
Hololive’s IPO: why a virtual talent agency became a real‐world market darling
On March 27, 2023, Cover Corporation, the operator of Hololive, listed on the Tokyo Stock Exchange's Growth Market with a market capitalization of 70 billion yen. This marked the world's first IPO for a company specializing in virtual talent. The company's vertically integrated “content × tech” model, which includes owning avatar IP and in-house development of motion capture and streaming infrastructure, was recognized by the capital market.