I don't agree with the basic premise of your question. There is no evidence that high end audio is dying. Read the reports of the Munich or Chicago shows and tell me that high end is not healthy. There are new companies and ultra expensive components being introduced almost weekly. In fact, high end audio is booming. High end retailers are opening new stores and the prices of top level gear keep increasing. For each company that is closing, three more pop up to take their place.
It wouldn't matter much if Krell or MBL halved the prices of their gear. I have lusted after the MBL 101 E Mk II speakers for several years but if they were $45k instead of $90k I wouldn't buy them. If they were $20k I would still audition several alternatives before spending the money. Each manufacturer is aiming for a price niche that they feel gives them the best position.
There is a well reported story about VPI turntables. The owner designed a new direct drive turntable and priced it around $35k. His Japanese distributor told him that it was way too cheap and that if he doubled the price he would sell more of them. Customers at the ultra high end have unlimited funds to spend and they often would prefer to spend huge sums because they connect price with quality and exclusivity.
Clarisys introduced a $785,000 multi unit speaker system at Munich which was reported to be the best sound of the show. While the report didn't speculate on sales projections it is likely that they have a waiting list for these speakers. When D'Agostino introduced the Relentless amplifer he couldn't build them fast enough to meet demand.
Lastly, this is the golden age of affordable audio. Peruse a Music Direct catalogue and see how much incredibly awesome gear is available at reasonable prices. Next, go to Audiogon or USAM and see how much late model amazing gear is available. Everything I see indicates that this industry is very healthy.