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Maybe Vtubers go through a similar development normal IRL and Gaming YouTube went through from around 2009-2014
>most successful channels owned by agencies/multi-channel-networks like Machinima or Maker
>"wow I wanna be part of those too so I can be successful"
>Agencies/MCNs give these creator terrible contract and pocket most of the money for little in return
>people notice you can be just as successful without agencies
>new "independent" creators completely eclipse old creators stuck in terrible contracts
Cover Corp does at least seem to offer a lot of value though through sponsorships, merchandising deals and access to Japanese entertainment biz's (see Idol concerts, HololiveAlt, retail store presences..). But I don't see a future for things like Holo EN/ID or Nijisanji or whoever. New "indies" will eventually eclipse those too until we don't even use the word indie anymore