Shanghai's metaverse revenue to hit US$53b by 2025
Zhangjiang in the Pudong New Area will be a pioneer of Shanghai's metaverse industry as the revenue of the sector across the city will hit 350 billion yuan (US$53.8 billion) in 2025, according to an action plan to accelerate the development of metaverse in Shanghai.
The metaverse, using cutting-edge technologies to build a virtual world and create billions of dollars in the real world in the future, will boost Shanghai's software, information services and electronics manufacturing industries.
It will fuel innovation and the digital economy in the post-pandemic era, the Shanghai Commission of Economy and Informatization said.
Shanghai will have a 10-billion-yuan metaverse industrial fund and open two metaverse industrial parks in Caohejing in Xuhui District and Zhangjiang in Pudong.
Shanghai will have 10 leading metaverse firms with global influence and over 50 related applications covering the commercial, education, smart manufacturing, culture and collaborative office sectors. The developments will boost the city's metaverse industry revenue to hit 350 billion yuan by 2025.
It will be a great leap for Shanghai to boost the metaverse, now a hot tech buzzword in China. Currently, major metaverse apps cover the game and digital culture sectors.
Shanghai is the first city nationwide to include the metaverse in its long-term blueprint, which was discussed at Shanghai's Two Sessions this year.
Shanghai has unique advantages to develop the metaverse, with its huge volume data resources, fast broadband and mobile networks and a booming game industry.