Fans were left reeling after Cover Corp's hololive VTuber agency announced on December 2 that fourth-generation talent Amane Kanata (Amane Kanata) would be graduating at the end of the month. The news, which came exactly six years after her debut, sent shockwaves through the community.
The very next day, Cover's stock price tumbled from its previous closing of 1,580 JPY to 1,504 JPY. This drop highlighted a worrying trend: the company's stock has now been cut in half from its year-to-date high, leaving many fans concerned about Cover's operational stability.
Let's take a closer look at the timing of Amane Kanata's graduation announcement. As expected, there was a noticeable dip in the stock. Given Amane Kanata's immense popularity as a fourth-generation VTuber, it's entirely reasonable for her departure to cause such market fluctuations.
Looking back, the company's stock price hit an all-time high of 3,420 JPY in February this year, meaning the current price has been slashed by half. Cover's stock has long been closely tied to the movements of its talent roster. For instance, in April this year, when Gawr Gura, then the world's most subscribed VTuber on YouTube, announced her graduation, the stock plummeted by about 10% due to market unease. This April dip is clearly visible in the year-long stock trend.
For fans, this year alone has seen a significant exodus of talent, with eight members graduating (or leaving). The list includes holox's Sakamata Chloe, hololive-Promise's Ceres Fauna, second-generation VTuber Murasaki Shion, hololive-Promise's Nanashi Mumei, hololive-Myth's Gawr Gura, former agency staff member Harusaki Wakana, hololive DEV_IS's Hiwou Ao, and this month's Amane Kanata.
Even for Cover, the biggest name in the industry, such a high turnover rate is certainly cause for fan concern, especially considering the numerous departures last year as well.
Many fans are growing increasingly worried about the working environment for hololive members, especially after seeing common reasons cited for recent graduations, such as "unexpected additional workload beyond original expectations," "inconsistent directions," and "declining physical and mental health due to work stress."
Previously, during the "Q2 Financial Report Data for the Fiscal Year Ending March 2026," President Motoaki Tanigo (Yagoo) was asked if "a reduction in the number of talents and VTuber activity withdrawals would impact revenue." He responded, "Everyone's situation is different; not everyone graduates for the same reason. Our company is also busy expanding its business, handling merchandise, licensing, business collaborations, and so on, and we've put a lot of effort into building a comprehensive support system."
However, the stock price clearly reflects market expectations, and talent departures remain a significant factor.
Realistically, if joining hololive is viewed as a job, then considering the first generation debuted in 2018, it's natural for members to consider career changes, life choices, or even contract renewals. However, the wave of graduations over the past year or two has genuinely worried fans about future developments and whether their favorite VTubers might follow suit. It remains to be seen if Cover can maintain its stability.
Note: Financial figures and earnings forecasts should be confirmed through the company’s official announcements.