Do you like it? One simple cute MV with a catchy song.
To produce one single MV like this you have to involve the likes of producers, composers, artists, animators and many more and most of the time the talents bite the bullet and pay out of their own pocket. Here's a
clip of Moona talking about it in some capacity. A simple cover song can cost as much as a few thousand dollars, so you can imagine how much it cost creating an original from the scratch. And the monetary return on music video is basically non existence in term of ad revenue.
Nobody expect Noel to do it but she did it anyway for fan service. She talked about it in a recent MH stream about how she'll actually be in the negative with only her HL job, as you called it. Don't just look at the superchat number and think "oh shit these thots has it easy". To put it nicely, she literally whore herself out for your good. To put it bluntly, Hololive is the side income for Noel.
Another prime example is
Suou Patra from Honey Strap. SocialBlade estimated her yearly youtube superchat income at around 31 million yen. Last year, her voice pack on dlsite sold for 120 million yen alone. And that's not counting her NSWF account that also doing the same ASMR thing as Noel and selling erotic voice pack. Those are the thing that made bank for these girl, not the revenue from simply being a corporate vtuber.
