COVER Corporation

• Native Name — ホロライブプロダクション • Name — Hololive Production • Industry — Virtual YouTuber agency • Brands — * Hololive (JP, ID, EN) • Holostars (JP, EN) • Owner — Cover Corporation • Website — * en.hololive.tv • hololivepro.com

• Name — Cover Corporation • Native Name — カバー株式会社 • Type — Kabushiki-gaisha • Isin — JP3218500001 • Industry — * Virtual Reality (former) • Streaming • Concert • Merchandising • Licensing • Founders — * Motoaki Tanigo • Ikko Fukuda • Num Employees — 679 • Num Employees Year — May 2025 • Owner — Motoaki Tanigo (36.78 %) 12 West Capital Management LP (7.006 %) Ikko Fukuda (3.971 %) STRIVE, Inc. (2.632 %) Masao Ito (1.418 %) Arcus Investment Ltd. (1.402 %) Kimiyuki Suda (1.271 %) BlackRock (0.57%) • Subsidiaries — * CCMC Corp. • Cover USA, inc. • Area Served — Worldwide • Key People — * Motoaki Tanigo • (President, CEO & founder) • Ikko Fukuda (Director, CTO & co-founder) • Revenue — ¥43.401 billion • Revenue Year — FY2025/3 • Operating Income — ¥8.001 billion • Income Year — FY2025/3 • Net Income — ¥5.559 billion • Net Income Year — FY2025/3 • Assets — ¥33.060 billion • Assets Year — FY2025/3 • Website — cover-corp.com • Hq Location — Mita • Hq Location City — Minato, Tokyo • Hq Location Country — Japan also known as just (both names stylized in lowercase), is a virtual YouTuber agency owned by Japanese tech entertainment company In addition to acting as a multi-channel network, Hololive Production also handles licensing, merchandising, music production and concert organization. As of May 2025, the agency manages 88 active VTubers in three target languages (Japanese, Indonesian and English), totaling over 80 million subscribers, including several of the most subscribed VTubers on YouTube and some of the most watched female streamers in the world. The name "Hololive" was initially used for Cover's 3D stream distribution app, launched in December 2017, and later its female VTuber agency, whose first generation debuted from May to June 2018. In December 2019, Hololive was merged with Cover's male Holostars agency and INoNaKa music label under the unified "Hololive Production" brand.

• Illustration — Cover's logo from 2016 to 2019 Cover Corporation was founded on 13 June 2016 by an entrepreneur who had developed video game characters in collaboration with Sanrio at the content company Imagineer and founded various startup companies. Cover at first focused on augmented (AR) and virtual reality (VR) software, and received funding from incubator firms Tokyo VR Startups and Recruit. At the end of March 2017, the company showcased a tech demo for a program enabling real-time avatar motion capture and interactive, two-way live streaming. According to Tanigo, the idea for a "virtual idol" agency was inspired by other virtual characters, such as Hatsune Miku. Kizuna AI, who began the virtual YouTuber trend in 2016, was another likely inspiration. Cover debuted Tokino Sora, the first VTuber using the company's avatar capture software, on 7 September 2017. On 21 December, the company released hololive, a smartphone app for iOS and Android enabling users to view virtual character live streams using AR camera technology. On 5 April 2018, Cover removed the application's AR features and changed it into a tool for mapping a user's facial movements onto animated avatars in real-time. This update enabled at-home auditions using the iPhone X. The first generation of Hololive VTubers debuted from May to June 2018, and a second generation followed in August and September. Hololive Gamers, a group specializing in let's plays, debuted in December 2018 and April 2019. On 8 January 2019, Hololive announced that it had signed a contract with the Chinese video platform Bilibili, under which it would open 15 channels on the platform and simultaneously stream there and on YouTube. It would also begin collaborating with Chinese-speaking volunteers to translate Hololive videos, and start releasing original content for the Chinese market. On 17 May, Cover opened permanent talent auditions in China and Japan. On 19 May, Cover formed an in-house music label, INoNaKa (INNK) Music, from AZKi and former independent VTuber Hoshimachi Suisei. The 1st generation of Holostars, a new all-male VTuber agency, began debuting in June 2019, followed by more in September and October of the same year. A 2nd generation of Holostars talents debuted in December 2019, and a 3rd generation would later debut in May 2020. A 3rd generation of Hololive, "Hololive Fantasy", debuted from July to August 2019. A first generation of Hololive China, a Chinese-speaking branch active on Bilibili, debuted from September 2019 to January 2020. A second generation of Hololive China later debuted in April 2020. On 2 December 2019, Cover consolidated its Hololive, INNK Music, and Holostars agencies under a unified brand named Hololive Production; the three entities continued to operate under their respective management teams. On the same day, Hoshimachi Suisei transferred to Hololive from INNK, leaving AZKi as the label's only member. A fourth generation of the original Hololive branch debuted late December 2019 and early January 2020. The generation included VTuber Kiryu Coco, who would later become the most superchatted channel on YouTube.

