Pitch is another word for throw. The joke is that a perfect throw is one where a banjo Is thrown into the trash (this is already funny if you consider how careful musicians are with their instruments), and what makes it a perfect throw is that it lands on an accordion (the fact that the accordion is already in the trash is also funny) and the fact that one shitty instrument landing exactly on another shitty instrument would be an athletic achievement that is given the name of a desirable musical ability “perfect pitch”, is excellent.

Ahh thanks, I didn't consider that pitch is a synonym for throw.

Yeah. I'm British and didn't get it either. Never heard anyone say "pitch" to mean "throw". I've heard it used in baseball but thought it was a technical term like "bowling" in cricket rather than a general word for throw.

Yeah, exactly the same for me. Or I've heard it as "pitch a tent", where I assume it's used as "set the tent up", not "throw the tent".