Business
Shanghai’s Live-Streaming Economy: A Three-Year, $85 Billion Bet to Boost China’s Consumption
Shanghai is gambling on the live-streaming economy to bolster China's weak consumption. With a plan spanning three years, the local industry is expected to generate around US$85 billion from online sales by 2026.
The local government of Shanghai intends to enhance the city's live-streaming industry, aiming to achieve approximately US$85 million in internet sales by 2026. This move comes as the financial capital of China seeks to increase consumer expenditure amidst a sluggish nationwide economy.
The "Three-Year Strategy for the Advanced Development of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, it aims for the local industry to produce an annual total goods worth of 600 billion yuan (US$84.6 million), establish ten premier live-streaming platforms, cultivate a group of multi-channel 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 latest triennial strategy, an extension of the 2021-2023 plan, underscores the significance of the live-streaming sector in boosting consumer expenditure and enhancing the reputation of Shanghai.
The city administration is focusing on harnessing the possibilities of the live-streaming market to stimulate consumption, commerce, industry, and culture, thereby providing a fresh boost to Shanghai's comprehensive economic and social growth, as outlined in the strategic plan of the Shanghai Municipal Commission of Commerce.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.