Studio STELLAR and the VTuber Industry's Structural Shift [2026-May]: How Hoshimachi Suisei's Personal Office and the hololive FANCLUB Launch Redefine the Talent Agency Model

Hello, this is Ryuta Hamamoto from TIMEWELL. This article was originally published in March 2026 and updated as of May 2026. The combination of Hoshimachi Suisei's launch of "Studio STELLAR" on March 22, COVER Corporation's NERD investment and joint business agreement disclosed the next day, and — half a year earlier — the launch of the group-wide "hololive FANCLUB" on October 15, 2025 (annual fee 6,600 JPY)[1][2][22][26][27][28], makes the structural shift in the industry far more legible when read together.

This is not "graduation" or simple "independence." The real question is how three layers — IP ownership, talent management, and community operations — are designed and divided. That, in my view, is where the future shape of the VTuber agency model is being decided. After laying out that structural picture, this article also addresses a practical question for individual offices, creators, and specialist teams: how do you build your own community infrastructure?

The Full Picture of Studio STELLAR

Overview

Item	Details
Agency Name	Studio STELLAR
Established	March 22, 2026
Management	NERD Inc. (President: Masaki Takahashi / Representative Director: Sota Osawa)[3]
Label	Sony Records (Sony Music Labels) — no change announced
Relationship with hololive	Continues as affiliated VTuber (collaborations and group activities to continue on a consultative basis)[1]
COVER-NERD Capital Relationship	COVER invested in NERD and executed a joint business agreement (timely disclosure, March 23, 2026)[22]

COVER Corporation announced in its official press release that the move was aimed at "strengthening Hoshimachi Suisei's artist activities through the establishment of a personal agency and transition to a new support structure." She remains affiliated with hololive Production, with group activities and collaborations to be conducted on a consultative basis[1][2]. The following day, COVER disclosed its investment in NERD and the execution of a joint business agreement via the Tokyo Stock Exchange[22].

Scope of Activities Transferred

The following areas are being transferred to Studio STELLAR:

• Music activities (production, releases, live performances)
• Individual streaming activities
• Merchandise development
• Fan club "Hoshiyomi" management
• Media appearances

Collaborations, group activities, and event appearances as part of hololive Production will continue on a consultative basis[1][2].

Strategies Announced Simultaneously

The following major initiatives were announced alongside the establishment[4]:

• Arena tour "Once Upon a Stellar" (September–November 2026: K-Arena Yokohama 9/8–9, GLION ARENA KOBE 10/21, IG Arena Nagoya 11/7, Marine Messe Fukuoka Hall A 11/12 — 4 cities, 5 shows)
• Midnight Grand Orchestra live (February 11, 2027, Makuhari Messe)[3]
• Official fan club "Hoshiyomi" launch (member-exclusive merchandise, ticket pre-sales)
• Brand logo renewal and new artist photos

COVER's Investment in NERD — "Independence Connected by Capital"

At 9 AM on March 23, the day after the announcement, COVER Corporation filed a timely disclosure with the Tokyo Stock Exchange: "Notice Regarding Investment in NERD Inc. and Execution of Joint Business Agreement"[22].

This is critically important information. Suisei's move is often described as "independence," but a more accurate framing is that this is "not 'independence' but 'coexistence.'" By investing in NERD, COVER maintains the capital relationship. If NERD's business grows, COVER as an investor also benefits. Suisei's success becomes COVER's gain. That is the design.

The timely disclosure states that the impact on FY2026 (ending March 2026) is "minor," and the impact on FY2027 is "within an absorbable range within the revenue base and portfolio"[22]. However, it also notes that the company will "conduct further review and incorporate into earnings forecasts," meaning the mid-to-long-term impact remains to be disclosed.

May 2026 Update: The Division of Roles Between Studio STELLAR and hololive FANCLUB

The launch of Studio STELLAR in March was not a one-off news event. Roughly half a year earlier — on October 15, 2025 — hololive launched its group-wide official fan club "hololive FANCLUB"[26][27][28]. Reading the two together makes it clearer how hololive is reorganizing its agency model.

