The Shanghai International MCN Conference was held at the Shanghai Convention & Exhibition Center of International Sourcing from Sept 26 to 27.

Proceedings get underway in the conference hall. [Photo/Shanghai Observer]

The event showcased the significant transformation occurring in China's multichannel network or MCN industry, fueled by digital innovation.

Xu Runhe, vice-president of Shanghai International Exhibition (Group) Co Ltd, highlighted the MCN sector as a crucial new pathway for economic growth.

As China's largest consumer metropolis, Shanghai leads the nation in livestreaming retail sales, which hit about 437 billion yuan ($62 billion) in 2023 – a 20.9 percent increase on the previous year. This figure accounted for 10.7 percent of the national total.

Shanghai is also among the top cities in terms of the number of livestreaming agencies, active e-commerce live rooms, and leading MCN agencies.

Prominent national livestreaming platforms, including Bilibili, Xiaohongshu, Pinduoduo, and Ximalaya, all operate in Shanghai. As of August this year, there are over 25,000 enterprises related to livestreaming in the city, with nearly 7,000 new businesses established between January and August.

With the global livestreaming market expected to grow at a compound annual growth rate of 28 percent by 2032, the conference addressed both opportunities and challenges in the industry.

Key issues such as the need for standardization and talent development were discussed. Sun Yimin, deputy dean of the School of Management at the local Fudan University, proposed leveraging Shanghai's competitive talent advantages to create a distinct MCN sector.

The conference also marked the launch of the Shanghai International MCN Development and Service Alliance, aimed at amplifying the voices of MCN institutions and improving their connection with policymakers.

The event recognized outstanding MCN entities with various awards, celebrating achievements in growth and innovation.