Several medium sized studios I've talked with are bidding $50k for projects (eg. Netflix, HBO, Proctor & Gamble are typical clients) they used to bid $400k on, and they're winning more contracts. They don't need to shoot in person in Venice for pharma ads or animate elaborate TV show intros anymore.
This is having a huge impact to the fundamentals of how they do business. They haven't laid anyone off yet, but they're talking about the ramifications if this gets cheaper.