There is a difference between professional photographers and professional photographers. Being a "professional photographer" just means that you take pictures for living. Some professional photographers work on small scale and some on large scale.
I'm pretty sure that serious photographers also care about money and return on investment. Our frequently posting friend BC illustrates this a bit. Most of his productions are resource intensive and he prefers using MF. But he seems quite happy with a couple of old Contax 645 and a few Phase backs of yore. BC says that they are the best investment he ever made. So my impression is that BC has an extensive operation but does care about money.
I don't think Phase is getting a lot of money from BC. That said I'm pretty sure that BC would go for an expensive Phase back if he needed it. Or a Hasselblad, but good customer experience and working relations also matter a lot for a businessman.On the other hand I don't think business is insensitive to cost.
I have been in the computing business a long time. When I started in my present job, thirty years ago the business was dominated by "mini computers", they were horribly expensive and slow. Market offered new computers called "Work stations" with ten times the performance at a tenth of the price. The old computers survived quite a few years, it took our company 7 years to make the first switch. The dominant work station vendor was Sun Microsystems at that time. Once the Workstation/UNIX environment was established hardware cost went down, except the need for performance going up. So we essentially replaced very expensive low performing system with quite expensive high performance systems.
Than, PC-s came around. Management lowed PC-s, because it was what was on they desktop. We started converting our simulators to PC-s much sooner than we switched to work stations. The switch has been painful, but no simulator is now days built on work station (UNIX) technology. But, Microsoft licensing is expensive, so we are moving to Linux. We would not make that move was it not for the young and enthusiastic engineers we have who love Linux. The conversion is of course painful, it always is.
To me it seems that Phase now what they do. It seems that they make the money to develop their backs and build their own camera platform. It also seems that they develop a new camera, which is more than an upgrade of the Mamiya based platform. To me Phase seems to be an innovative company making good business.
The medium format market share among professional photographers was much larger in the film days. The vast majority of MF film cameras were replaced by 35mm DSLRs.
Just looking at the numbers for MF cameras made in the transition years.
2003 18,006 Cameras
2004 10,507 Cameras
2005 7,950 Cameras (over 2,000 of them coming from unsold 2004 stock).