The Economist took a look at the business of building pianos:

• In the first half of the 1900s there were 300 piano makers in Europe. Today there are nine.
• European grand pianos take up to 1,500 hours to construct and cost €100,000.
• The reason for the decline of Europe’s piano makers are familiar – Asian upright pianos cost just €2,000 and electrical keyboards start at €100.
• Of the 493,000 pianos made in 2012 almost 80% were manufactured in China.
• European piano makers are trying to make a comeback by shifting to a services model and offering piano courses to the super-wealthy.

Read more about the industry, its notable names, and more over here.

Source: The Economist