Overview of hololive FANCLUB (Launched October 15, 2025)

Item	Details
Name	hololive FANCLUB
Launch Date	October 15, 2025[26][27]
Operator	COVER Corporation
Scope	hololive Production as a whole (a club for hololive itself, not for any single talent)
Annual Fee	6,600 JPY (tax included)[28]
Key Benefits	Live ticket pre-sales, exclusive content, member-only event announcements, priority access to merchandise and campaigns
Payment	Standard payment methods such as credit cards (annual lump sum)
Legacy Official Fan Club App	Service to be discontinued around March 2026[27]

The launch of an official fan club can be read as an effort to consolidate the previously scattered fan relationships — across individual YouTube channel memberships and per-event member systems — into a single layer aimed at "fans of hololive itself."

Putting "Personal Agency" and "Group-Wide Fan Club" on the Same Diagram

When treated as separate news items, Studio STELLAR and hololive FANCLUB look contradictory — one reads as "independence," the other as "official lock-in." Place them on the same diagram and they look complementary instead.

Layer	Function	Studio STELLAR	hololive FANCLUB
Personal brand	Music, solo lives, merchandise, individual fan club "Hoshiyomi"	Owns this layer	Does not touch directly
Group brand	hololive-wide lives, events, collaborations	Participates via cooperation	Owns this layer
Fan relationship	Community operations per talent / per group	Bundles individual fans via "Hoshiyomi"	Bundles group fans via "hololive FANCLUB"
Revenue	From personal activities (music, merchandise, FC fees, lives)	Through Studio STELLAR / NERD	COVER (annual fees, member-only items, etc.)[28]

In short, Suisei holds the "personal brand layer" herself, while hololive owns the "group brand layer" and the "trunk lines" of fan relationships. The natural reading is a two-tiered model in which the same fan can join both clubs.

What the Discontinuation of the Legacy Fan Club App Signals

hololive previously operated a dedicated "Official Fan Club" mobile app, but with the rollout of hololive FANCLUB, the legacy app is scheduled for discontinuation around March 2026[27].

This is easy to overlook, but it is a major operational shift. Moving from a feature-heavy standalone app to a web-based member portal makes it easier to bind payments, content delivery, ticket pre-sales, and exclusive content under a single member ID. Content always rots faster than infrastructure, so swapping out the foundation first is, in my view, the more realistic order.

To put the whole picture in one sentence: in the autumn of 2025 hololive rebuilt the group-level fan base, and in the spring of 2026 it carved out the personal-brand layer of its top talent. Building the foundation (FANCLUB) before adding the roof (personal agency) is, frankly, a very disciplined order.

A New Wave in VTuber Fan Club Business Models — A Three-Layer Structure of IP, Management, and Community

How This Differs from the Traditional "Agency Model"

Traditional VTuber agencies kept IP ownership (characters, names, music rights), talent management, and fan community operations all under one roof. You could even say that Super Chats and YouTube channel memberships were doing double duty as the "community operations" layer.

Looking at developments in 2025–2026, however, those three functions are being decoupled and recombined.

Layer	Function	Example (hololive / Hoshimachi Suisei)
1. IP ownership	Holds character, name, and group brand rights; drives global expansion	COVER Corporation (hololive Production)
2. Talent management	Implements music, lives, media appearances, and creative work	Studio STELLAR / NERD (individual) / COVER (group)
3. Community operations	Membership-based fan club, ticket pre-sales, exclusive content, payments	hololive FANCLUB (group) / Hoshiyomi (individual)

Reading the picture as a three-layer structure shows how dramatically the dynamics shift depending on who owns layers 1, 2, and 3. Suisei pulls layers 2 and 3 (individual portion) onto her side, while layer 1 stays with COVER — and COVER, by investing in NERD, gains a capital foothold in layer 2. Meanwhile, COVER itself directly operates layer 3 for the group. It looks complex, but the three-layer model makes it tidy.

Comparison with K-Pop and Idol Industries

A similar structure already exists in K-Pop and the broader idol industry.

