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Virtual Recording Studios
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With the advent of more powerful computers, fast interconnect interfaces (USB/Thunderbolt), and extremely low-noise and high performance A/D and D/A converters (using sigma-delta topologies and oversampling) -- all at extremely low prices compared to the past -- recording studios can be virtualized completely using software.   Users still need microphones, preamps, and a very good interface and computer.  And a great space for recording. But this allows many hobbyists and even professionals to have a home studio. I would guess that most records made today are done in a pro studio but all the demos and prep work have been done in home studios -- cutting the amount of time needed in the big studio and reducing the cost to produce a record.

This is the future. Already, modeling is able to handle advanced simulations of guitar amps and cabinets. And sampling can handle most orchestral instruments, percussion, etc.  VST instruments can pretty much reproduce anything today, as well as create new sounds.  It will be interesting to see how many new artists emerge when cost is taken out of the equation when making records.  Though it seems clear that you still need the requisite skills to master the studio -- engineering, producing, and mastering. Machine learning and AI haven't advanced that much yet!

Slate Digital is trying to virtualize the entire chain by making flat mics, preamps, and a low-latency interface. And modeling the mics, preamps, and all other hardware effects in software.  It's becoming clear that computing power is able to do all this using standard laptops and computers. Customized DSPs are able to do some of this already (UAD), but not at the level of a full recording studio (i.e. 40 tracks with mic pres, compression, EQ, etc. on every channel). 

Here's a video of some of their new mics and interface. 

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