It's worth drawing a line between handmade instruments and mass-produced machines though. Yes, Roland and Yamaha also have high margins, but they also face steep competition from low-margin companies like Behringer who are effectively wrecking their business model. Companies like Moog were safe because their demand will always be the same, but boutique vendors everywhere are closing up shop.

I'll agree that it's a zero-sum game either way, but it ends with the high-margin vendors getting undercut. Something we could have avoided if they worked to make their product cheaper instead of working to make it more expensive.