• Major labels (HYBE, SM, etc.) own layer 1 (IP) and layer 3 (fan platforms such as Weverse)
• Individual artists or sub-labels handle layer 2 (management)
• Merchandise, tickets, and exclusive content are settled centrally on the layer 3 platform

hololive FANCLUB sits squarely in the position of a hololive-version "layer 3 platform"[26][28]. It is web-based rather than a Weverse-style standalone app, but functionally the placement is similar. Studio STELLAR can be understood as an "individual artist office" that sits on top of this platform.

Implications of the Three-Layer Structure

Looking at things through the three-layer lens, the binary of "graduate or stay" already feels outdated.

• The IP layer should not be released (graduation breaks the layer 1 rights structure)
• The management layer can be separated (a personal agency can be carved out without losing IP)
• The community layer can be stacked (an individual FC and a group FC can coexist)

The phrase "not 'independence' but 'coexistence'" is just a paraphrase of this three-layer model. Beyond VTubers, the same structure is, in my view, directly transferable to talents, creators, and specialists with a meaningful fan base.

The True Intent Behind the Personal Agency — 5 Strategic Objectives

Tokyo Dome as a Clear Goal

COVER's official announcement explicitly states that Suisei is aiming for "the realization of a Tokyo Dome concert, which she has described as her personal goal"[1]. Following the success of her Nippon Budokan live "SuperNova" on February 1, 2025[5], and her selection for Forbes JAPAN's "30 UNDER 30 2025" (August 2025, featured on the cover of the October 2025 issue)[6], setting her sights on Tokyo Dome as the next stage demands decision-making speed and specialization beyond what a standard agency can provide.

The establishment of a personal agency is a declaration of challenge — reaching heights unattainable within the framework of a VTuber agency.

Revenue Independence — Breaking Free from Revenue Sharing

In the traditional VTuber agency model, revenue from Super Chats, memberships, and merchandise sales is shared between talent and agency. For an artist of Suisei's caliber, three problems emerge:

• Revenue ceiling: Agency take rates become a brake on growth
• Decision-making speed: Approval processes for major projects are constrained by organizational pace
• Brand control: The desire to manage one's own brand image

Studio STELLAR enables direct monetization of merchandise, fan club, and live performance revenue. The partnership with NERD Inc., a specialized management company, is a strategic choice to leverage entertainment and music industry expertise. NERD's leaders, Masaki Takahashi and Sota Osawa, were involved in the production of Suisei's "Bibbidiba" and "Bansanka" music videos — both of which have surpassed 100 million views on YouTube — making NERD not just a management firm but a creative partner with deep ties to her artistic work[3][25].

Notably, the fact that COVER has invested in NERD suggests that this shift in revenue structure is designed not as "confrontation" but as "redistribution"[22].

Repositioning from "VTuber" to "Artist"

Forbes selection[6], Budokan live[5], label contract with Sony Music — these have transcended "success as a VTuber" and indicate the establishment of major artist status.

The personal agency is a strategic move to secure a position in the mainstream music industry while maintaining the VTuber framework. Rather than completely severing ties with hololive, she retains the "affiliated VTuber" banner while effectively operating as a solo artist — this hybrid model is unprecedented.

Incorporation as Risk Hedging

In the VTuber industry, "graduations" due to directional disagreements with agencies have been frequent. Multiple talents graduated or departed from hololive between 2024 and 2025[7][8], making this an industry-wide unavoidable challenge.

The significance of Suisei choosing to establish a personal agency rather than graduate is immense:

• Graduation = loss of IP (character, name, and music rights become complicated)
• Personal agency = independence while retaining IP (hololive's brand + personal freedom)

This is not "quitting" but "redefining the relationship" — a more mature solution.

Pioneering the "Next Stage" of VTuber Culture

COVER itself stated in its official announcement that "expanding the realm where VTubers can thrive is a significant step toward realizing our mission of creating 'culture loved by the world'"[1]. This is not mere lip service but an acknowledgment that the company itself recognizes the evolution of industry structure.

