What people seem to forget when comparing Nijisanji and Hololive is that they asume that all vtuber companies are created equal, but you look at Hololive and you look at Nijisanji and you can see that statement is not true. See, normally if you go one on one with another company you got a 50/50 chance of winning. But Holololive is a freak and not normal! So you got a 25%, AT BEST, at beat Hololive. Then you add Indies to the mix, your chances of winning drastic go down. See the 3 way, Nijisanji got a 33 1/3 chance of winning, but Hololive got a 66 and 2/3 chance of winning, because Indies KNOWS they can't beat Hololive and they're not even gonna try!
So Nijisanji you take your 33 1/3 chance, minus Hololive's 25% chance and you got an 8 1/3 chance of winning. But then you take Hololive's 75% chance of winning, if Nijisanji was to go one on one, and then add 66 2/3 %, Hololives got 141 2/3 chance of winning. See Nijisanji, the math don't lie, and they spell disaster for you .