience

Other hypernyms of musician include performer.

musician (noun)	performing artist (noun)
artist who composes or conducts music as a profession	an entertainer who performs a dramatic or musical work for an audience
someone who plays a music as a profession