• Illustration — Promotional artwork for the "Nonstop Story" concert featuring all VTubers of Hololive Japan up to Generation 3 On 24 January 2020, Cover held "hololive 1st fes. Nonstop Story", a concert at the Toyosu Pit in Kōtō, Tokyo, with AZKi and all 22 pre–4th generation Hololive members. "Nonstop Story" was attended by 3000 people on site with "tens of thousands" more tuning in via livestream. On 21 and 22 December 2020, Cover held "hololive 2nd fes. Beyond the Stage", a two-day pay-per-view livestream follow-up to "Nonstop Story", featuring the same cast as well as the 4th generation members as an opening act, as a collaboration with the Japanese entertainment company Bushiroad (as their official partner). At the concert's end, Cover announced Hololive's first original-only concert, titled "Hololive Idol Project 1st Live 'Bloom,'", which was held on 17 February 2021 at Tokyo Garden Theatre (in-person viewing was later cancelled). At the end of the concert, Cover announced a multimedia project entitled Hololive Alternative, releasing a promotional video. On 8 August 2021, Hololive announced its horror project titled "Hololive ERROR" with a live-action teaser featuring Tokino Sora. The project was revealed to be a horror game featuring Hololive members playing as in-game NPCs. A demo was released for free on 7 January 2022 in Japanese while the full version of the game was released on 16 September on Steam with both Japanese and English subtitles. A new branch of Hololive composed of Indonesian-speaking VTubers, named Hololive Indonesia, debuted its first generation in April 2020; a second generation of the branch later debuted in December 2020; A third generation of the branch debuted in March 2022. A fifth generation of the main Hololive branch debuted in August 2020. A new English-language Hololive branch, Hololive English, debuted in September 2020. IRyS, an English-language "VSinger", debuted as part of "Project: Hope" on 11 July 2021. Hololive Council, a second generation of English-language Vtubers, debuted on 22 August 2021. The sixth generation of the main Hololive branch debuted in late November 2021. On 29 December 2021, Cover announced the transfer of AZKi from INNK into the main Hololive branch. As part of the transfer process, INNK would be dissolved and its founder Tsuranimizu would step down from the position of AZKi's manager. The process was completed in April 2022. On 24 February 2022, Cover Corporation announced the termination of their contract with Hololive Generation 3's Uruha Rushia, citing violations of her contract that "caused the company to take reputational damage". At the moment of her termination, Uruha Rushia was the highest superchat earner on YouTube and within Hololive Production, the second to hold these titles after Kiryu Coco, who retired in 2021. In June 2022, Hololive GAMERS member Inugami Korone became the official brand ambassador for the Sonic the Hedgehog franchise in Japan. She would later appear in the Sonic the Hedgehog 2 film as the voice actress for one of the characters in the Japanese dub, and Korone-themed downloadable content would be released for the game Sonic Frontiers. On 18 July 2022, Cover revealed their first English-speaking male group, Holostars English Tempus, who were set to debut at the end of the same week.