Structural Changes in the VTuber Industry — The Limits of the "Agency-Dependent Model"

Structural Issues Revealed by Talent's Drive for Independence

The increasing number of graduations and departures across the VTuber industry between 2024 and 2025 has revealed structural challenges beyond individual circumstances[7][8].

COVER CEO Motoaki Tanigo spoke at the May 13, 2025 earnings briefing:

"VTuber production management has been running for quite some time now. It's been about six years since hololive's first generation debuted in 2018, and I think this is a timing where career plans and life planning for individual talents naturally come into play."[10]

At the 9th Annual General Meeting of Shareholders in June 2025, he expressed this more directly:

"As time passes since talent debuts, changes and diversification in talents' life stages and support needs have emerged. The conventional structure could not accommodate these diversified needs, creating gaps between talents and the company in how things were handled."[11]

In essence, this is a fundamental dilemma: the more VTubers grow, the less the existing agency model can accommodate them.

Three Models for VTuber Agencies — Directions of Evolution

Model	Characteristics	Examples
Talent Agency Model	Centralized management of affiliated talent activities	hololive, Nijisanji (traditional)
IP Management Model	Multi-faceted development of IP as assets	Brave group
Platform Model (new)	Providing infrastructure premised on talent independence	Studio STELLAR + hololive

Suisei's case may be the pioneer of the third model — the "Platform Model." Not an agency "managing" talent, but talent "utilizing" the agency. This reversal of the dynamic carries significant implications for the industry.

Furthermore, the fact that COVER has invested in NERD demonstrates that this "Platform Model" is not merely an ideal but has been designed as a capital structure[22].

VTuber Market Size and Growth Trajectory

According to Yano Research Institute, the VTuber market grew to approximately 80 billion yen in FY2023, a 153.8% year-on-year increase (based on VTuber agency operating revenue)[12]. COVER alone recorded revenue of 43.4 billion yen in FY2025 (ending March 2025, +43.9% YoY)[13], with a target of 100 billion yen by FY2030[13].

However, the composition of growth is changing:

Revenue Source	FY2025 (Mar 2025)	Share	Growth
Merchandising	20.539B yen	47.3%	+64.6%
Streaming/Content	9.323B yen	21.5%	+21.9%
Live/Events	7.793B yen	18.0%	+39.1%
Licensing/Tie-ups	5.744B yen	13.2%	+29.4%

Source: COVER Corporation FY2025 Full-Year Earnings Presentation / PANORA (2025/5/13)[10][14]

Streaming revenue share is declining while merchandising — particularly trading cards — is driving growth. This indicates that the VTuber industry is transitioning from "streaming entertainment" to "comprehensive IP business."

The Future of COVER Corporation — Light and Shadow

Growth Potential as an IP Empire

COVER's strengths are clear:

• Industry-leading IP portfolio: numerous talents with over 1 million channel subscribers
• Global expansion: English-speaking markets (hololive EN), Indonesia (hololive ID)
• Successful diversification: trading card business hit ("hololive OFFICIAL CARD GAME" launched September 2024)[13], hololive Dreams development
• Major event capability: hololive SUPER EXPO, hololive fes attendance numbers

The mid-term targets of 100 billion yen in revenue and 25 billion yen in operating profit by FY2030 are within range if current growth rates are maintained[13].

Stagnating Streaming Revenue and Organizational Challenges

However, risks are also materializing:

Slowing streaming content revenue growth

• FY2026 Q3 cumulative (9 months) streaming/content revenue was 6.979 billion yen (+3.8% YoY)[15]. A clear deceleration compared to the +21.9% full-year growth in the prior period.
• The Q3 earnings materials described "streaming and EC revenue trends and talent-specific traffic composition as being in an adjustment phase"[15].
• This trend is not limited to COVER. ANYCOLOR's livestreaming revenue was also flat at 5.06 billion yen in FY2025 (ending April 2025)[16], suggesting that streaming revenue across the VTuber industry is approaching a ceiling.

