Business
Shanghai’s $85 Billion Gamble: Boosting China’s Economy through Live-Streaming Expansion by 2026
Shanghai is banking on the live-streaming industry to enhance China's sluggish consumer spending. According to a three-year strategy, the local industry anticipates to produce nearly US$85 billion in internet purchases by 2026.
The Shanghai city administration has announced its intentions to enhance the city's live-streaming industry, aiming for nearly $85 million in online sales by 2026. This effort is part of a larger strategy by the Chinese economic powerhouse to increase consumer expenditure amidst a sluggish national economy.
Shanghai's "Three-Year Strategy for Superior Live-Streaming Economic Growth (2024-2026)" unveiled on Monday, proposes that by 2026, the domestic industry should produce a yearly total product worth of 600 billion yuan (US$84.6 million). It aims to set up 10 leading live-streaming platforms, nurture a group of multichannel networks (MCNs) and brands, and create a hundred "unique live-streaming situations."
Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their operations.
The recently unveiled three-year strategy, which advances the preceding 2021-2023 plan, underscores the importance of the live-streaming sector in boosting consumer expenditure and enhancing the reputation of Shanghai.
The city authorities intend to utilize the potential of the live-streaming industry to stimulate consumption, commerce, production, and cultural aspects, thereby infusing fresh energy into Shanghai's comprehensive socio-economic growth, as outlined in the blueprint by the Shanghai Municipal Commission of Commerce.
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