Business
Shanghai’s $85 Billion Bet on Live-Streaming Economy to Revitalize China’s Consumer Spending
Shanghai is wagering on the live-streaming industry to stimulate China's sluggish consumer spending. As per a triennial strategy, the domestic market is projected to produce close to US$85 billion in e-commerce revenues 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 is part of the city's efforts to increase consumer expenditure amidst a sluggish national economy.
The "Three-Year Action Plan for the High-Quality Development of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, the local industry aims to achieve an annual gross merchandise value of 600 billion yuan (US$84.6 million), set up 10 premier live-streaming platforms, nurture numerous multichannel networks (MCNs) and brands, and create a hundred "unique situations" for live-streaming.
Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their operations.
The freshly laid out three-year strategy, succeeding the earlier 2021-2023 blueprint, underscores the significance of the live-streaming sector in motivating consumer expenditure and enhancing the reputation of Shanghai.
The city government seeks to harness the power of the live-streaming economy to stimulate consumption, commerce, industry, and culture, providing a fresh boost to Shanghai's comprehensive economic and social growth, as outlined by the Shanghai Municipal Commission of Commerce in their plan.
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