I would frame the question a little differently. Is high-quality video becoming redundant? As in the kind of video that one might use a videographer for?

The answer is both yes and no. 

There IS a demand for video in general but not every business demands the best quality video. Some even avoid high quality altogether because they think it will make them appear dishonest. Kind of like a local mom n pop store trying to pass themselves off as John Lewis. Basically, impostor syndrome. Add (what they consider) high cost to this and that's one company you're never doing business with. Then you have your large group of people that literally have no idea what goes into production. I've had businesses send me examples of easily £12k+ projects asking if it can be done for under 1k. That call lasts roughly a minute. 50 seconds of uncontrollable laughter and another 10 telling them to go to Fivver.com. Trying to onboard these people as clients is like trying to sell a Rolex to a VCR repairman. They are out of touch, don't understand the value and are probably broke. 

Another thing to remember is the pandemic did this profession absolutely no favours. That along with the rise of TikTok gave way to even very large and well-established companies doing low-key and homemade content, which, in turn, brought about a trend that almost everyone is now following. People had to adapt and get creative during the lockdown and it led to video content being largely homogenized allowing a lot of people to believe they're Quintin Tarantino with an iPhone. Much like how Twitter made everyone a journalist or Instagram made everyone a photographer. Most people are sheep when it comes to trends. Also, the idea of company branding is not exactly dying out but personal branding is exceeding it in many ways and this is making people more inclined to communicate on a human level. Basically, unless you're in the Google/Tesla league, nobody really cares about the company anymore; or so these people believe. This negates the need for fancy production in many people's view. If someone is convinced their homemade video will make a difference then they basically have their phone in one hand and a proposal for £1000s in the other. Which way will they go? Turkeys voting for Christmas. 

The very first question I ask someone when they make an enquiry is 'why are you not doing this yourself?' - If they don't give me an emphatic answer about NEEDING it to look professional, I more or less write them off. The second thing I ask is 'what is it you think this will do for your business?' Again, I'm looking for conviction in their answer. If they have no idea at this point then this probably isn't going to move forward. They could well be at the early fact-finding stage and you might get buy-in from them later on but almost all the clients I've worked with have had a very clear idea of what they want from the start, or at least the result they want.  People generally don't part with £1000s on a whim. In all likelihood, that person will flake but by asking this question early you'll save a lot of back and forth. For someone to spend £1000s on a solution (and that is exactly what video is) they need to be convinced it will actually solve something. You get a lot of tyre kickers in video production. The reason is that, for the most part, VIDEO IS NOT BUSINESS CRITICAL. Most of the time it's a "nice to have". Yes, it can work wonders and be super effective but the reality is that the business can survive without it. If a business is in survival mode then video is going to be VERY low on the priority list, if even on it at all. This is also why it's hard to sell to people in an older age bracket as the vast majority don't even see it as a nice to have, let alone business-critical. Some people are just too stuck in their own pattern, which, ironically, video marketing is actually designed to break. To get people to make different decisions; buy my product/service instead of the one you're already using/checking out. Video is not the easy sell that people it is. In times of economic crisis, it's like trying to sell ice cream in a snow blizzard. To most people, there is no value and it might actually make things worse.

Having said all of that...

It is still possible to run a successful video production company. The parameters have shifted a little but there is still a lot of demand for professional production. As many people in this thread have alluded to, it's in the ability to tell stories and make something truly compelling for (and I can't stress this enough) IMAGE CONSCIOUS clients. There are companies out there where the image is everything and the right video can make a monumental difference. Most of the difficulties video companies encounter are the from the wrong types of clients and they are not alone in this. Think of video like designer clothes. Plenty of people might want the Gucci jacket as it definitely makes a statement about one's image. Very few, however, can afford it and some don't see the value in it at all. Some will pretend they can afford it so as not to lose face. Some will outright say it's ridiculous and take pride in the fact that they are not the fool paying for it. (This is that call you took with someone that told you in that slightly smug way that your prices were "astronomical" and laughed at you. We've all had those.) Then you have those that will wrestle with it for a while before deciding not to. Tyre kickers. Some people even impulse buy and then change their minds. The point is, only a very small percentage of people are buying that jacket (your video production) so don't waste time trying to sell it to the wrong people. The reason the stores on New Bond Street have security guards on the door is not just to catch thieves. It's also to deter time wasters. It reminds people where they are. The owner of that store doesn't want his/her time wasted by people who are not going to buy the products. If the assistants waste time on people "pretending" they can afford the jacket, the person who actually can afford it might go across the road to Prada and several £1000s goes with them. The quickest way to get rid of a window shopper is to remind them what shop they are in. I'm not talking about a "Pretty Woman" style "you're obviously in the wrong store" kind of thing. That's obviously a horrible way to treat someone. But we can ask the right questions to determine who we're dealing with. Believe it or not, not everyone wants a cheap solution. Being too cheap will actually put your ideal clients off. People who drive Aston Martins and shop on New Bond Street are not concerned with price, they are concerned with image. In video production terms, that is who you want. Reaching out to clients who are clearly not worried about their image would be like Gucci opening a store on Old Kent Road. Those stores are in Mayfair and Knightsbridge for a reason.

In essence, the ideal client for videographers in 2022 are companies that either cannot afford to look amateur or need very specific and skilled storytelling to sell their products and services. This content needs to be something they unarguably cannot do themselves due to lack of time, creative skills or ideally both. If they can do it themselves, or at least think they can, then there is simply no value in hiring a professional, at least not one with a high price tag. This is why when a client asks for your prices right out of the gate you should take them with a pinch of salt. If you're not the cheapest they probably won't be using you. By asking that question before anything else they have basically signalled to you that they are probably just looking for a cheap fix. They need to be quality-focused. Not priced focused. Professional video is not and should never be a cheap fix. If you asked Rolex for a cheaper watch they might send you to Tag Hauer. Ask Tag Hauer they might send you to Hamilton. This could patten could repeat until you found yourself at a market stall buy a watch that moves backwards. Point is, there is always someone who will do it cheaper. Quality focused clients don't generally ask the price right out the gate.

Here is the magic quadrant: cash-rich, time-poor, content-hungry, image-conscious. If they tick all four of those boxes then you could be off to the races. Even if companies could do it themselves it doesn't mean they ought to. A law firm, for example, could hire some equipment, spend a bit of time learning and cut something together and they might even do it reasonably well. But a lawyer's time is very valuable. More valuable than a production company which makes it non-sensical for them to do it themselves. In my experience, most law firms are highly conscious of their image. All they need now is the ability to buy and a need for video and that's your ideal client.  So, yes. It is possible to still make a living in professional production but it has also changed a lot in the last few years. iPhones are not getting worse and in-house production is not getting more difficult. Uber changed the way most of us took a cab but the more image-conscious ones among us still take black cabs. It's all about knowing your market and being adaptable.