>>25424499There are three factors;
1) Market saturation. They skyrocketed in the beginning by being the professional big fish in a very small pond. The pond is now an ocean and they're barley any larger than the other big fish anymore.
2) VTubing as we think about it is a fad. Give it another year or so without some major shakeups and the bubble will pop.
3) They're not really declining so much as stagnating. As a Japanese company run in a very Japanese style they are complacent.