VShojo has failed and I’ve mismanaged the company into the situation you’re all witnessing.
So today I am sharing the difficult news that VShojo is shutting down, and I take full responsibility for the decisions that led us to this point.
I’ve been doing everything I can to fundraise and right the ship these past few months, but despite my efforts, we are in a worse position, and those I care about are now paying the price.
Over the past few years, we raised around $11 million to pursue a bold, talent-first approach in VTubing, prioritizing creators and community over short-term profits, to achieve long-term sustainability. Our funding went directly to our creators through generous splits, debut investments, infrastructure, concerts, events, unique creator-first approach for an agency. However, despite all our efforts, the business failed to generate the revenue we needed to sustain that model, and eventually, we ran out of money.
Additionally, I acknowledge that some of the money spent by the company was raised in connection with talent activity, which I later learned was intended for a charitable initiative. At the time, we were working hard to raise additional investment capital to cover our costs, and I firmly believed, based on the information available to us, that we would be able to do so and cover all expenses. We were unsuccessful in our fundraising efforts. I made the decision to pursue funding, and I own its consequences.
I am deeply sorry to all the talents, staff, friends, and community members who believed in our brand. You did not deserve this.
