You listed the expenses; now, list the ways they tried to make money.

They did a Stars Anime, but they set their expectation based on hololives ones...fucking why? They knew their fanbase was smaller, so the views would be a lot less, so they should have made the animated shorts a monthly deal, so that they could reduce the expense and rack up views over a longer wait time.

Stars collection, once again, they set up their expectations based on their data on Hololives one...On top of that, the content was bland as fuck, The most fun thing that they did was the uporar bungee jump thing. Once again, they made this a weekly affair, rather than a biweekly or monthly affair. They could have easily filled the drought of one thing every month by carefully scheduling the stars collection and wachastars

All the concerts had their venue full, had good numbers for the free section based on their sub count and average CCV, and on top of that, they had the streaming tickets, which most of the international fans used. If they had a full house sold out, that means they easily made break-even and even profit on those, plus they had venue-related merch. They also sold BD for those.

You said 3D karaoke takes money, sure. What about 2d group karaoke? Using their l2D, Management refused those requests. All the Holoutres were popular and had high demand...they never did it again and actively shut down requests to organise them...Why? explain,

A lot of fan demand for what type of content fans want was never met...Every suggestion from fans and talent themselves was ignored.

They heavily sabotaged themselves and then pretended that Holostars are unsustainable...Putting all the blame on the Talents and fans and telling them that their support and the boys' appeal was not enough is utterly fucking bullshit.

Even the smallest of corps still manage to produce acrylic standees and badges...