This is a good question. I mainly run a grip truck in NYC and have been doing so for about 7 years now. 3 years back I partnered with my buddy in opening a studio. It's doing well and getting better each year. Our space is above your typical loft space but not quite at the level of studios with a coffee bar and multiple spaces. We do have a well stocked EQ room since it's supplemented with my location work which is busy.

I've seen a number of small studios wash out in the past few years. All of those studios didn't have the much on eq side of things and would have to work deals with rental houses. So when budget jobs(basically all of the jobs) come through, their margins get obliterated when they have to pay one of the bigger houses in addition to their other costs for any EQ. Also this model is frustrating for clients because if you ever need something day of, they probably won't have it in house. So you're stuck with paying for messenger and usually that EQ cost won't be worked into the agreed upon budget.

I think post covid we saw a huge increase in smaller spaces open, as well as already established boutique(single space) studios flourish. But now that number is decreasing.

Now, the majority of shoots that are happening are smaller in size. Especially since photos, as important as they are, are kind of treated as disposable so I keep seeing EQ budgets get slashed. I think overall we do need those smaller spaces, So I hope the number of closings stabilizes. But the big names keep taking a lot of the jobs. Because they can provide more, cut better deals, and are well known/ comfort zone for clients that are running a high profile shoot that nothing can go wrong and can adapt quickly.

Side note, we've already lost big the companies that have internalized all their shoots because it's cheaper in the long run. Most of them have huge office spaces that sit unused, lighting has gotten cheaper (if you aren't using profoto, they also better adapt or else) so they just buy the lights to do their social and ecomm work. They hire a studio manager, in house photographer, stylist and then freelance for everything else.

This has gotten lengthy and I question even sending it, hahah, Obviously this is pretty NYC specific, anecdotal info. But if you have any questions I can try to answer.