Business
Shanghai’s Bold Gamble: Using Live-Streaming Economy to Jumpstart China’s Sluggish Consumption, Aiming for US$85 Billion by 2026
Shanghai is banking on the live-streaming industry to invigorate China's sluggish consumer spending. As per a three-year projection, the local market is expected to produce close to US$85 billion in internet sales by 2026.
The city administration of Shanghai has announced intentions to enhance the city's live-streaming industry, aiming for approximately US$85 million in online sales by 2026. This is part of the city's strategy to increase consumer expenditure amidst a sluggish national economy.
The "Three-Year Strategic Plan for Advancing Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. It aims to achieve an annual gross merchandise value of 600 billion yuan (US$84.6 million) in the local industry by 2026. The plan also includes establishing 10 leading live-streaming platforms, nurturing a series of multichannel networks (MCNs) and brands, and creating a hundred unique live-streaming scenarios.
Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their operations.
The recently unveiled triennial strategy, that expands on the prior 2021-2023 scheme, emphasizes the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.
The city administration intends to harness the power of the live-streaming market to boost consumption, commerce, industry, and culture, thereby providing a new impetus to Shanghai's comprehensive economic and societal growth, as outlined in the plan from the Shanghai Municipal Commission of Commerce.
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