That's a wildly malformed market too. You have a lot of oddities in the mechanical keyboard hobby. * For a while there was a lot of rebranding. Three or four

That's a wildly malformed market too. You have a lot of oddities in the mechanical keyboard hobby. * For a while there was a lot of rebranding. Three or four of the most popular boards a few years ago were fundamentally the same Costar CST-104 with different logos. * Some of the legacy players (Cherry and Unicomp) were bankrolled by sales outside the enthusiast market. * There's a huge number of hobby projects that overlap heavily. A million "40/60% with an aluminium case and takes MX switches" kits. I suspect this offers poor economies of scale and the ability to hide large margins.