COVER

What COVER does

COVER Corporation is a Japanese entertainment-technology company founded in June 2016 by Motoaki Tanigo (YAGOO) that operates hololive production, the world's largest VTuber talent agency managing approximately 89 virtual YouTubers across Japanese (hololive, HOLOSTARS), English-language (hololive English, HOLOSTARS English), and Indonesian (hololive Indonesia) groups, plus newer projects such as hololive DEV_IS. Listed on the Tokyo Stock Exchange Growth Market (ticker 5253) in March 2023, COVER has built a vertically integrated content-and-technology platform combining a proprietary VTuber streaming application with facial and body tracking, an in-house Vicon VALKYRIE optical motion-capture studio using 200+ cameras, markerless home-based mobile motion-capture technology, and Unreal-Engine-driven 3D production pipelines that deliver weekly animation series and large-scale concerts. The company has 679 employees (May 2025), a combined YouTube audience of 97M+ subscriptions and 200B+ views, and product offerings spanning hololive Dreams smartphone gaming (jointly developed with QualiArts), the hololive OFFICIAL CARD GAME with Sony sensing technology, the holo Indie publishing label hosting 30+ games, original music releases via hololive RECORDS, merchandise, and live events. Cover USA, established in Los Angeles in 2024, leads North American B2B development.

The business model is diversified across consumer and enterprise revenue streams: recurring subscription revenue from hololive FANCLUB and the ホロプラス (holo+) community app, physical and digital merchandise sales through its own e-commerce (shop.hololivepro.com) and physical retail in Tokyo Station, Harajuku, and Osaka Umeda, live event ticketing via SPWN/ZAIKO and AXS, freemium mobile gaming with in-app purchases, and licensing/brand-collaboration income from enterprise partners including Red Bull, Nissin Foods, FamilyMart, Square Enix, Gakken, Beard Papa's, Twitch, and Sony. Consumer fans (teens to late 30s, predominantly anime/VTuber enthusiasts) buy merchandise, attend events, and subscribe; corporate customers access hololive IP for youth-engagement marketing and cross-promotion. Recent strategic moves include the HOLOSTARS male group restructuring to an individual-led model (May 2026), the announced termination of the HoloEarth metaverse service (June 2026), the launch of the mekPark talent development program (May 2026), a capital-and-joint-business alliance with NERD Inc. (March 2026), and ongoing international expansion through Cover USA and the hololive STAGE tour — all under founder/CEO Motoaki Tanigo.

Name

COVER

Legal name

カバー株式会社 (Cover Corporation)

Website

https://cover-corp.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

COVER Corporation operates hololive production, the world's largest VTuber talent agency managing ~89 virtual YouTubers across Japanese, English, and Indonesian markets, generating revenue from streaming, merchandise, brand collaborations, live events, subscriptions, and mobile gaming.

Ownership category

akta.pro rank

Product category

Virtual Entertainment & VTuber Production

NAICS

Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures (7114), Promoters of Performing Arts, Sports, and Similar Events with Facilities (71131), Graphic Design Services (54143)

SIC

Services-Motion Picture & Video Tape Production (7812), Services-Advertising (7310)

akta.pro primary industry

Gaming-Focused Live Streaming Platforms (MPACACAB)

akta.pro secondary industries

Player Acquisition & Growth Operations (UA Ops, ASO, Creative Ops) (MPAFAKAK), Monetization Operations (Pricing, Offers, Storefront Ops, Ad Ops) (MPAFAKAI)

Keywords

• VTuber talent management
• Virtual live streaming
• Digital entertainment production
• Motion capture technology
• Anime character merchandise

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. VTuber Production / Talent Management: Management and operation of ~89 VTuber talents across hololive, hololive Indonesia, hololive English, hololive DEV_IS, HOLOSTARS, and HOLOSTARS English groups. Revenue generated through talent activities including streaming, appearances, and content creation.
2. Merchandising and Goods Sales: Physical and digital merchandise including commemorative goods, collaboration products, debut items, and event merchandise sold through official EC site (shop.hololivepro.com), physical retail locations, and partner stores. Products often sell out within minutes of release.
3. Licensing and Brand Collaborations: Corporate partnerships featuring VTuber talent in promotional campaigns, product collaborations with major brands (Red Bull, Nissin, FamilyMart, Square Enix, etc.), CM appearances, and IP licensing for third-party products.
4. Live Events and Concerts: Ticket sales for online and offline music concerts and events featuring VTuber talent. Includes both physical venue events and streaming ticket sales through platforms like SPWN and ZAIKO. Premium pricing for limited-edition live experiences.
5. Official Fan Club and Platform Subscriptions: hololive FANCLUB subscription service providing exclusive content, plus ホロプラス (holo+) app offering fan community features and premium content access.
6. Game Publishing (holo Indie): Indie game publishing label supporting derivative content creators. Platform hosts over 30 games based on hololive IPs, providing monetization opportunities for fan-made games.
7. Mobile Gaming (hololive Dreams): First official smartphone game jointly developed with QualiArts, featuring 50+ talents and 150+ songs with free-to-play model and in-app purchases. Pre-registrations exceeded 1 million.
8. Digital Music Distribution: Original music releases by VTuber talents through music streaming platforms and direct sales. EP/album releases, single releases, and music downloads generating revenue from digital sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels9 records

Core offering

COVER Corporation operates the hololive production VTuber talent agency, managing approximately 89-90 virtual YouTubers across Japanese, English, and Indonesian groups who livestream on YouTube, perform 3D concerts, and produce original content. Beyond talent management, the company develops and publishes games (hololive Dreams smartphone game, holo Indie publishing label), operates subscription fan club platforms and mobile apps, sells official merchandise through e-commerce and physical retail, licenses IP for brand collaborations, and runs ticketed live events globally.

