The source for the speculations started from the cardboard panel at Sega's booth in Magical Mirai Osaka, the one on the right in this photo:
Better picture here
In the picture we see Miku holding a smartphone on which there's a Sega logo accompanied by a Colorful Palette logo, and in the bottom of the panel it says "Colorful Palette from Craft Egg". Now, Craft Egg is a Japanese mobile game developer, known for their highly succesful BanG Dream! game. Furthermore, this Twitter user here has kindly researched that Colorful Palette is a daughter company of Craft Egg.
Of course, since Miku has collaborated with BanG Dream already, there's a possibility that this panel would only hint towards a new collab, but personally I feel like it's going to be more. I believe a mere collab would've just been announced casually without teasers like this, plus since Sega is involved...
And the model in the panel in question isn't a Sega PD model, it's fairly obvious it has nothing to do with the news regarding the MEGA39's game which will also have additional info coming at the end of this month.
I don't really want to draw conclusions yet, but I really feel we might see a Project Diva-like rhythm game for smartphones? Of course, it could also be some other kind of mobile application, but I like to believe in the game theory.
For now I believe we'll just have to wait for the Tokyo leg of Magical Mirai for more info.
Some Japanese Twitter speculation here
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