The Shanghai municipal government has announced plans to revitalize the city’s live-streaming industry, aiming for nearly US$85 million in online sales by 2026. This initiative comes as a way to stimulate consumer spending in a sluggish national economy.
By 2026, the local live-streaming sector is expected to reach an annual gross merchandise value of 600 billion yuan (US$84.6 million), establish 10 leading live-streaming platforms, nurture multichannel networks (MCNs) and brands, and create unique live-streaming scenarios.
MCNs play a crucial role in assisting live-streaming influencers with their businesses. The new “Three-Year Action Plan for High-Quality Development of Shanghai’s Live-Streaming Economy (2024-2026)” builds upon the previous program and emphasizes the industry’s impact on consumer spending and Shanghai’s reputation.
The government aims to harness the live-streaming economy to boost consumption, trade, industry, and culture, injecting fresh energy into Shanghai’s economic and social progress.