Business
Shanghai’s Bold Gamble: A Three-Year Plan to Ignite Live-Streaming Economy and Revive National Consumption
Shanghai is banking on the live-streaming market to stimulate China's sluggish consumer spending. According to a three-year strategy, the local industry is projected to produce close to US$85 billion in online sales by 2026.
The city administration of Shanghai has announced its intention to enhance the city's live-streaming industry, aiming for roughly US$85 million in online revenue by 2026. This move comes as the financial capital of China seeks to increase consumer expenditure in a sluggish national economy.
The "Three-Year Action Plan for High-Quality Development of Shanghai's Live-Streaming Economy (2024-2026)", unveiled on Monday, stipulates that by 2026, the local industry should produce an annual gross merchandise value of 600 billion yuan (US$84.6 million). This plan also aims to create 10 leading live-streaming platforms, nurture a group of multichannel networks (MCNs) and brands, and develop a hundred "unique scenarios" for live-streaming.
MCNs are firms that assist influencers who live-stream in handling their operations.
The recently unveiled triennial strategy, an enhancement of the prior 2021-2023 agenda, emphasized the importance of the live-streaming sector in stimulating consumer expenditure and bolstering the reputation of Shanghai.
The city administration plans to utilize the potential of the live-streaming economy to stimulate consumption, commerce, industry, and culture, infusing fresh energy into Shanghai's comprehensive economic and societal growth, as stated in the blueprint by the Shanghai Municipal Commission of Commerce.
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