Ever feel like VTubing is a little top-heavy? That is, major agencies get all the money, while indie VTubers tend to struggle? Six researchers from North American universities decided to dig into the data on Super Chats on YouTube, studying “over 1 million hours of publicly available streaming records from 1,923 VTubers on YouTube.” Their results paint a complicated picture of the contemporary VTubing landscape, suggesting the emergence of a “wealth gap” within VTubing, all at the center of a “corporate monopoly of the VTuber market.”In VTubing, ‘income distribution is highly skewed’In April 2025, academics from University of British Columbia, University of Michigan, and Stanford University came together to publish a study analyzing Super Chats and YouTube Memberships spent on VTubers. Using this data, the six were able to extrapolate information on “the financial dynamics of VTuber communities.” The study, called “Who Reaps All the Superchats? A Large-Scale Analysis of Income Inequality in Virtual YouTuber Livestreaming,” stressed that VTubers struggle significantly with “economic instabilities” and platform risks like “demonetization and algorithmic biases.” VTubers’ lifespan (or status as an active VTuber) is “highly associated with economic factors and, in particular, affiliation status,” with VTubers from larger agencies more likely to last compared to VTubers working with smaller agencies or performing as independent talent.According to the April study, Kamito was listed as the top Earning indie VTuber on YouTube, but he was “not even among the top 100 VTubers by income.” Screenshot: Kotobukiya x Kamito“VTuber incomes are highly concentrated, with only a small number of top VTubers reaping most fans and monetary earnings,” the study found. “Among all VTubers, only 75% of them had received at least one Super Chat, or one fourth of VTubers did not receive any Super Chat within the investigated period. On average, the monthly income for all VTubers is $2,667. Yet the income distribution is highly skewed, such that the median monthly income is only $127.”After looking at 6.75 million unique viewers, the study found 7.96% had sent a Super Chat, and 12.65% had purchased a membership to a VTuber. The study found that Super Chats were generally sent from a small group of “core contributing viewers,” who proceeded to spend “a disproportionally large share of income.” That’s not a surprise: Every successful VTuber has their “whales,” or people who spend a large amount of money on a streamer.Note that the study’s income data is relatively limited in scope. Its core focus is on YouTube monetization via Super Chats and YouTube Memberships to channels. It does not take into account income sources via sponsored content, or from subscription services like Patreon.VTubing, an industry marked by ‘financial inequality’ and a ‘widening wealth gap’As for who’s earning the most in VTubing? Hololive and Nijisanji. Per the report, Hololive and Niji earned “more than all other agencies combined in terms of Super Chats,” and the two “far outperformed the other agencies with more than 10 times the profits of the next largest agency.” The study also discovered independent VTubers “earned less than affiliated VTubers” (or those with an agency), and that top indie talent “earned far less than the top corporate VTubers.” In fact, “a higher percentage of independent VTubers hadn’t received any Super Chat payment in their active period at all.”The study ultimately found “financial inequality” and a “widening wealth gap in the VTuber community,” concluding that Hololive and Nijisanji “monopolize the VTuber market by owning the most profitable VTubers.” Unsurprisingly to most VTuber fans, the study’s researchers argued that these large agencies can use their funds to create some of the most beautiful and technologically advanced VTubers on the market, further increasing the wealth gap seen within the VTubing industry. Unfortunately, if you’re looking to make serious money as a VTuber, you might need to prep an audition for Niji or Hololive.“These two large agencies had a higher percentage of members and Super Chat senders than VTubers from small agencies and independent VTubers, but a smaller percentage of loyal viewers,” the study concluded. “Agencies also cultivated a loyal fanbase loyal to the brand of the agency, rather than only to individual VTubers.”VTubers aren’t active for long, and long-term talent leans toward big agenciesUsada Pekora of Hololive, as seen for “PEKORANDOMBRAIN.” Pekora is one of the most popular VTubers across the entire industry. Per the April 2025 study, she made the third most income from YouTube revenue. Screenshot: Usada PekoraMore grim news continues. Over half of VTubers studied “stopped streaming completely within three years of their first stream,” meaning the median VTuber lifespan is 24 months. Among so-called “failed” VTubers, the median is approximately 19 months. “Further breaking down by affiliations indicates that the median active period is 44 months for large agencies (Hololive & Nijisanji), 21 months for other agencies, and 28 months for independent VTubers,” the study concluded.