Business
Shanghai’s $85B Gamble: Boosting China’s Economy through Live-Streaming Industry Growth by 2026
Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumer spending. According to a three-year strategy, the local market is expected to produce close to US$85 billion in online purchases by 2026.
The city administration of Shanghai has unveiled plans to enhance the city's live-streaming industry, with a goal of reaching approximately US$85 million in online sales by 2026. This move is part of Shanghai's efforts to stimulate consumer expenditure amidst a sluggish national economy.
Shanghai's "Three-Year Action Plan for High-Quality Development of the Live-Streaming Economy (2024-2026)" was unveiled on Monday. This plan envisions that by 2026, the local industry would produce a yearly gross merchandise value of 600 billion yuan (US$84.6 million), create 10 leading live-streaming platforms, nurture a number of multichannel networks (MCNs) and brands, and devise a hundred unique live-streaming scenarios.
MCNs are firms that assist influencers who live-stream in handling their operations.
The freshly drafted three-year strategy, that expands on the earlier 2021-2023 plan, underscores the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.
The city administration is planning to utilize the power of the live-streaming economy to boost consumption, trade, industry and culture, giving a fresh impetus to Shanghai's all-round economic and social growth, according to the blueprint shared by the Shanghai Municipal Commission of Commerce.
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