Business
Shanghai’s Bold Gamble: Aiming for $85 Billion Boost in Online Sales via Live-Streaming Economy Amid China’s Economic Slump
Shanghai is relying on the live-streaming market to stimulate China's weak consumer spending. As per a strategy spanning three years, the regional industry is expected to make close to US$85 billion from online sales by 2026.
The city administration of Shanghai has announced its intentions to bolster the city's live-streaming industry, with the goal of achieving nearly $85 million in digital sales by 2026. This initiative is part of the city's effort to stimulate consumer expenditure in a sluggish national economy.
The "Three-Year Strategy for the Advanced Development of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, this plan aims to create an annual total goods value of 600 billion yuan (US$84.6 million) in the local sector. It also hopes to develop 10 leading live-streaming platforms, nurture a group of multi-channel networks (MCNs) and brands, and generate a hundred unique live-streaming situations.
MCNs are firms that assist influencers who live-stream in handling their operations.
The recently introduced three-year strategy, an extension of the prior 2021-2023 plan, emphasizes the significance of the live-streaming sector in boosting consumer expenditure and enhancing the reputation of Shanghai.
The city administration intends to harness the power of the live-streaming economy to stimulate spending, commerce, industry, and culture, thereby infusing fresh vigor into Shanghai's comprehensive economic and social growth, as outlined by the Shanghai Municipal Commission of Commerce in their plan.
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