In September 2020, Kiryu Coco and Akai Haato each mentioned Taiwan on-stream while discussing YouTube channel analytics, which then listed Taiwan as a country in the Japanese interface. Their comments sparked outrage among viewers in mainland China, and were followed by a statement from Cover in Japanese, English, and Chinese on 27 September. In it, the company faulted the talents for "making statements insensitive to certain nationalities" and for "divulging confidential YouTube channel analytics information". Each received a three-week suspension from all activities. In a separate Chinese-only statement posted earlier on Bilibili, Cover had stated that Coco and Haato's comments did not reflect its policy on China, and reaffirmed its support for the One-China policy and its commitment to doing business in the country. Three days later, the company released another statement addressing the discrepancies between the messages, stating that the Bilibili statement was released "due to the desire to adapt it to the needs of the audience". Cover apologized for confusion it had caused, and announced changes in its procedure for releasing regional statements and the formation of a committee to prevent similar incidents. On 19 October, both resumed their streaming activities as scheduled. After a "rush of harassment, reports, and apparent boycotting on Bilibili", all six members of Hololive China retired on different dates in late 2020.

On 27 March 2023, Cover underwent an IPO and began trading on the Tokyo Stock Exchange. On 11 May 2023, Cover announced the opening of a new studio facility, which took over 2.7 billion yen to construct. With the goal of increasing speed, creative freedom, and production quality, the new facility includes motion capture, green screen filming, and recording functions all within a single floor, with a total area exceeding ten tennis courts. The motion capture room is equipped with over 200 VICON cameras to improve tracking precision, while the recording studio meets professional music industry standards and is capable of producing album-quality audio. In July 2023, Hololive Production announced a joint imprint label, Holo-n, with Universal Music Japan sublabel EMI Records. Holo-n's first undertaking was Blue Journey, a music group of Hololive-affiliated VTubers which featured songs with melancholic and negative emotions. On 15 November 2023, Cover announced an amendment of their community works guideline which allow the monetization of fanworks on video sharing platform such as YouTube. They also introduced a new set of guidelines specifically for fans games as well as unveiling their own publishing label for fangames named "holo indie". The announcement came in the wake of several popular Hololive fangames releasing on Steam throughout 2023 such as HoloCure and Idol Showdown. The brand is part of Cover's then newly established CCMC Corp. (Creator Community Company) subsidiary which focuses on licensing their Hololive IP for game developers. On 12 March 2024, Cover revealed that they would be establishing a U.S.-based subsidiary to facilitate localized event planning and sales. Cover USA opened its office in Los Angeles in July 2024. The same month, Cover hosted the "hololive SUPER EXPO 2024" and "5th Fes. Capture the Momen" events in Tokyo, attracting a record-breaking number of 86,000+ attendees to the event. In July 2024, Hololive conducted its first collaboration with a U.S. professional sports team, sponsoring a theme night at a Los Angeles Dodgers Major League Baseball game on July 5, including special merchandise and appearances by talent such as Gawr Gura, Pekora, and Suisei; the Los Angeles Times noted that this promotion (which also coincided with Anime Expo at the Los Angeles Convention Center) served a dual purpose of helping Hololive expand its audience, while also helping to promote the team to its Japanese fanbase amid their signing of Shohei Ohtani. The collaboration returned in the 2025 season, featuring Hololive English members Ninomae Ina'nis, IRyS, and Koseki Bijou. In October 2025, Hololive member Hoshimachi Suisei was featured on the cover of Forbes Japan and was also named on the magazine's "30 Under 30" list.

