Business
Shanghai’s Bold Bet on Live-Streaming Economy: Aiming for US$85 Billion in Online Sales by 2026 to Spur Lagging National Consumption
Shanghai is banking on the live-streaming market to invigorate China's sluggish consumer spending. A three-year strategy anticipates that the local industry will yield close to US$85 billion in online purchases by 2026.
The Shanghai city administration has announced its intention to enhance the city's live-streaming industry, aiming for nearly US$85 million in online sales by 2026. This is part of the city's efforts to increase consumer spending amid a sluggish national economy.
The "Three-Year Strategy for Superior Growth of Shanghai's Live-Streaming Economy (2024-2026)" was made public on Monday. This plan aims to create an annual total merchandise value of 600 billion yuan (about US $84.6 million) by 2026 in the local sector. It also includes the establishment of 10 leading live-streaming platforms, nurturing multiple channel networks (MCNs) and brands, and developing a hundred unique live-streaming situations.
MCNs are firms that assist influencers who live-stream in handling their enterprises.
The recently unveiled triennial strategy, an extension of the 2021-2023 agenda, emphasizes the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.
The city administration has a goal to harness the capacity of the live-streaming market to boost buying, commerce, business, and culture, thereby infusing fresh energy into Shanghai's comprehensive economic and societal growth, according to the blueprint released by the Shanghai Municipal Commission of Commerce.
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