And most music is not recorded in real studio's now, many artists, even big names, record at home in rooms that are minimal treated. Studio monitors of today are often targetted at that, with dsp and other means.
The time of the big studio's is largely over, at least here in Europe. Recording budgets are way smaller than 20 years ago so bands can't afford those big studio's anymore. Even world known mainstream artists like the Belgian Stromae works from small studio's like this Brussels based Air Studio, where the acoustic treatment is not that extensive.
And in the underground it's even worse. Belgian's most famous metal bands from now "Alkerdeel" and "AmenRa" record in their own studio's that are (in both cases) more an old barn that they use as rehearsal room/recording studio. I know both bands since longtime. They don't have budgets for real studio, so they do it themselves. And with modern tech that is not that difficult anymore. Belgian top reggae producers, like Pura Vida (worked with the Congo's, Lee Perry, Jah9, ...) Forward Fever (worked with Danny Red, Indica Dubs, Earl16, Danman) or Unlisted Fanatic (Wailers, Lyrical Benji, ...) work from a shed in their backyard or an room in their house.
The few big studio's that remain here like ICP in Brussels, are mostly surviving because they exist since longtime (investment in room was done decades ago), and work with broadcast companies or big international labels that fund them. They can't live from modern music production alone, because no artist can afford them on their own.