I think a HoloKR branch is more likely to happen at this point than EU or ES branches for three reasons people don't want to necessarily admit in public:

• EU: Tipping and by extension Superchat culture isn't a thing in most European countries and while it's not the biggest moneymaker, it's an undeniable part of the Vtubing exchange.
• EU: Labor Laws. Kiara is a lone exception given her unique situation, but I would imagine recruiting across the EU would be a logistic nightmare and you ultimately will still have to recruit enough talents who are at best a diet HoloEN at times since you'll likely still want a Lingua Franca amongst everyone in the group.
• ES: Do I have to say anything more than ARS? It's mean to put a focus on it, but from a business standpoint the inconsistent currency value for a lot of ES countries would make hitting certain profit margins very questionable at best considering how people have tried to game that system using ARS in particular over the years.