Business
Shanghai’s $85 Billion Bet: Leveraging Live-Streaming Economy to Revive China’s Sluggish Consumption
Shanghai is placing its wager on the live-streaming sector to bolster China's sluggish consumer spending. With a strategy set for three years, the local industry is expected to produce close to US$85 billion in online purchases by 2026.
The government of Shanghai has announced its intention to enhance the city's live-streaming industry, with an aim to achieve approximately US$85 million in online sales by 2026. This move is part of the city's strategy to stimulate consumer expenditure amidst a stagnating national economy.
The "Three-Year Strategy for Advancing Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, the local industry is projected to produce an annual gross merchandise value of 600 billion yuan (US$84.6 million), develop 10 leading live-streaming platforms, encourage a series of multichannel networks (MCNs) and brands, and create a hundred "unique scenarios" for live-streaming.
MCNs are firms that assist influencers who live-stream in managing their enterprises.
The recently unveiled three-year strategy, an extension of the 2021-2023 scheme, underscored the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.
The city administration intends to utilize the power of the live-streaming economy to stimulate consumption, commerce, industry, and culture, infusing fresh energy into Shanghai's comprehensive economic and social progress, as outlined by the Shanghai Municipal Commission of Commerce in their plan.
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