Core Insights - Hatsune Miku, a virtual idol, has successfully bridged the gap between virtual and reality through holographic concerts, gaining significant global popularity [1][6] - Despite a strong fan base in China, recent ventures such as the movie "World Plan: The Unsingable Hatsune Miku" have underperformed, indicating challenges in sustaining the IP's commercial value beyond live performances [3][28] - The IP's merchandise sales are struggling, with many products failing to achieve significant sales figures, reflecting a broader issue of market saturation and lack of innovation [19][30] Group 1: Performance and Audience Engagement - Hatsune Miku's concerts have attracted large audiences, with notable ticket sales in Taiwan and a successful 2019 tour in China, showcasing her strong market appeal [3][6] - The recent movie's box office performance was disappointing, with only 19.62 million in revenue after five days, indicating a disconnect with potential new audiences [3][28] - The fan demographic shows a balanced gender ratio, with a majority aged between 25-34, primarily located in second and fourth-tier cities, suggesting a niche but dedicated audience [12] Group 2: Merchandise and Market Challenges - The variety of merchandise associated with Hatsune Miku has not translated into strong sales, with many items struggling to sell over 100 units [19][30] - The IP's merchandise faces issues of homogeneity, leading to a lack of consumer interest and engagement [19][30] - Despite attempts to diversify product offerings, including practical items and collaborations with gaming companies, the overall market response remains tepid, highlighting the need for more innovative strategies [27][30] Group 3: Future Strategies and Recommendations - The success of live events and pop-up stores in driving merchandise sales suggests that integrating immersive experiences with product offerings could enhance consumer engagement [30][32] - Learning from successful IPs like Mayday, which foster deep emotional connections with fans through interactive experiences, could provide a sustainable model for Hatsune Miku's future [32] - The current trend of shifting from collectible to practical merchandise reflects the need for the IP to adapt to changing consumer preferences and broaden its appeal [27][30]