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When people point out NijiEN's audience decline, they always say "HoloEN declined too!" I agree, but I think the sense of scale is missing.
The NijiEN males lost between 1/2 and 2/3 of their audience from peak. The decline is still happening so we don't know how far down they'll go, but a large number of their streams are in the 2-3k region nowadays, when before that would be unthinkable.
As for the girls, there is a clear decline. Suddenly Rosemi is 3-view, suddenly Pomu can't break 2k without help, everyone seems to be struggling even with all the raids. If I were to guess, I think they lost nearly 1/3 to 1/2 of their audience. Pomu lost more than the others and she was one of the pillars lifting the whole female side.
While HoloEN declined, they certainly haven't lost 1/2 their audience. The decline is happening in a different pattern too, it's clearly traceable to Tempus,lack of streams, the dying hype of EN3, and other malignant issues that plague the branch. Because the pattern of decline is different, the reason behind the declines are also clearly different. NijiEN has majorly fucked up in a much more spectacular way than Holo ever did.