>>100323131I hate to say it but seeing the mass exodus followed by redebuts makes it undeniably clear that there was some big Niji-tier behind-the-scenes drama that precipitated so many holos to cut themselves loose and go indie.
Obviously whatever happened has been handled more professionally than the infamous Black Screen just by virtue of the fact that we have no real information about what happened, but you don't have so many talents jump ship within such a short period citing "irreconcilable differences" just to immediately redebut as indies. Trickling out over time due to natural attrition, or quitting vtubing entirely would be one thing. But HoloEN had what, Sana as its sole graduation for the longest time, and then suddenly:
Ame
Fauna
Mumei
Gura
All gone within the span of a few months, with a marked (and now ominous) drops in activity from several others.
There's no way to know what happened, but something happened.