Shanghai’s Bold Bet on Live-Streaming Economy: Aiming for $85 Billion Online Sales by 2026 to Reinvigorate China’s Consumption

Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumer spending. With a projected three-year strategy, the local industry is expected to rake in close to US$85 billion from online sales by 2026.

The city administration of Shanghai has announced its intentions to enhance the city's live-streaming industry, aiming for almost US$85 million in online sales by 2026. This move comes as the financial powerhouse of China seeks to increase consumer expenditure in a relatively stagnant national economy.

The "Three-Year Strategic Plan for Advancing Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. The plan stipulates that by 2026, the local industry should be able to produce an annual total merchandise value of 600 billion yuan (US$84.6 million). It also aims to create 10 premier live-streaming platforms, cultivate a collection of multi-channel networks (MCNs) and brands, and devise a hundred unique live-streaming situations.

MCNs are firms that assist influencers who live-stream in handling their operations.

The recently unveiled triennial strategy, an extension of the 2021-2023 blueprint, 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 potential of the live-streaming economy to boost commerce, trade, industry, and culture, giving a fresh impetus to Shanghai's total economic and societal progress, as outlined by the Shanghai Municipal Commission of Commerce in its strategic plan.