Not another one of these discussions...there are countless threads on the subject.
The short answer: if you're keeping your work edgy and original, are all over your promotional skills and establishing professional relationships, you'll have work. If you aren't, you will forfeit it to others with equal or lesser skill, drive and or experience.
I know many professionals with healthy studios, few without. Those without aren't pushing themselves hard enough creatively, and professionally.
In every era, there are always the professionals who are in demand, who are "edgy" and are busy. But that eventually ends. I've seen it first hand. And yes they failed to change in many ways, Their work, their marketing, advertising, connections or a host of so many things that could affect one's business.
They got older, lost their appeal to a younger generation, lost their drive, newer and better competition, the list goes one.
I know photographers who at one time were at the top, They were cocky, edgy, commanded top dollar, did all of the things that a top end photographer did, but now, they are barely holding on.
Is that generational ? Does it happen just because time changes everything ? I'm searching for answers and hope I can gain some insight from members.