Shanghai is gearing up for the opening of the 2024 Shanghai International MCN Conference on Sept 26, which looks to serves as a crucial link between the government and the booming MCN (Multi-Channel Network) livestreaming industry. The conference, with a focus on the recently released "Shanghai City Action Plan for Promoting High-Quality Development of Livestreaming Economy (2024-2026)", will feature key government officials providing professional and authoritative interpretations of the plan, offering a platform for MCN institutions and enterprises to engage in collaboration and exchange.

The livestreaming economy continues to expand its market size and innovate its business models, nurtured by the digital economy and driven by its intuitive, interactive, and real-time characteristics. According to estimates by iResearch, China's livestreaming e-commerce market reached a staggering 4.9 trillion yuan ($696.8 billion) in 2023, with a year-on-year growth rate of 35.2 percent. iResearch predicts an annual compound growth rate of 18 percent for the Chinese livestreaming e-commerce market from 2024 to 2026, signaling a steady growth trajectory and a transition towards refined development stages for the industry.

As the largest and most vibrant consumer metropolis in China, Shanghai stands as a hub for consumer trends and innovations, with a thriving livestreaming economy. In 2023, Shanghai's livestreaming retail sales reached 437.1 billion yuan, marking a 20.9 percent year-on-year increase and accounting for 10.7 percent of the national livestreaming retail sales. Various entities within the livestreaming economy in Shanghai are at the national forefront, including livestreaming agencies, active e-commerce livestreaming rooms, and leading MCN institutions.

To propel the high-quality development of Shanghai's livestreaming economy, Shanghai has introduced a three-year plan for the industry. The plan aims to achieve a livestreaming e-commerce retail sales target of 600 billion yuan by 2026, establish 10 nationally leading and internationally influential top livestreaming platforms, nurture influential MCN institutions with significant scale and impact domestically, and create renowned livestreaming event IP brands while unveiling 100 distinctive livestreaming scenarios.

Moreover, the action plan outlines specific measures across five key areas, including accelerating entity cultivation, optimizing industry ecosystems, strengthening resource guarantees, supporting the globalization of the livestreaming economy, and guiding standardized development. These measures are poised to significantly enhance Shanghai's livestreaming economy in terms of industry scale, platform construction, and brand cultivation.

The 2024 Shanghai International MCN Conference, as the first industry event officially supported by the government, emerges as a pivotal platform for understanding and interpreting this crucial document. Another highlight of this year's conference is the establishment of the inaugural MCN Development and Service Alliance, creating a year-round normalized working mechanism and constructing a sustainable and efficient industry service system.

Source: thepaper.cn