Business
Shanghai’s $85 Billion Gamble: Boosting China’s Economy Through Live-Streaming Surge by 2026
Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumer spending. As per a triennial strategy, the local market is projected to produce close to US$85 billion in internet sales by 2026.
The Shanghai city administration has announced its intention to enhance the city's live-streaming industry, with an aim to achieve approximately US$85 million in digital sales by 2026. This move comes as the financial capital of China seeks to increase consumer expenditure amidst a slow national economy.
Shanghai's local live-streaming industry is set for major growth under the newly announced "Three-Year Action Plan for High-Quality Development of Shanghai's Live-Streaming Economy (2024-2026)". Unveiled on Monday, the plan aims to achieve an annual gross merchandise value of 600 billion yuan (approximately US$84.6 million) by 2026. Additionally, it seeks to establish 10 leading live-streaming platforms, nurture a variety of multi-channel networks (MCNs) and brands, and develop a hundred unique live-streaming use cases.
MCNs are firms that assist influencers who live-stream in handling their operations.
The freshly drafted three-year strategy, an extension of the prior 2021-2023 scheme, underscored the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.
The city authorities plan to utilize the potential of the live-streaming economy to boost purchasing, commerce, industry and culture, providing a new stimulus for Shanghai's comprehensive economic and social growth," outlined the Shanghai Municipal Commission of Commerce in their strategy blueprint.
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