Cost of talent departures

• In the first half of FY2026, approximately 550 million yen was recorded in inventory write-downs for previously produced merchandise. This was the primary driver of the operating income decline (▲20.9% YoY) in the first half[9][17].

Organizational "growing pains"

• Organizational expansion with rising personnel costs (investment phase)
• FY2026 operating profit forecast of 8.2 billion yen (+2.5% vs. prior year) shows a significantly narrowed margin of growth[15]

Market Reaction — The Hard Question Posed by the Stock Price Crash

On March 23, when the timely disclosure of the NERD investment and joint business agreement was released, COVER's stock price plunged ▲199 yen to 1,411 yen (-12.36%), hitting a year-to-date low[22][23]. At one point, the stock was sold down to 1,398 yen, approaching levels not seen since March 2023.

The broader Tokyo market was also in turmoil that day. The Nikkei 225 fell ▲1,857 points to 51,515 compared to the previous trading day (March 19)[24], with over 90% of TSE Prime stocks declining in a near-universal selloff driven by escalating tensions with Iran.

In other words, COVER's crash was driven by two overlapping factors. First, the extremely poor market conditions, with the Nikkei dropping approximately 3.5% amid the Iran crisis. Second, the NERD investment news landing on top of existing headwinds for growth stocks. While the Nikkei's decline was approximately 3.5%, COVER's drop of 12.36% was roughly 3.5 times greater — clearly indicating that market conditions alone cannot explain the magnitude. Market concerns about the NERD investment — "top talent revenue moving outside of COVER" — amplified selling pressure during the broader crash.

This encapsulates the difficulty of COVER's management decisions. Supporting talent independence and avoiding the worst-case scenario of "graduation" is likely the right long-term call. However, the stock market evaluates companies on quarterly numbers. Until the market can see concrete figures showing how "returns through investment in NERD" compare to traditional revenue sharing, investor anxiety will persist.

The timely disclosure describes the FY2027 impact as "within an absorbable range," but conversely, this means the impact is not zero. If the Studio STELLAR model is applied to other top talents going forward, COVER's revenue structure will gradually shift.

Three Strategic Choices for COVER

Option A: Institutionalizing the "Studio STELLAR Model"

Institutionalize Suisei's personal agency establishment not as an exception but as a new framework. By officially offering the option of personal agency establishment plus continued hololive affiliation to top-performing talents, provide an exit path other than "graduation."

Merits: Prevention of talent departures, IP retention, brand sustainability Risks: Changes in revenue distribution, management complexity

Option B: Transition to an IP-Centric Platform Company

Pivot from a business model dependent on individual talents to one where hololive itself becomes an independent platform/brand. Expand revenue sources not tied to individual talents, such as hololive Dreams (mobile game), trading cards, and Holoearth (metaverse).

Merits: Reduced talent departure risk, scalability Risks: Dilution of talent-fan relationships

Option C: Deepening as a Talent Management Agency

Like major K-pop agencies (HYBE, SM Entertainment, etc.), maximize the professionalism of talent management. Improve talent satisfaction and retention through mental health care, career planning support, and revenue distribution reform.

Merits: Executable as an extension of the existing model Risks: Increased costs, delayed response to structural industry changes

The Author's View — The Optimal Solution is an "A+B Hybrid"

Realistically, pursuing Option A (institutionalizing the Studio STELLAR model) and Option B (platform transformation) in parallel would be the optimal solution.

The reasons are as follows:

1. Top talent departures are an inevitable trend: It is a natural evolution for successful talents to seek independence, and stopping it is impossible. The answer is to institutionalize "relationship redefinition" rather than "graduation"
2. Multi-faceted IP development is already on track: The success of the trading card business has demonstrated the viability of revenue models not dependent on individual talents
3. The "hololive" brand itself is becoming established as IP: Beyond individual talent activities, the hololive brand itself has the power to attract fans. How to maintain and strengthen this brand value while supporting talent independence is the key question

The stock price crash is concerning, but the fact that COVER has been involved from day one through its capital investment in NERD can be evaluated as "the first step toward institutionalization." The question is whether this framework can demonstrate sufficient returns for COVER's shareholders in future earnings reports.