“We find that the role of affiliation, income, membership, and unique viewership are all statistically significant in predicting the hazard ratio for VTubers, either as main effects or as interaction terms with time,” the researchers wrote. “With respect to user engagement features related to a VTuber’s streams, for each unit increase in income, and each unit increase in unique viewers, a VTuber’s risk of failure decreases slightly. Interestingly, membership count appears to significantly increase the initial base risk of a VTuber’s failure. However, membership and Super Chat income have notable interactions with time which both show a decreased risk of failure that is magnified the latter into the VTuber’s lifespan.”Although researchers found that independent VTubers and those with “non-large affiliations” were “almost 1.3 times and 2 times the baseline risk” to fail than those from large agencies, the researchers also found that agency affiliation “does not necessarily benefit the VTuber career.” Yes, agencies can protect VTubers from platform-based issues like algorithmic suppression and demonetization. However, these same companies can also “exploit VTubers” through IP ownership and “unfair labor practices, including delayed payment, harassment, and toxic work environments.” Nijisanji in particular was cited in the study for Selen Tatsuki’s termination.“Our finding suggests that independent VTubers were active for a slightly longer period than VTubers affiliated with small agencies other than Hololive and Nijisanji. Agencies are set up primarily for profit, yet a potion of independent VTubers are also motivated by intrinsic interests,” the researchers found. “Intrinsic interests can motivate some independent VTubers to persist longer even if the monetary prospect is dim. Yet the pressure to monetize in small agencies might be more likely to cause burn-out and the subsequent dropout for some affiliated VTubers.”In VTubing, the idol system works…Hololive’s Kiryu Coco was the top Super Chat earner in the study, an unsurprising fact to most long-time Hololive fans. Screenshot: yaman x Kiryu CocoOverall, the study found a simple, core finding: “The idol manufacturing process by the largest VTuber agencies was successful.” The idol business model was ported over to VTubing early on in the industry’s history, and it is central to the success seen at companies like Hololive and Nijisanji. Yes, it may have problems, and it may create a top-heavy industry with income inequality… but to the victor, the spoils.While smaller streamers had to cultivate more direct, interpersonal connections with their viewers for financial returns, VTubers working with large agencies had agency brand recognition behind them. Per the study, these creators were “trained to behave in ways that could attract more potential monetization.” Marketing initiatives, like VTuber collabs within an agency, also helped introduce fans from one VTuber to another, building a wider feeling of interconnectedness within an agency — and thus making it more likely for a fan to spend on a VTuber who isn’t their oshi, per se.… until it doesn’tLarge agencies have the capacity to both “strengthen the power of the platform” their talents use, and “gatekeep the VTuber market” altogether, the study concluded. But if a wealth gap is building in VTubing, this poses a major risk for the stability of the VTubing market. As the study itself notes, indies create the most VTubing content available on YouTube. They “assume the risk of innovation and put competitive pressure on the top VTubers and agencies.” One could argue that the wealth gap is a feature, not a bug: Indies must find ways to stand out, make a name for themselves, and secure the bag, all with the hopes of one day making it big as an agency talent (or a massive indie).But what if the international economy faces a recession? What if income dries up, VTuber fans have less to spend, and viewers are increasingly tightening the belt? We’ve already seen this with gaming; Gen Z spending on video games has plummeted. Could this happen for VTubing too? If the economy worsens, it’s likely. Yes, Hololive and Nijisanji will still see the most income proportionally — but smaller agencies, and indie VTubers as a whole, will see their revenue further disappear. This could threaten the VTuber ecosystem, further decreasing the median VTuber lifespan by forcing indie and small-agency talent to turn away from the industry to pay the bills.A wealth gap in VTubing is a bad thing for the health of the entire industry. More data might be required to truly understand it. Certainly beyond YouTube. But if this study shows brand recognition is more important than anything else, it’s not a promising sign for anyone who isn’t working with the biggest names in the field. Otherwise, economic downturn could be a death sentence for any VTuber who isn’t at the highest echelons of the industry.The post Do VTubers Face ‘Income Inequality’ From Fans? One Study Tackles the ‘Wealth Gap’ in VTubing appeared first on VICE.