Objectives：
VTubers are an emerging method to express themselves, triggered by the advent of Kizuna AI, who have first appeared in December 2016 and originated the term “VTuber” to call herself, i.e., a video streamer in her “Anime”-like character appearance (avatar). A surge in demand for at-home video viewing at the time of behavioral restrictions amid the COVID-19 pandemic has rapidly raised the popularity of VTubers even to give high impact to the economy.
This report analyzes the basic information on what special characteristics VTubers have in terms of business when compared to similar markets, and includes profit-making models, and VTuber market size transitions.

Research Period：
February to June 2023

Research Methodology：
Face-to-face interviews to concerned businesses, questionnaire, survey by phones, literature research, and research through our original materials.

Research Objects：
This report defines VTubers or Virtual YouTubers as the video content streamers on video platforms such as YouTube and correspond to following conditions: 1) Perform in videos in anime-style avatars, playing the role as new, unique characters made up, not the characters of the persons acting, or of the avatars, 2) the characters have both the aspects of influencers and intellectual property (IP). Upon the above definition, the market has been categorized into following four categories by monetization method: 1) Livestreaming, 2) Events, 3) Merchandise sales, and 4) B2B services. The market sizes have been calculated based on the sales at companies operating VTuber management offices and projects.

• Thorough commentary on the attention gaining VTuber industry from the aspect of profit structure.
• A unique online survey report targeting VTubers.
• Questionnaire conducted to the fans of virtual YouTubers (the survey called them “VTubers”) who have achieved rapid growth.
• Clarified the realities of VTuber fans across platforms and productions.
• Surveyed on the affinity between metaverse and VTuber fans.