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Aqua's graduation felt like the beginning of the end. Shion's graduation feels like the conclusion chapter and a reminder of what OG Hololive used to be.
What most people are not seeing though, is that once Hololive has trimmed the fat (inactive members) and straightens the ranks, it could make them more agile. However the trimming process is looking sluggish and painful for the current workforce and is gonna burn them out. Also they are gonna have to cut back on the bureaucracy. Also, they need some kind of substantial "new dawn" event and change in content to bring back interest. They can't just pretend being stuck in the past after things have changed.
