I think Phase Connect has massively from the decline of both Nijisanji and Hololive. Nijisanji's decline is obvious, treating your talents like crap and having half a dozen of them be terminated for bollocks reasons or graduate and resurface happier than ever somewhere else will just have some people not want to support you anymore. On the other hand, Hololive also had a few incidents that lowered people's opinion about them, but it's mostly that the rapid commercialization appaled people(that's at least why i rarely watch Hololive talents nowadays). It's siply not the casual streamer experience anymore, too often you are reminded of the fact that they are "Virtual Idols". I'm not in for that. I want the freedom and chaos of streamers as much as I want the specific humor and nerdiness you have with Vtubers. Phase Connect does everything right in that regard. Sakana loves Vtubing, not money, and that's very apparent in how he runs the agency.