Legendary LA recording studio The Record Plant has announced it will be shutting its doors after 55 years of operation.

The studio, which has produced a slew of incredibly successful albums including the likes of Fleetwood Mac‘s ‘Rumors’, Lady Gaga‘s ‘ARTPOP’ and Beyoncé‘s ‘Lemonade’.

The Record Plant is apparently shutting as “there is no money in the recording music business,” with studio engineer Gary Myerberg telling Los Angeles Magazine: “That’s basically like a flyer for your show. I don’t think there’s much hope for the recording industry in LA. If you want to go to the studio and spend $2,000 a day, just take that and buy a laptop and a sample library, or tell AI what song you want to make and it’ll make it.”

Guitar technician Jesse McInturff also said that “the need for a big room is pretty minor at this point,” adding: “There are less and less rock bands, and you could record Taylor Swift in a vocal booth the size of a closet.”

Record Plant Recording Studios was opened by Gary Kellgren and Chris Stone on North Sycamore Avenue in Hollywood in 1972.

The studio also had other locations in New York (which closed in 1987) and Sausalito (closed in 2008).

It is known for providing artists with a comfortable setting to record their albums, with the studios even housing suites for musicians, a hot tub, waterbeds, bondage gear and mirrored ceilings.

In its early years, the studios also reportedly had a steambath environment for Bill Withers and pinball machines for The Eagles.