The Future of the VTuber Industry — Four Predictions for 2026 and Beyond

Prediction 1: "Independence" Rather Than "Graduation" Becomes the Norm

Starting with Suisei's case, top-tier VTubers will increasingly establish personal corporations while maintaining agency affiliation — a "dual affiliation model." This mirrors the "label affiliation + personal agency" structure common in the music industry and represents a natural evolution indicating the VTuber industry's maturation.

Prediction 2: VTuber × Music Convergence Accelerates

Following Suisei, major artists of VTuber origin will emerge in increasing numbers. As the live market expands and streaming revenue grows, music will become one of VTubers' primary monetization channels. Arena tours and dome concerts will no longer be considered exceptional.

Prediction 3: The Agency Role Shifts from "Management" to "Infrastructure Provision"

Agencies will evolve into entities providing infrastructure — 3D modeling, streaming technology, legal support, marketing resources, and more. Talents will run their own businesses while procuring only the functions they need from agencies — essentially a "VTuber as a Service" model.

Prediction 4: Growing Gap Between Top Talent and Newcomers

Establishing a personal agency is only feasible for top-tier talent with a sufficient fan base and revenue capacity. For early-career VTubers, agency support remains essential, and stratification is inevitable. This mirrors the structure of the broader entertainment and music industries.

Building Your Own Community for Personal Offices, Creators, and Specialist Teams with BASE

Some readers may be wondering whether something like hololive FANCLUB is realistic at the scale of an individual or a small team. My take: layer 3 — community operations — is now within reach for small organizations and individuals as well, and that is a meaningful change.

Our service BASE is an AI-native community platform that lets you spin up a member-only page in about 60 seconds. It is designed for creators, individual offices, and specialist teams who want to stand up their own equivalent of a "Hoshiyomi" or a smaller "FANCLUB."

Concrete use cases include:

• Personal offices and creator teams: paid annual or monthly communities that consolidate exclusive content, early information, and priority access to offline events
• Specialists and consultants: member portals for students or clients to bundle materials, Q&A, and event announcements
• Local brands and D2C: invite-only communities for loyal customers, with early access to new products and exclusive events

The scale obviously differs from a property like hololive. But owning a direct channel to your fans is, in my view, more important than ever — regardless of size. The more reach evaporates with platform algorithm changes, the more your own member list matters.

If you already have a concrete idea, or if you simply want to talk things through first, please feel free to reach out via the BASE inquiry page. A 30-minute online conversation is usually enough to align on the right design direction for your goals.

We have also published a sister article that goes deeper into the business-model side of the Studio STELLAR launch — the strategic and financial logic, rather than the talent-side career arc. See Studio STELLAR and the Hoshimachi Suisei Business Model (2026 Edition) if that angle is closer to what you need.

Conclusion: The "Third Path" Opened by Hoshimachi Suisei

The establishment of Studio STELLAR is not merely an individual's independence. It carries three meanings:

1. Presenting a new model for VTuber "career paths" — not a binary choice between graduation and staying, but a third path of "redefining the relationship to coexist"
2. A symbol of VTuber culture going "mainstream" — the arrival of an era where virtual entities can compete on equal footing in the real music market
3. A "litmus test" for COVER Corporation — whether this new model can be institutionalized will determine the sustainable growth of hololive

And the timely disclosure the following day revealing the "investment in NERD + joint business agreement" means that COVER has approved this third path at the management level and embedded it into its capital structure. The stock market's reaction was harsh — compounded by a broad selloff driven by the Iran situation, sending the stock to year-to-date lows — but compared to the complete loss of IP that "graduation" entails, maintaining the relationship through investment is a far more rational choice.

If COVER adapts to this change and evolves into "a platform that supports talent independence," the 100 billion yen revenue target for 2030 is not a dream. However, clinging to the traditional "management model" will only continue the exodus of top talent and deepen the stagnation of streaming revenue.

