The landscape has definitely changed with the advances in home recording, the power of computers, and the advances in the realism of softsynths
A member here does own and run a commercial studio - but I haven’t checked in with him for a while but I am sure it has been a tough year or 2 with Covid
There also now seems to be a bigger divide between “studio engineer” and “mixer/producer”
In the “old days” the studio would record, produce and mix
With the advent of digital an artist can now record vocals in London, with session musicians in Nashville, a producer in New York - with the files instantly pinged to LA for mixing and forwarded to Sweden for mastering
I think the big name studios will continue (although we have even lost some of these these) but the mid/small ones will struggle or need to diversify - eg offer rehearsal space, space for video production for TikTok/YouTube etc.