"I think they're mostly more hobbies than businesses."\n\nJust hobbies acting as companies, well that is interesting. It's a bit like candle making I suppose. I wonder if guys like Robert Harley know this?\n\nI still remember looking at that Krell 2-channel system in an audiophile showroom recently and being aghast by the price. It's good to know it's just a hobby for the manufacturer and has no profit-margin.\n\nI don't know about "no profit margin". I'm guessing the Krell dealer has a 40% margin on MSRP. Like I said, just a guess. Maybe less on the cheaper units. As of 2015, Krell revealed it had 15 people employed in manufacturing and test. Since all of the units are hand assembled, I doubt there's a lot of unit volume being produced. And Krell is one of the bigger companies. Even Harman appears to be out of the manufacturing business altogether for the Mark Levinson products; they even tell you Mack Industries assembles them on the ML website. And Levinson is a pretty "big" brand, bigger than Krell in distribution, and they couldn't justify a factory of their own. Some ML products have been out-sourced to companies like ATI for years. In so-called high-end audio, who is making a lot of money, net? In fact, I'm wondering, are there any independent high-end audio companies with revenues of $100M\/yr or higher? Maybe a few of the speaker manufacturers... B&W? KEF? Martin Logan? McIntosh?