This study explores key factors influencing viewers’ continuance intention of watching in VTuber livestreams from a co-creation experience perspective. Given VTubers’ unique visual personification, prior virtual influencer research may not fully apply. This study examines how platform affordance and viewers’ fantasy proneness, mediated by parasocial relationships and social interaction quality as mediators, leads to continuance intention for watching VTubers. Drawing upon the value co-creation perspective, viewers are active participants in creating experiential value, not merely passive consumers. This research addresses theoretical gaps in VTuber interaction and experience and offers strategic insights to enhancing viewer engagement and commercial outcomes in the VTuber context.