That stasis is pretty likely to stick around for a while, IMO.
NIJI EN, as already discussed, is thoroughly fucked, they'll either slowly bleed talents and revenue or pull the plug, withdrawing from EN market entirely.
Brave right now is seemingly aiming at ~20 new debuts every 6 months across their properties, but even if all of those debutees miraculously find their own dedicated audiences, it'll take years for any of them to reach the level any HoloEN talent has today, and Cover surely won't just sit on their asses doing nothing.
And Vshojo...exists? I dunno, i'm always puzzled as to their place in vtubing corpo sphere overall.
This industry is strange, always has been since a lot of the old nip agencies kinda shriveled up and died on the vine back in the day, I feel like 2018 had a lot more healthy competition with how many similarly sized agencies there was back then.
Then we got the era of the big 2 with the only real survivors being Niji and Holo which were both very similar in both scope, logistics and approach, but apart from these two there was never really anything else that came close.
You have Vshojo, which many people want to lump in despite it being radically different in every way from their onboarding process to talent remuneration to company culture to platform to target audience to company scope in general, honestly based in their own niche which doesn't at all conflict with the big nip agencies.
And then there's Brave, which is this weird conglomeration of stuff, which as a whole can approach a third-ish of the size of Holo/Niji but in reality is a whole bunch of disparate shit that's just owned by the same suits who don't even manage it, most of the pieces actually being rather small and valueless atm. Which is again a completely different approach to the big 2.
And lastly there's all of the tiny startups, most of which don't last more than 2 years and the biggest of which is phase, who is honestly the only biggish agency which sorta mirrors the style of the big 2 but obviously can't compete on their level.
So I honestly much preferred it when Niji was actually TRYING to compete, now it's just Holo winning by default because everyone else is either doing a totally different approach which doesn't threaten their business or tiny and struggling to even get their heads out of the mud. And I really don't get when people go "oh someone else will rise up in the next year" you do not understand how top-heavy this industry is.
Yesterday Proctor was going off about the industry being horrible because some small corpo e-girl cried on his lap and I really thought: Are these tiny corpos started by some moron with too much money "the industry" now? Do these people even dictate any of the trends and strategies that everyone else uses? Do they matter? Does a fart in the wind which lasted two seconds and everyone forgot about now suddenly count for judging the entirety of something? And I know there has been tons of drama and dead corpos in the last few years, but even with all of them combined (ignoring Niji) I don't think you get even a 1% of "the industry", it's silly to me overall.