Product overview

COVER Corporation operates a comprehensive entertainment technology platform centered on the hololive production VTuber agency, managing approximately 90 virtual talents globally. The product portfolio includes: hololive production (core VTuber talent platform with YouTube channels and group management), hololive Dreams (jointly developed smartphone game with QualiArts), Holoearth (metaverse platform, service ending June 2026), holo Indie (indie game publishing), hololive RECORDS (music label), hololive OFFICIAL CARD GAME (trading card game), hololive FANCLUB and ホロプラス (fan engagement apps), MekPark (talent development), and physical retail operations. The platform generates revenue through subscriptions, sponsorship, merchandising, licensing, live events, and international expansion.

Differentiator

Problem solved

Functional benefit

Brands

• hololive: Primary female VTuber group under hololive production, the largest VTuber brand globally with 32 talents as of 2025
• HOLOSTARS
• hololive Indonesia
• hololive English
• hololive DEV_IS
• holo Indie
• ホロアース (HoloEarth)
• ホロプラス (holoplus)
• hololive FANCLUB
• カバー株式会社

Products and services

• hololive production Core VTuber talent management platform operating approximately 89-90 virtual YouTubers across groups including hololive, hololive Indonesia, hololive English, HOLOSTARS, and HOLOSTARS English; encompasses talent planning, streaming operations, 3D live performance, and global content distribution primarily via YouTube.
• hololive Dreams (ホロドリ) Free-to-play smartphone game jointly developed by COVER and QualiArts featuring 50+ hololive talents and 150+ songs in theme park management gameplay with areas including Harmony Garden and Megasphere.
• holo Indie Indie game publishing label supporting creators making derivative content based on hololive IPs, hosting 30+ games with monetization support and lower-barriers to game development for fan creators.
• hololive RECORDS In-house music label producing and releasing original songs, EPs, and albums by VTuber talents through music streaming platforms and direct digital sales.
• hololive OFFICIAL CARD GAME Official trading card game featuring hololive talents, co-developed with Bushiroad, including Sony's TCG Sensing System technology integration for physical-digital gameplay experiences.
• holo Plus (ホロプラス) Official smartphone application providing fans with hololive production news, schedules, and community engagement features including fan interactive content.
• hololive FANCLUB Official subscription fan club site offering exclusive content, events, and premium experiences unavailable elsewhere for hololive fans.
• MekPark Talent development and training program where trainees and directors work as a unit for up to two years toward professional debut, evaluated through competitions, activity data, and fan support.
• Official Merchandise Store Official e-commerce site (shop.hololivepro.com) and physical retail locations selling hololive production commemorative goods, collaboration products, debut items, and event merchandise.
• Live Concerts and Events Ticketed online and offline music concerts and events featuring VTuber talent, distributed via SPWN, ZAIKO, and AXS ticketing platforms with prices ranging from venue SS seat ¥13,400 to streaming tickets ¥6,800; events include hololive SUPER EXPO and 3D live performances.

Quantifiable outcome

• 97.15 million+ combined YouTube channel subscriptions globally
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability6 records

Feature5 records

Partnerships

19 partnerships are on record, tiered minor, core and major.

