>Nosily and adamantly demands uppies

The VTuber industry is thriving. Cover Corporation, which operates the VTuber group Hololive, recorded revenues of ¥434 billion (up 43.9% year-on-year), while ANYCOLOR Corporation, which runs the VTuber group Nijisanji, achieved ¥429 billion (up 34.0% year-on-year), both hitting record highs. Hololive is also garnering significant public attention, including appearances at the Osaka Expo.
However, beneath this surface-level success, warning signs are quietly emerging. On April 16, 2025, when Hololive English member "Gawr Gura," active in the English-speaking market, announced her graduation, Cover’s stock price plummeted 8% in a single day. This clearly reflects the market’s view that the agency’s core IP (character) is inseparable from the performer (the so-called "person inside"), meaning that a performer’s departure equates to a collapse in asset value.