VShojo, known for its talent-first approach, is shutting down after its CEO Justin Ignacio acknowledged financial mismanagement. The troubles began when Ironmouse, the agency's top VTuber, left over a missing $500k charity donation and unpaid wages. Following her exit, 12 of the 13 creators announced their departure, citing similar reasons. Despite raising $11 million, VShojo could not sustain its business model, leading to a lack of necessary revenue and ultimately running out of funds. Ignacio admitted to spending charity funds and expressed a failed attempt to secure further financial support.
"We raised around $11 million to pursue a bold, talent-first approach in VTubing. 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."
"I take full responsibility for the decisions that led us to this point."
"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."
"We were unsuccessful in our fundraising efforts."
Collection
[
|
...
]