>>75719784What's more telling than the actual percentages is the year over year increase because that's where you see what's growing and what is stagnant. Events, Merch, and Licensing all saw a year over year increase of 50%+ meaning that there is room to grow and Cover is getting more effective at tapping into those revenue streams. Merchandise especially is impressive because despite representing 41% of Cover's revenue it's still growing at a rapid rate year over year.
Supas and channel memberships still grew obviously, but it's either stagnating or Cover is getting less effective at actualizing the revenue potential. There's a number of reasons this could be.
>Capped outAt some point in every market you are going to reach the point where you are actualizing the revenue stream to the best of your ability. From that point on returns are diminishing.
>UnstableRevenue depends on the chuuba being able and available to stream. If a chuuba has a medical condition, a mental health issue, or just lazy then revenue drops to 0 in most cases.
>Growth difficultGrowing supa and channel memberships is more or less pegged directly to channel growth which usually slow and linear. A chuuba's existing audience is not likely to magically decide to give more supas and memberships and even if they did that growth would be offset by viewers who might have otherwise given, but pass having seen the increased contributions of others. You might be able to get some gains through e-begging, but Hololive is seen as the zenith of vtubing and begging for supas is more likely to lose fans than gain revenue.
>UnprofitableKind of ties into the last point about begging. It's pretty much the only way to increase your supa numbers and every time you do it you whittle down your audience's tolerance. A great example of this is Calliope Mori. There were other factors of course, but her aggressive pursuit of monetization really had a negative effect on her general perception and on her viewership. The marginal gains are not worth reputation damage and the opportunity costs associated with losing a viewer who might have been more effectively monetized in a different way.
>UnnecessaryThey don't need it. One of the great things about being a massive player in the industry is that they can tap into revenue streams where the barrier to entry is too high for smaller corporations. Less competition means they gobble up the segment and further increase their influence. For example, Phase Connect can't afford to put on a live show like HoloFes and smaller corpos like Nijisanji don't have the technical know-how to put on something that can compete with Dreamhack. V4Mirai is not going to get major national and international promo deals. These are the exclusive realm of the big players and it makes no sense to knife fight for a shit-stained penny when there are dollars to be made in better revenue streams.
