Hololive is like Apple. The first-gen was classic, the second-gen was an improvement, the third-gen was polished but not any different from the previous-gen, and the latest-gen is artificially polished and is the same as the last two gens. The more gens Hololive makes, the more the quality degrades. At this point, the only reason people watch Hololive is for the brand, not the talents themselves. Hololive's brand has become the main draw, similar to how people buy Apple products only for the brand.
Newer generations are seen as extensions of the brand rather than unique talents, leading to a perceived decline in quality. This is a problem for Cover Corp as people seeing the newer gens as extensions of the brand will now look for other Vtubers for a sense of "uniqueness" rather than "cookie-cutter" stuff. Additionally, the fact that there are other options(Vtubers) to watch further oversaturates the VT market. The VT market is now oversaturated with many options available to the masses. People are seeking “uniqueness” and are turning to Indies and small corpos.
This is why I think some Holofans(Tribaltards) genuinely hate Indies and small corpos, because they have carved out a niche for themselves with a dedicated loyal following (fanbase) without the popular-branding stuff that cuts into the potential viewership of Hololive. Hololive is trying to appeal to as many people as possible, but in doing so, loses that sense of "uniqueness" as people have noticed the "cocomelon" feeling to newer content.
Sure, a Holo talent may “overlap” an Indie/Small Corpo Vtuber and take away casual tourists(grey names or whatever you wanna call them), but the core audience of that Indie/Small Corpo VTuber will stay and they’re the ones that pay (super chats, memberships, merch, etc.), and they are the ones that really matter. The core audience of that Indie/Small Corpo chuuba is where the money is at, and if Hololive can't take them, then that's profit(money) Hololive isn’t getting/making. I’m not saying Hololive is dying, but what I am saying is that the growth of Hololive is at its peak and will likely become stunted.
