Shanghai’s Strategic Bet on Live-Streaming Economy: Aiming for US$85 Billion in Sales by 2026 to Boost National Consumption

Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumer spending. As per a three-year strategy, the city's industry is expected to yield close to US$85 billion in online sales by 2026.

The city administration of Shanghai has announced its intentions to bolster the city's live-streaming industry, with a goal of achieving approximately US$85 million in online sales by 2026. This move is part of an effort to stimulate consumer spending in the city amidst a sluggish nationwide economy.

The "Three-Year Strategy for Superior Growth of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, the local industry is projected to produce an annual gross merchandise value of 600 billion yuan (US$84.6 million), create 10 leading live-streaming platforms, develop a series of multichannel networks (MCNs) and brands, as well as introduce a hundred unique live-streaming situations.

Multi-Channel Networks (MCNs) are firms that assist influencers who live-stream in handling their operations.

The recently unveiled triennial strategy, an extension of the prior 2021-2023 scheme, emphasized the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.

The city administration plans to utilize the possibilities of the live-streaming market to boost consumption, commerce, manufacturing, and culture, thus infusing fresh energy into Shanghai's comprehensive economic and social growth, according to the Shanghai Municipal Commission of Commerce's plan.