>>9943071NikisanjiIN was such an unfortunate circumstance, but I'm convinced that they paved the way for HoloEN, from a business perspective:
NijiIN was started right at the beginning of covid lockdowns, and the lockdowns drastically changed both the kind of content that could be produced and that people wanted to consume. Nijisanji was operating in the suddenly outdated mindset of each branch needing to be geographically specific in order to be relevant, but with lockdowns people now had time to search more broadly for content that they like and regionality mattered even less.
India's infrastructure is far more geographically widespread, which means that there is no way to have any kind of music/3D production studio that the talents can go to. Or for that matter, the talents can't even realistically off-collab like JP and KR talents can (not sure how spread out CN talents are). So that puts inevitable restrictions on the variety of content that your talents can make.
It's clear that Cover looked closely at what made NijisanjiIN fail when they were setting up HoloEN and did things a bit differently. It happens all the time in business: the pioneers usually fail and the fast followers get to learn lessons for free and then get it right.