The path chosen by Hoshimachi Suisei is a mirror reflecting the future of the entire VTuber industry.

Reference Data

COVER Corporation Financial Performance

Metric	FY2024 (Mar 2024)	FY2025 (Mar 2025)	FY2026 (Forecast)	FY2030 (Target)
Revenue	30.2B yen	43.4B yen	52.5B yen	100B yen
Operating Profit	5.1B yen	8.0B yen	8.2B yen	25B yen
YoY Growth	—	+43.9%	+20.9%	—

Source: COVER Corporation Earnings Presentation / logmi finance[13] / gamebiz[14]

Hoshimachi Suisei Key Milestones

Year	Event
March 22, 2018	Debuted as independent VTuber[1]
2019	Transferred to hololive Production (Generation 0)
March 2021	Released "Stellar Stellar" / 1st album "Still Still Stellar"
January 2023	First VTuber appearance on YouTube's "THE FIRST TAKE"[18]
March 2024	Released "Bibbidiba," later surpassing 100 million cumulative streams[19]
Nov–Dec 2024	Solo live tour "Spectra of Nova" (Saitama Super Arena, etc.)[20]
February 1, 2025	Nippon Budokan live "SuperNova"[5]
August 2025	Forbes JAPAN "30 UNDER 30 2025," cover of October 2025 issue[6]
February 21, 2026	Budokan re-performance "SuperNova: REBOOT" at K-Arena Yokohama[21]
March 22, 2026	Personal agency "Studio STELLAR" established[1]
March 23, 2026	COVER discloses investment in NERD and joint business agreement[22]
Sep–Nov 2026	Arena tour "Once Upon a Stellar" (4 cities, 5 shows)[4]
February 11, 2027	Midnight Grand Orchestra Makuhari Messe (scheduled)[3]

References

[1] COVER Corporation. "Toward the 'Next Stage' of VTuber Culture: Announcement Regarding the Establishment of Personal Agency 'Studio STELLAR' and Transition to New Support Structure for Hoshimachi Suisei." PR TIMES (2026-03-22). https://prtimes.jp/main/html/rd/p/000001231.000030268.html

[2] entamerush. "Toward the 'Next Stage' of VTuber Culture: Hoshimachi Suisei Establishes Personal Agency 'Studio STELLAR.'" (2026-03-22). https://entamerush.jp/675244/

[3] NERD Inc. "Hoshimachi Suisei: New Artist Agency 'NERD' with Mimicry Meta Officially Launches." PR TIMES (2026-03-22). https://prtimes.jp/main/html/rd/p/000000002.000180170.html

[4] nixie. "Hoshimachi Suisei 8th Anniversary Major Announcement Summary | Studio STELLAR Establishment & Arena Tour 'Once Upon a Stellar.'" Hatena Blog (2026-03-22). https://nixie.hatenablog.com/entry/2026/03/22/212311

[5] livefans. "Hoshimachi Suisei Nippon Budokan Live 'SuperNova' 2025/02/01." https://www.livefans.jp/events/1736528

[6] KAI-YOU. "Hoshimachi Suisei Selected for Forbes' '30 Under 30 Changing the World.'" (2025-08-25). https://kai-you.net/article/93228

[7] Dengeki Online. "VTuber Graduations: FY2025 Summary — hololive Members Gawr Gura, Amane Kanata, Murasaki Shion." (2026-01-02). https://dengekionline.com/article/202601/60362

[8] Netohapi! "Graduated hololive Members! Reasons and What Happened After." https://www.netohapi.com/entry/yameholo

[9] @DIME. "The Shock of Amane Kanata's Graduation: Can COVER, Rushing to Expand Personnel, Improve Management?" (2025). https://dime.jp/genre/2061976/

[10] PANORA. "Asking COVER's Tanigo: 'What Do You Think About the Successive hololive Graduations?'" (2025-05-13). https://panora.tokyo/archives/108282

[11] note (karuta). "COVER Corporation 9th Annual General Meeting of Shareholders." (2025-06). https://note.com/karuta54/n/n183692e3f7f4