On 22 March 2026, Hoshimachi Suisei announced the launch of her personal music agency, Studio Stellar. In the a following livestream, Hoshimachi clarified that the move does not represent a departure from Hololive, stating that she would continue streaming activities as a Hololive member and will continue to participate in Hololive events and collaborations. Cover subsequently issued a statement confirming its support for the new arrangement, framing it as a step toward advancing VTuber culture into its next stage. On 3 April 2026, Cover announced a "change in management structure" for Holostars, effective as of the 2026-2027 fiscal year, citing business sustainability concerns resulting in a closure of "company-led activities" in favor of a "focus on individual activities". The changes were expected to limit or end company-led projects and initiatives, company studio support, merchandise offerings, and music production. This change is expected to apply solely to Holostars' Japanese talents and does not affect Holostars EN. On 26 May 2026, Cover announced that six out of the twelve Japanese Holostars talents at the time decided to end their streaming activities, with their final streams to be held throughout June and July. In May 2026, Cover reported a net loss of 910 million yen for the 2025-2026 fiscal year, driven largely by its metaverse project holoEarth, which alone resulted in a 3.3 billion yen write-off. In a subsequent press conference, CEO Motoaki Tanigo acknowledged that the company had overextended itself by pursuing too broad a strategy, and announced a shift toward concentrating capital on talent development and artist value creation as the core medium-to-long-term strategy. Tanigo also admitted that the male talent division Holostars had suffered from a supply-side management approach that failed to account for the distinct preferences of its female audience. Looking ahead, Tanigo stated that Cover plans to invest in proprietary streaming technology, launch a new trainee program called mekPark, and expand cross-media projects and live events.

Along with its major competitor Nijisanji, a VTuber agency owned by Anycolor, Inc., Hololive Production dominates the corporate VTuber market as of 2022. By "harness[ing] the entertainment value of both streaming and J-pop idol groups", Cover operates at a scale not possible for independent VTubers, and has used its funding to create merchandise, produce music, and host live 3D events. As of 2021, Cover has held three major funding rounds: • August 2017 – 30 million yen (US$280,000) in seed funding from venture capital firms Mizuho Capital, TLM, and angel investors • June 2018 – 200 million yen (US$1.9 million) in a Series A round from GREE Ventures, OLM Ventures, and Mizuho Capital • May 2020 – 700 million yen (US$6.6 million) from various sources, including Hakuhodo DY Ventures and SMBC Venture Capital Most Hololive streamers work full-time, while others stream as a side job. According to data collection site Playboard, the all-time top Super Chat earners in history are channels run by Hololive talents: Uruha Rushia, Kiryu Coco, Usada Pekora and Houshou Marine. Other talents featured in the all-time top 10 include Minato Aqua, Amane Kanata and Yukihana Lamy. By September 2020, Hololive channels had more than 10 million combined subscribers on YouTube, and 10 million additional combined subscribers on Chinese platform Bilibili. As of 2021 November, the agency has accumulated over 50 million subscribers across its 80+ channels on YouTube. On 22 October 2020, English VTuber Gawr Gura became the first Hololive member to reach 1 million YouTube subscribers; on 17 January 2021, she became the first Hololive member to reach 2 million subscribers on the platform and the second VTuber to do so, after Kizuna AI. Gawr Gura became the first VTuber to reach 3 million subscribers on YouTube on 4 July 2021, having surpassed Kizuna AI at 2.97 million on 30 June. According to data analysis firm Stream Charts, Usada Pekora is one of the most popular female streamers globally by watch hours including in 2023 where she was number one. Alongside her, Hakui Koyori, Sakura Miko and Oozora Subaru was also among the top 10 for that year ranking. According to Tanigo, Hololive's primary audience are mostly males in their mid-teens to mid-thirties, with Japanese fans being mostly those who are interested in video games while overseas viewers are more likely to be anime fans specifically. Hololive's overseas audiences are primarily from North America and Asia, especially southeast Asia. According to Cover's FY2025/3 Financial Report, overseas viewers represented 30% of their viewership and contributed 10 billion yen worth of the revenue for that year (slightly less than a quarter of their total revenue). CEO Motoaki Tanigo was selected as one of the Japan's Top 20 Entrepreneurs by Forbes Japan in its January 2022 issue.

