In a general sense, yes, when it hurts on their pocket it's where they feel the most.
From the company's perspective, depending on how the hierarchy is structured and what is the priority of today, it will hurt the talents much more, because this drop in value need to be regained one way or another.
Now, considering how Holo is behaving recently (wasting a lot of money to have empty studios because they don't have staff neither prepared personnel themselves) and how many great assets are leaving a golden goose job because of "disagreement with management", I'd assume they hired a numberfag that said something retarded like "so, when vtubers stream we get money, so they should stream twice as much!", every investor clapped and management had to compromise on fucking their own work structure to bring money to people wanting their money, most likely the first investors the company had because it's been 5 years, it's time for a payout.
The thing is: the vultures at the top do not understand how entertainment companies work. They are not R&D nor IT where you get a goal and the goal will become a product that will reflect straight into revenue. Value in entertainment is something much more fickle, add dozens or hundreds of creators and you get a very thin rope to cross the abyss, it's as difficult to make it perfect as some Cirque Du Soleil acrobatics.
Personally, I think Holo is on a domino effect already, it's a race to see if they can make the bleeding stop or not, otherwise eventually it will hit the hardest earners (Marine, Pekora, Korone, Fubuki) or their sanctified figures (Sora, Watame, Suisei), and after those big pieces fall there is almost nothing to be done to save it.
