I saw this play out first hand: a local digital agency run by a friend essentially ended up "captured" by a major player in the aerospace industry, to the point that 65-75% of their business came from $BIGCO. They grew by 100%+, had employees flying all over the world to set up for trade shows, and were making money by the truckload.

Then Covid hit, nobody wanted to fly, and $BIGCO took an earnings haircut and decided to cut back. My friend had to let dozens of people go. It ended up costing him his company because he'd neglected bringing other work into the pipeline.