At a previous job, I worked at a textbook wholesaler. The industry overall is dying. They were a small player, but they were outrageously profitable. They realize that the good times won't last and they'll never grow into a billion dollar company, but the party isn't over yet.

Sometimes it's better to be the last person selling stage coaches than the tenth person selling cars.

In the money quote, he puts it quite eloquently:

Over time, the total number of floppy users has gone down. However, the number of people who provided the product went down even faster. If you look at those two curves, you see that there is a growing market share for the last man standing in the business, and that man is me.