Business
Shanghai’s $85 Billion Gamble: Betting on Live-Streaming Economy to Invigorate China’s Weakening Consumption
Shanghai is banking on the live-streaming economy to stimulate China's sluggish consumer spending. According to a three-year strategy, the local industry is projected to produce close to US$85 billion in internet sales by 2026.
The city administration of Shanghai has announced its ambition to enhance the city's live-streaming industry, aiming to achieve close to US$85 million in online sales by 2026. This initiative is part of the city's efforts to stimulate consumer expenditure amid a sluggish national economy.
The "Shanghai Live-Streaming Economy's Three-Year Roadmap for Superior Development (2024-2026)" was unveiled on Monday. The plan anticipates that by 2026, the local industry should generate an annual gross product value of 600 billion yuan (approximately US$84.6 million). It also sets goals to create 10 leading live-streaming platforms, nurture several multi-channel networks (MCNs) and brands, and introduce a hundred unique live-streaming experiences.
MCNs are firms that assist influencers who live-stream in handling their business operations.
The fresh triennial strategy, which is an extension of the prior 2021-2023 scheme, underscored the significance of the live-streaming sector in stimulating customer expenditure and enhancing the reputation of Shanghai.
The city administration intends to harness the potential of the live-streaming economy to boost consumption, commerce, industry, and culture, providing a new stimulus for Shanghai's overall economic and social growth, according to the Shanghai Municipal Commission of Commerce's plan.
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