Music biz is the same. Some of the best and most innovative music today is by one or two man shops with a laptop and a copy of Guitar rig/Pro tools.
The big studios are closing or being sold off ala newspapers. The industry refuses to adapt to current realities and is / has been imploding.
One of the more fascinating aspects about music of the fiftie's and early sixties was the techniques used to produce some familiar sounds we remember today.
A lot of Elvis (f'rinstance) recorded in a hallway in a little studio on a hot summer day in Memphis ... to produce that echo effect