On March 19th, I wrote a piece on graduation following Murasaki Shion’s announcement. Since then, two more graduations have been confirmed: Nanashi Mumei and now Gawr Gura from Hololive English.

Rather than repeat the same sentiments from that article, I’ve decided to keep this short and frame it as a FAQ-style reflection, offering some clarity based on what we currently know.

Is this the end of Hololive?

No, far from it. Hololive is undoubtedly in a transition period, as several long-standing talents from the early generations in Japan and EN have chosen to move on.

While Gura is technically the most subscribed VTuber on YouTube, she hasn’t been an active streamer for nearly three years. Even she acknowledged in her announcement that “this has been a very long time coming.”

It’s safe to assume that Cover Corp was internally prepared for this decision for quite some time.

Is management to blame?

This is a tougher question. The line “disagreement with management and company direction” has appeared in nearly every graduation statement recently. It’s likely a broad, catch-all phrase, used for a few reasons:

It can mean many things, from scheduling and content limitations to pay or creative direction.

It protects the talent, by placing the “blame” on Cover Corp, it avoids inviting speculation or criticism of the individual. Cover, as a company, can take the PR hit more easily than a single person.

So, while we don’t know the specifics, this phrasing likely serves a protective and diplomatic purpose.

Has going public caused talents to leave?

Probably not. While Cover Corp’s IPO has no doubt introduced more shareholder influence, there’s no clear evidence that this is the driving factor behind recent graduations.

It’s far more plausible that we’re seeing a wave of natural fatigue. All seven recent graduates debuted between 2018 and 2021, meaning they’ve each spent 4–7 years at Hololive, a significant length of time in such an emotionally and creatively demanding role.

The 10% drop in Cover’s stock is more a short-term market reaction than a deep systemic issue.

Why would Gura want to leave?

Only Gura and those close to her truly know the reasons, and we shouldn’t speculate. Unless a talent shares their motivations publicly—as Sakamata Chloe did—it’s best to respect their privacy.

What we do know is that this decision wasn’t made lightly, and that Gura’s legacy within Hololive is already immense.

What does the future of Hololive look like?

Hololive is already shifting away from streaming as its primary revenue model. This isn’t a surprise—YAGOO has been clear about his long-term vision for Hololive as a broader IP-focused company, drawing from his Sanrio background.

That future now includes expansion into:

Gaming

Anime

Merchandise and licensing

Cross-media collaborations

Newer talents will join Hololive with a clearer understanding of the company’s mission and structure than was available five years ago. This shift deserves a full article of its own—but in short, Hololive is evolving, and streaming will become one part of a much larger brand ecosystem.

Join the conversation

If you’d like to ask questions or discuss Hololive, VTubing, or the digital content industry more broadly, feel free to reach out to me on Twitter (X) @timpminsights.

I’m a project management academic specializing in stakeholder management in digital and gaming industries, and I’m always happy to share insight where I can.

Also, be sure to check out my original article on graduation and my other Hololive analyses.

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