Business
Shanghai’s $85 Billion Bet on Live-Streaming Economy: A Strategy to Revive China’s Sluggish Consumption
Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumption. With a strategy set for three years, it is projected that the local sector could produce almost US$85 billion in internet sales by 2026.
The Shanghai city administration has announced its intentions to enhance the city's live-streaming industry, aiming for approximately US$85 million in online sales by 2026. This move comes as the financial center of China seeks to increase consumer expenditure amidst a sluggish national economy.
The local government announced on Monday a new "Three-Year Strategy for the Upgraded Development of Shanghai's Live-Streaming Market (2024-2026)". By 2026, this sector is expected to yield an annual total product value of 600 billion yuan (US$84.6 million), create 10 leading live-streaming platforms, nurture a group of multi-channel networks (MCNs) and brands, and devise a hundred unique live-streaming events.
Multi-Channel Networks are firms that assist influencers who live-stream in handling their enterprises.
The recently unveiled triennial strategy, an extension of the 2021-2023 agenda, emphasized the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.
The city administration intends to utilize the potential of the live-streaming economy to stimulate consumption, commerce, industry and culture, providing a fresh boost to Shanghai's comprehensive economic and social progression, as outlined in the blueprint by the Shanghai Municipal Commission of Commerce.
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