>bringing up Twitch recline when Youtube indies are the ones thriving.
That's just deflection. The reality is Hololive is experiencing a fan exodus alongside the graduation rush. The fans are already disappointed. This is the double-edged sword of box pushing—whenever something happens to a Holo, whether it’s good or bad, it causes a chain reaction. In the past, many relied on the supportive atmosphere that box pushing created, but now, that same environment can bring unexpected consequences. When one Holo falls, the others are affected too. Some viewers come specifically for the chemistry between Holos, drawn by that special mood and interaction. But if those core elements are missing, the content starts to lose its charm.
Hololive’s reputation has taken a hit, and this is closely tied to commercial interests. Since the start of Cover, creators, peripheral stakeholders, and the business world have become more entangled. Recently, this has become even more noticeable as local scenes, like the Taiwanese Vtuber field, have started forming their own unique identities. Whenever a Holo announces graduation, the market responds—merchandise sales spike as fans rush to buy, but once the graduation ends, the value drops fast. This affects how both businesses and fans perceive long-term worth. Editors who help run channels still try to maintain activity with clips and archive uploads to keep leftover attention.
Fans are biased by nature. When their favorite Holo leaves, they often don’t stay to support the others. Views on other channels drop because those core fans also leave. This isn’t something new, but it shows how strong the emotional bond is. Many fans connect with one specific Holo—not because of the brand, but because of that person’s presence. When someone likes a post or shares content, it’s not just for the algorithm. It’s silent support. The people who used to comment or chat weren’t just random—they were drawn to your style.
But emotional highs don’t last forever. That doesn’t mean they now dislike you. Maybe life just changed for them, or they lost interest in the bigger picture. You’re not their focus anymore. And once that focus breaks, loyalty fades too. Some of them might come back later—maybe in a few months—but some you may never see again. The truth is, the Vtuber world is both small and overcrowded. There are so many Vtubers now that even though the viewer base is growing, the share watching Hololive has dropped.
This reflects a bigger problem. Many Hololive viewers aren’t “pure” viewers—they come with their own expectations and ideas. There are still fans who watch Vtubers with an open mind, just for enjoyment, but they’re the minority.
Hololive has now entered its third wave of decline. Viewer numbers keep going down, and even the most optimistic voices are starting to admit that things aren’t what they used to be. It’s not just a matter of individual performance—it’s the whole industry changing. The departure of someone like Gura made this shift impossible to ignore. If you’ve been following the trend—early 2023, mid-2023, late 2023, and now mid-2024—it’s clear these changes are happening in cycles.
The industry’s protective moat is gone. Hololive expanded too fast and didn’t stabilize or refine its structure. Now the whole industry feels like it’s reached a plateau. What’s needed isn’t more characters or more content—it’s more stability and professionalism, especially if they want to keep loyal fans. Hololive has drifted from the core Vtuber community. While the overall Vtuber audience continues to grow, especially with indie Vtubers rising in EN, fewer of those viewers are watching Hololive. Something important was lost in translation.
The constant graduations of Holos are starting to raise serious concerns. Not just fans, but companies, brokers, and casual viewers are all asking questions. Cover’s management and Hololive’s future are under a microscope now. It doesn’t matter how touching the graduation script is—everyone recognizes the pattern. It’s too familiar. There’s not enough transparency. People don’t know where the fiction ends and where the real business begins, and that has built a wall between Hololive and its audience.
Often it’s the talents themselves who have to clean things up, speaking vaguely in an effort to calm public opinion. No one knows if they’re employees, partners, or something else entirely. Even insiders seem unsure. Cover’s silence or cryptic wording only creates more speculation—it’s like trying to understand a Miyazaki Hidetaka game, where the lore is hidden in item descriptions and mysterious NPC dialogue.
What happened? That’s fans want to know. And it deserves a real answer—an official one.