Business
Shanghai’s Bold Gamble: Aiming to Revitalize China’s Economy with $85 Billion Live-Streaming Boom by 2026
Shanghai is banking on the live-streaming industry to stimulate China's weak consumer spending. According to a three-year strategy, the local sector is expected to produce close to US$85 billion in online sales by 2026.
The local government of Shanghai has announced its intention to enhance the city's live-streaming industry, aiming for an approximate online sales revenue of US$85 million by the year 2026. This move comes as the city, a key financial center in China, seeks to stimulate consumer expenditure amidst a sluggish national economy.
The "Three-Year Strategy for Superior Development of Shanghai's Live-Streaming Economy (2024-2026)" unveiled on Monday stipulates that by 2026, the local industry should yield an annual total merchandise value of 600 billion yuan (US$84.6 million), set up 10 leading live-streaming platforms, nurture a group of multichannel networks (MCNs) and brands, and create a hundred "unique scenarios" for live-streaming.
Multi-Channel Networks (MCNs) are corporations that assist influencers who live-stream in handling their business affairs.
The freshly unveiled triennial strategy, an extension of the prior program spanning 2021 to 2023, underscored the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.
The city administration intends to capitalize on the possible benefits of the live-streaming economy to boost consumer spending, commerce, industry, and culture, thereby infusing fresh energy into Shanghai's comprehensive economic and societal growth, according to the plans laid out by the Shanghai Municipal Commission of Commerce.
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