Cover increased their personnel spending from 1.1 billion yen to 2 billion yen between 2022 and 2023. Meanwhile, Nijisanji only increased their SG&A spending from 1.8 billion to 2.2 billion. The percentage of cover staff being management did not change much between the year, meaning Cover effectively doubled their management budget in a year’s time (about 450 million yen, $3 million USD). Meanwhile, Nijisanji increased only by 400 million yen in total SG&A expenses (about $2.67 million).
Considering what I estimated above (remember, SG&A covers a lot of areas, including lawyer fees), it is possible that there was less than 100 million yen ($660,000) increase for staff, despite Nijisanji debuting THIRTEEN new livers (TWENTY SEVEN if counting the VTA graduates moving to Nijisanji). There were 9 new livers between in the latter half of 2022 in just NijiEN.
TLDR: Nijisanji hired/promoted twenty seven new livers into Nijisanji, yet spent only about 100-200 million (200 million being the generous estimate) yen for new management to compensate. Hololive spent about 450 million yen for half the amount of talents entering the company. Even if we only count the totally new livers, that's still 13 vs 14 (and we're also counting Hololive's new gen management being hired several months prior to their debut). 100-200 mil vs 450 million yen…