>>90595223>these girls make a fortune with almost zero overhead costs after debutYou just explained being indie. The company has to offer something to justify taking 30% of their youtube earnings. In this case its branding, exposure, access to a 3D studio, connections to the music industry, concerts, and a large merch peddling operation. Cover makes more money from merch than donos/youtube.
Pic rel from their latest financial report. Cover website> IR> IR Library.
I don't know what state they were in before the IPO, but currently they're in the green and not losing money.