Cover Corp invested 2.7 billion yen for a new motion capture studio, which opened in May 2023. The facility includes motion capture, green screen filming, and recording functions. The motion capture room is equipped with over 200 VICON cameras to improve tracking precision. The recording equipment is capable of producing music industry standard audio capture. With a space equivalent to ten tennis courts, the studio is one of the largest of its kind in Japan.

According to its quarterly financial results and presentations, Cover operates as a vertically integrated entertainment business, built around 4 revenue streams: • Streaming/Content • Concert/Events • Merchandising • Licensing/Collaborations. Cover describes its business model as a "flywheel," where talents create valued content that drives community growth, and, in turn, fuels cross-business monetization through live events, merchandise, trading card games, and IP licensing partnerships. For the fiscal year ended March 31, 2026, Cover reported revenue of 49.33 billion yen, a 13.7% year-on-year increase, driven primarily by strong performance in Concerts/Events (+18.7%) and Licensing/Collaborations (+25.3%). Operating profit declined 11.8% YoY to 7.06 billion yen, and net profit fell 45.7% to 3.02 billion yen. The earnings decline was largely attributable to one-time non-cash charges: a 3.3 billion yen impairment loss on assets related to the discontinued metaverse project "holoEarth," and 1.8 billion yen in write-downs of slow-moving merchandise inventory accumulated during an SKU expansion period in 2023 and 2024. Excluding these charges, management indicates that core cash generation continued to grow steadily. In response to the results, Cover has formally transitioned from a "quantitative expansion" phase to a "qualitative expansion" phase, concentrating capital investment on talent value creation as its central medium-to-long-term strategy. Key operational priorities include establishing a structured talent development pipeline through permanent auditions and the newly launched trainee program "mekPark", integrating holoEarth's accumulated technologies into existing streaming infrastructure, expanding global licensing and supply chain operations, and releasing its first major smartphone title, "hololive Dreams," in FY2027. The company has also implemented organizational restructuring to simplify decision-making and strengthen investment evaluation discipline. In its FY2026/3 financial report and the subsequent press conference, CEO Motoaki Tanigo stated that Cover has outlined a FY2027 revenue of 51.35 billion yen and operating profit of approximately 7.0 billion yen, noting a front-loaded investment stance in the first half as it builds out talent management and creative production systems. Medium-term targets remain unchanged at 100 billion yen in revenue and 25 billion yen in operating profit by FY2030, to be achieved primarily through organic growth with strategic merger and acquisition and external partnerships remaining open options. The company also authorized a share buyback program of up to 3 billion yen through July 2026 as part of its capital efficiency initiatives.

Below are all active and former talents of Hololive. Cover • Branch — Primary language • Hololive, Hololive DEV_IS, and Holostars — Japanese • Hololive English and Holostars English — English • Hololive Indonesia — Indonesian

Generation 0 • Tokino Sora • Roboco-san • Sakura Miko • Hoshimachi Suisei • AZKi ja Generation 1 • Aki Rosenthal • Akai Haato • Shirakami Fubuki • Natsuiro Matsuri Generation 2 • Nakiri Ayame • Yuzuki Choco • Oozora Subaru Hololive GAMERS • Shirakami Fubuki • Ookami Mio • Nekomata Okayu • Inugami Korone Generation 3 (Hololive Fantasy) • Usada Pekora • Shiranui Flare • Shirogane Noel • Houshou Marine Generation 4 (holoForce) • Tsunomaki Watame • Tokoyami Towa • Himemori Luna Generation 5 (NePoLaBo) • Yukihana Lamy • Momosuzu Nene • Shishiro Botan • Omaru Polka Generation 6 (Secret Society holoX) • La+ Darknesss • Takane Lui • Hakui Koyori • Kazama Iroha

