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Now, the kneejerk reaction from the viewpoint of pure Vtuber fan culture is that a merger would be an abomination, but hear me out.
2434 is the strongest domestically, evidenced by the more general advertising deals and greater market cap, but is struggling to make the intricate adaptations needed to expand. Hololive seems smaller, but is recognized across the globe and has some ambitious plans to utilize their branding and IP across new media.
Is my reasoning sound?