Business
Shanghai’s Live-Streaming Economy: A $85 Billion Bet to Revitalize China’s Consumption
Shanghai is gambling on the live-stream economy to invigorate China's sluggish consumption. A three-year strategy is expected to yield approximately US$85 billion in online purchases by 2026.
The city administration of Shanghai has revealed its intentions to enhance the city's live-streaming industry, aiming for almost US$85 million in internet sales by 2026. This move is part of their effort to stimulate customer expenditure amidst a sluggish national economy.
Shanghai's live-streaming industry is set to undergo significant growth as per the "Three-Year Action Plan for High-Quality Development of Shanghai's Live-Streaming Economy (2024-2026)" unveiled on Monday. By 2026, it is expected that the local industry will produce an annual gross merchandise value of 600 billion yuan (US$84.6 million), create 10 leading live-streaming platforms, nourish a variety of multichannel networks (MCNs) and brands, and develop a hundred unique live-streaming scenarios.
MCNs are firms that assist influencers who live-stream in overseeing their operations.
The recently unveiled triennial strategy, an extension of the 2021-2023 initiative, emphasized the importance of the live-streaming sector in boosting customer expenditure and enhancing the reputation of Shanghai.
The city authorities plan to harness the power of the live-streaming economy to stimulate consumption, commerce, industry, and culture, providing a new boost to Shanghai's comprehensive economic and social progress, according to the blueprint released by the Shanghai Municipal Commission of Commerce.
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