Not gonna lie, it's really troubling to me when studios do this, new or not. It sets a dangerous precedent, and puts downward pressure on the rates artists can charge. When one studio gets away with it, others start trying, and it just spirals down from there. We've been feeling this squeeze for some time now, with sites like Fiver and such making it even worse.
It's getting to the point where it's becoming extremely difficult to make a living as a commercial artist, due to so many of the rates on offer being poverty wages like this. Instead of approaching people who could finance your studio, you're perpetuating a trend which is destroying livelihoods.