Business
Shanghai’s $85 Billion Bet: Harnessing Live-Streaming Economy to Revive China’s Stagnant Consumption
Shanghai is relying on the live-streaming industry to stimulate China's sluggish consumer spending. According to a three-year strategy, the regional sector is anticipated to produce close to US$85 billion in internet sales by 2026.
The Shanghai city administration has announced intentions to enhance the city's live-streaming industry, aiming for close to US$85 million in digital sales by 2026. This strategy emerges as the Chinese financial center seeks to increase consumer expenditure amidst a sluggish national economy.
The "Three-Year Strategic Plan for the High-Quality Growth of Shanghai's Live-Streaming Economy (2024-2026)", unveiled on Monday, aims to achieve a yearly gross merchandise value of 600 billion yuan (US$84.6 million) by 2026. It also intends to set up 10 leading live-streaming platforms, nurture multiple multichannel networks (MCNs) and brands, and create a hundred unique live-streaming scenarios.
Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their business operations.
The latest triennial strategy, which is an extension of the past 2021-2023 scheme, underscored the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.
The city administration is planning to capitalize on the possibilities of the live-streaming market to boost consumer spending, trade, industry, and culture, thereby providing a fresh impetus to Shanghai's entire economic and social progress, according to the blueprint released by the Shanghai Municipal Commission of Commerce.
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