Business
Shanghai’s $85 Billion Bet on Live-Streaming: A Three-Year Plan to Revitalize China’s Economy
Shanghai is banking on the live-streaming industry to stimulate China's languishing consumer spending. According to a three-year strategy, the regional sector is projected to produce close to US$85 billion in internet sales by 2026.
The city administration of Shanghai has announced its intention to stimulate the city's live-streaming industry, aiming to reach approximately US$85 million in internet sales by 2026. This move comes as the prominent Chinese city seeks to increase consumer expenditure amidst a sluggish national economy.
The "Three-Year Strategic Plan for Shanghai's Live-Streaming Economy (2024-2026)" unveiled on Monday sets ambitious goals for the local industry. By 2026, it aims to achieve an annual gross merchandise value of 600 billion yuan (US$84.6 million), build 10 leading live-streaming platforms, nurture numerous multi-channel networks (MCNs) and brands, and create a hundred unique live-streaming experiences.
Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their business operations.
The recently unveiled triennial strategy, an extension of the 2021-2023 program, underscores the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.
The city administration is planning to tap into the potential of the live-streaming market to boost consumer spending, commerce, industrial growth and cultural enrichment. This will bring a fresh surge of economic and social progress in Shanghai, according to the city's blueprint released by the Shanghai Municipal Commission of Commerce.
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