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Vtuber agencies are talent agencies, anon. This is always how talent agencies work.
What vtubers get:
Brand recognition
Connections to trusted industry professionals that can produce needed resources (eg. designers, music producers) or employ them (eg. sponsors)
Legal protection
Management
What vtubers don't get:
Their agency paying for things for them
Their agency doing their job for them
What it costs them:
A prearranged portion of everything under their image as members of the agency
They, the talents, are not employees of a talent agency. They are not working for it. They are their customers. The only thing that Cover breaks convention with is the fact that they remunerate their talents a base salary on top of their own earnings, which is a sensible approach considering both the initial hardware investment and the time necessary to maintain a streaming channel.