All to create similar, but far more economical units. Take a look at a bulk supply of OSRAM and CREE LEDs and run the math. The margins on the higher-end lights are not super huge (especially when you start tossing in things like Wifi, multiple channel controllability, software development, etc).
None of these things are actually that expensive, or add meaningful cost to a product at this point. There are dozens of different microcontrollers now that spec out at less than a dollar a chip, have full wifi and blutooth stacks, can control 5-10 channels of PWM, and are programmable with common, readily available tools, including frameworks for web hosting. I've yet to see a light with software that isn't what I'd consider, at max, a couple weeks worth of work for a competent developer - and most of them are built on precanned frameworks . There's nothing in these lights that's particularly complicated or innovative.
The lion's share of the cost is the LEDs themselves, and the drivers.
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