Someone recently said UA was the Apple of the audio industry in that they're make well designed products, that appeal to a lot of users, they're generally high quality, but also overpriced. That's about right.
I don't think UA is finished or anything. I think we're going to see new ARM-based Apollo DSP interfaces that will be able to run a decent amount of plugins on the DSP with very low latency (at least for tracking) with the option to switch to native processing on the same plugin instance. That will be big. They'll probably also charge too much, have dodgy Windows drivers, and nowhere near the driver performance and lifespan of RME interfaces.
They'll also continue their push into the guitar market. The Ox Box dropped in price, there's probably a smaller competing product coming out (Ox pedal maybe), and more UAFX amps, which are honestly really good for modeling, but still "not totally there" IMO. But we'll see a UAFX Plexi and UAFX 800 at some point.
Spark will bring in steady revenue, but I do think subscription burn-out is going to be a thing in this industry. Particularly if there's a recession. Like ok...Cable (or similar streaming service), Netflix, HBO, Paramount+, Peacock, Amazon Prime, Adobe, NY Times, Washington Post, Patreon content creators, and now audio plugins? There's going to be a backlash against "subscription everything", especially once money becomes tight. But UA seems like they've got a diverse enough business [classic hardware, interfaces, guitar products, and plugins] where that won't kill them either. The subs are probably just a bonus to the balance sheet and another way to monetize what they already were planning on doing.
The other thing I think is going to plague the audio industry is when the folks who picked up music again as a hobby during COVID go back to what they were doing before Covid and re-drop the hobby. I see that impacting the guitar/pedal market the most. Kids will still get into audio and keep the software side of things going, but I do think the companies making guitars are going to be in for a long rough patch starting at some point in the next few years. The good news is that used prices will come back to reality for folks who stick with the hobby.
But no...I wouldn't worry about the death of Universal Audio in the short to medium-term. I think they're diversified enough to keep being successful. My advice to UA would be: hire an RME-level driver developer for Windows interfaces and pay them whatever they want, cut waste elsewhere (which it sounds like they already did laying off 10 employees recently). If the interfaces had the driver support/performance to compete with RME, they'd build up the same kind of fanatical user base that RME has. I don't buy interfaces often, but when I do, I'm only buying RME because of how great they work and how long they're supported.