[12] Yano Research Institute. "Survey on the VTuber Market (2023)." (2023-07-25). https://www.yano.co.jp/press-release/show/press_id/3304

[13] logmi finance. "COVER: Revenue +43.9% YoY, Gross Profit +55.9% YoY, Significant Increases." (2025-05). https://finance.logmi.jp/articles/381579

[14] gamebiz. "COVER FY2025: Revenue Up 43%, Operating Profit Up 44%." (2025-05). https://gamebiz.jp/news/405589

[15] Mogura VR. "COVER Corporation Announces FY2026 Q3 Results: Revenue of 34.6 Billion Yen, +20.2% YoY." (2026-02). https://www.moguravr.com/cover-2026-q3-financial-results/

[16] uyet.jp. "Nijisanji Earnings Analysis: ANYCOLOR's Revenue Model, Mid-Term Strategy, and Growth Potential." https://uyet.jp/media/vtuber-insights/anycolor-strategy/

[17] note (suikabatake). "COVER [5253]: Don't Think of It as 'Just a VTuber Agency.'" https://note.com/suikabatake/n/n832c1f8cc4fb

[18] Real Sound. "Hoshimachi Suisei Achieves THE FIRST TAKE's Highest Concurrent Viewership of 160,000." (2023-01). https://realsound.jp/2023/01/post-1243197.html

[19] billboard JAPAN. "Hoshimachi Suisei's 'Bibbidiba' Becomes First VTuber Song to Surpass 100 Million Cumulative Streams." (2024). https://www.billboard-japan.com/d_news/detail/145493/2

[20] hololive Official. "Hoshimachi Suisei Live Tour 2024 'Spectra of Nova.'" https://spectraofnova.hololivepro.com/

[21] Famitsu. "Hoshimachi Suisei Budokan Live Re-performance Confirmed for February 21, 2026." (2025-11). https://www.famitsu.com/article/202511/57939

[22] COVER Corporation. "Notice Regarding Investment in NERD Inc. and Execution of Joint Business Agreement." TSE Timely Disclosure / Nikkei Disclosure (2026-03-23). https://www.nikkei.com/nkd/disclosure/tdnr/20260323586039/

[23] Traders Web. "COVER — Sharp Decline as Affiliated VTuber Hoshimachi Suisei Establishes Personal Agency." Yahoo! Finance (2026-03-23). https://finance.yahoo.co.jp/news/detail/5792cd13a252eef01a61d4f64e244a69a237545c

[24] IG Securities. "Nikkei 225 Weekly Outlook (Week of 3/23): Hawkish Tilt from Central Banks Abroad, Watch for Reversal Signs Amid 50,000 Breach Concerns." (2026-03-22). https://www.ig.com/jp/news-and-trade-ideas/japan-stock-markets-forecast-this-week-and-key-level-of-nikkei22-260322

[25] KAI-YOU. "Hoshimachi Suisei Establishes Personal Agency 'Studio STELLAR' — Continues as hololive Production Affiliate." (2026-03-22). https://kai-you.net/article/94935

[26] hololive FANCLUB Official Site. https://hololive-fc.hololivepro.com/

[27] COVER Corporation. "Notice Regarding the Launch of 'hololive FANCLUB' (launched October 15, 2025; legacy Official Fan Club app to be discontinued around March 2026)." (2025-09-24). https://cover-corp.com/news/detail/20250924-01

[28] ORICON NEWS. "hololive Launches New Fan Club 'hololive FANCLUB' on October 15 — Annual Fee 6,600 JPY." (2025-09-24). https://www.oricon.co.jp/news/2408239/full/

[29] ITmedia News. "hololive Official Fan Club 'hololive FANCLUB' Launches October 15." (2025-09-24). https://www.itmedia.co.jp/news/articles/2509/24/news117.html

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This article is based on publicly available information and includes the author's personal views. All figures are based on their respective sources, referencing COVER Corporation's official IR materials, timely disclosures, PR TIMES press releases, and various media reports.