ReGLOSS • Otonose Kanade • Ichijou Ririka • Juufuutei Raden • Todoroki Hajime FLOW GLOW • Isaki Riona • Koganei Niko • Mizumiya Su • Rindo Chihaya • Kikirara Vivi

Generation 1 (AREA 15) • Ayunda Risu • Moona Hoshinova • Airani Iofifteen Generation 2 (holoro) • Kureiji Ollie • Anya Melfissa • Pavolia Reine Generation 3 (holoh3ro) • Vestia Zeta • Kaela Kovalskia • Kobo Kanaeru

Myth • Mori Calliope • Takanashi Kiara • Ninomae Ina'nis Promise • IRyS • Ouro Kronii • Hakos Baelz Advent • Shiori Novella • Koseki Bijou • Nerissa Ravencroft • Fuwawa Abyssgard • Mococo Abyssgard Justice • Elizabeth Rose Bloodflame • Gigi Murin • Cecilia Immergreen • Raora Panthera

Generation 1 • Kanade Izuru Generation 2 (SunTempo) • Astel Leda • Yukoku Roberu Generation 3 (MaFia) • Aragami Oga UPROAR!! • Yatogami Fuma • Utsugi Uyu

TEMPUS Headquarters • Regis Altare • Axel Syrios TEMPUS Vanguard • Gavis Bettel • Machina X Flayon • Banzoin Hakka • Josuiji Shinri ARMIS • ジュラルド・ティー・レクスフォード • Goldbullet • Octavio • Crimzon Ruze

Different from the main talents, these are supporting staff members with virtual avatars who host streams for official channels among other promotional duties. • Izuki Michiru • Hanazono Sayaka • Kazeshiro Yuki

Unit B • Yoinagi Neon • Reimei Mira • Kiyosumi Lyra ACHRORA • Sumishio Sayana (墨汐さやな) • Rumigaki Rirara (琉海垣りらら) • Yuikawa Hinami (由比河ひなみ)

Hololive • Hitomi Chris • Mano Aloe • Kiryu Coco • Uruha Rushia • Yozora Mel • Minato Aqua • Sakamata Chloe • Murasaki Shion • Amane Kanata Hololive DEV_IS • Hiodoshi Ao Hololive English • Tsukumo Sana • Watson Amelia • Ceres Fauna • Nanashi Mumei • Gawr Gura Hololive China • Yogiri • Civia • Spade Echo • Doris • Rosalyn • Artia Holostars • Kagami Kira • Yakushiji Suzaku • Tsukishita Kaoru • Hizaki Gamma • Hanasaki Miyabi • Kishido Temma • Rikka • Arurandeisu • Minase Rio • Kageyama Shien Holostars English • Magni Dezmond • Noir Vesper Staff • Friend A • Harusaki Nodoka • Notes

All group releases to date have been performed by "hololive IDOL PROJECT", a group that consists of different talents for each release.

• Album — Artist — Release date — Catalog number — Peak chart position • Bouquet — hololive IDOL PROJECT — 21 April 2021 — HOLO-001 — 4 (Oricon)

• "Halloween Night, Tonight!" (今宵はHalloween Night!) – 23 October 2020 • "Tsumari wa Itsumo Kujikenai!"/"Make-Up True!" – 1 September 2021, performed by sub-unit NEGI☆U (Minato Aqua, Oozora Subaru, and Momosuzu Nene), used as ending theme for the anime The Great Jahy Will Not Be Defeated!. Debuted at #17 on the Oricon Singles Chart. • "Prism Melody" - 13 March 2022 - Released as lead up to "Link Your Wish". • "Our Bright Parade" - 9 March 2023 - Released as lead up to "Our Bright Parade" • "Seishun Archive" - 2 July 2023 - Released as lead up to "Splash Party" • "Capture The Moment" - 7 March 2024 - Released as lead up to "Capture The Moment" • "Color Rise Harmony" - 27 February 2025 - Released as lead up to "Color Rise Harmony"