• Anique Inc.minorGTM or Marketing Partner · 16 June 2026Licensed merchandise partnership for hololive English 'Diner Caravan' exhibition at Anime Expo 2026. Anique debuts officially licensed merchandise collection featuring Shugao illustrations with online sales via GonkBonk.
• QualiArts Inc.coreStrategic or Co-development Partner · 29 May 2026Joint development partnership for hololive Dreams smartphone game - the first official mobile game for hololive production. QualiArts serves as co-developer and distributor, with COVER as co-developer and operator. Game features 50+ talents and 150+ songs with free-to-play model.
• JR Tokai (JR東海)minorGTM or Marketing Partner · 29 May 2026'Osu Tabi' collaboration with hololive Dreams featuring Nagoya Station promotional activities and talent advertising at Tokyo Station and Shin-Osaka stations.
• Gakken (株式会社Gakken)majorGTM or Marketing Partner · 8 May 2026Collaboration publishing 'Sakura Miko ga Wakaru Series' - a study guide series for middle school students covering English, math, kanji, and geography. Available at nationwide bookstores with Amazon exclusive bonus sets.
• Sony Corporation (索尼株式会社)majorTechnology or Integration · 30 March 2026TCG sensing system collaboration for hololive OFFICIAL CARD GAME (ホロカ). Sony's latest sensing technology enables demonstration experiments for physical-digital card gameplay integration at events.
• NERD (株)majorStrategic or Co-development Partner · 23 March 2026Investment and joint business contract announcement. COVER announced capital partnership and collaborative business agreement with NERD.
• Beard Papa'smajorGTM or Marketing Partner · 27 February 2026Limited-time tote bag promotion featuring hololive English -Justice- talents. Customers receiving exclusive tote bag with purchase of 12 collaboration cream puffs featuring four limited-edition flavors at participating US locations and online.
• TwitchmajorGTM or Marketing Partner · 29 October 2025First Hololive collaboration on Twitch featuring 'Holoday' event on November 20. Partnership aims to increase Hololive presence on Twitch while maintaining YouTube activities, featuring Hololive VTubers streaming on Twitch platform.
• Cover USA ( Subsidiary)coreOthers · 1 January 2024First overseas subsidiary established in 2024 in Los Angeles for local B2B sales activities, event coordination, and North American market expansion.
• holo Indie (fan-made game creators)coreStrategic or Co-development Partner · 1 January 2023Indie game publishing label launched to support creators making derivative content based on hololive IPs. Initiative responds to popularity of fanmade games like HoloCure, enabling monetization for creators. Platform hosts over 30 games with goal of 'lowering stakes of game development' per CEO Motoaki Tanigo.
• Red Bull JapanmajorGTM or Marketing PartnerPromotional partnership featuring hololive talents in brand campaigns and content collaborations.
• Nissin Foods (日清食品)majorGTM or Marketing PartnerCM appearance collaborations featuring hololive VTuber talents in promotional campaigns.
• FamilyMart (ファミリーマート)majorGTM or Marketing PartnerProduct collaboration and promotional campaigns featuring hololive talents at FamilyMart convenience stores.
• Square EnixmajorGTM or Marketing PartnerCollaborations and promotional partnerships with VTuber talents in gaming-related content.
• BushiroadmajorStrategic or Co-development PartnerJoint development of hololive OFFICIAL CARD GAME (ホロカ). Partnership includes TCG sensing system technology collaboration with Sony Corporation for physical-digital card gameplay integration.
• Asahi Broadcasting Corporation (朝日放送)minorGTM or Marketing PartnerMedia partnerships for VTuber content and promotional collaborations.
• Nitori (ニトリ)minorGTM or Marketing PartnerProduct collaboration partnerships featuring hololive merchandise at Nitori home goods stores.
• GonkBonkminorChannel Partner/ Reseller/ DistributorOfficial e-commerce partner for hololive English 'Diner Caravan' merchandise, operating online sales at gonkbonk.com.
• Albirex Niigata FCminorGTM or Marketing PartnerSpecial day collaboration event with Albirex Niigata FC (S) featuring hololive production promotional activities.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• ANYCOLOR Inc. Operator of the NIJISANJI VTuber agency, the largest direct competitor to hololive production. Same business model of managing multiple virtual talent groups with live streaming, merchandise, and live events; comparable talent scale and Japanese market focus.
• Brave Group: Operates VSPO and other VTuber agencies with focus on esports and gaming-oriented virtual talent. Direct competitor in the VTuber agency model with similar revenue streams from streaming, events, and merchandise.
• 774 Inc. Operates the Re:AcT VTuber agency and other virtual talent projects. Emerging direct competitor in the Japanese VTuber management space with similar talent-driven content and monetization model.
• KAMITSUBAKI STUDIO: Virtual artist and VTuber agency under THINKR, with strong focus on music production and virtual singer talent. Comparable business model with emphasis on original music releases, live concerts, and music-driven fan engagement.

Broad incumbents

• Bushiroad: Major Japanese entertainment company spanning trading card games, anime, and music with mobile gaming operations. Strategic partner of COVER on the hololive OFFICIAL CARD GAME and an established player in Japanese IP-driven entertainment.
• Kadokawa Corporation: Major Japanese media conglomerate spanning publishing, anime, and games with strong character IP portfolio. Comparable as a Japanese entertainment IP operator with multi-format monetization (media mix), though on a much larger scale and broader content scope.
• Aniplex: Sony subsidiary specializing in anime production, distribution, and merchandising. Comparable as a Japanese anime IP company with strong fan community engagement and diversified revenue across anime, games, and merchandise.
• Sanrio: Iconic Japanese character IP company managing Hello Kitty and other franchises. Comparable as a character-IP business with global licensing, merchandise, and fan community monetization, though with traditional (non-virtual) characters.
• Square Enix: Major Japanese game publisher and anime content company with established IP (Final Fantasy, Dragon Quest). Strategic partner of COVER and comparable as a Japanese entertainment IP holder with global reach across games, anime, and merchandise.
• Avex Group: Major Japanese entertainment conglomerate with music, artist management, and live event operations. Comparable in artist/talent management and live event production, though COVER specializes in virtual talent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cover_corp
• LinkedInlinkedin.com/company/cover-corp
• Facebookfacebook.com/cover-980240272099333

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about COVER