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Hot take: vtubing lost it's meaning. Now everyone with $$$$ to spend can grab a live2d avatar and become a "vtuber". Being in Hololive is a seal of quality, since they were the ones who popularized the whole industry and they started before "vtubing was cool". Back in the day, you had hololive, there was not a single random indie shitting on the whole vtuber idol culture. Now the whole concept of vtubing has been warped by normies and randos. Not only that but now there are 1000+ new companies are clueless, look cheap as fuck and honestly they are made to make a quick buck (vshojo, phase, IDOL, vspo, niji, etc.). In comparison, you can see that Hololive has standards.
That's why they are such a big company rakes a lot of #'s. With the limited free time you have in your everyday life, why would you spend it watching some dogpiss random roastie girl who bought an animated png and is basically a glorified lets player who uses vtubing as a way to stay anonymous, instead of any holo?