June 28, 2023

Shanghai Targets Generating $6.5 Bln from Metaverse by 2025



China’s largest city and financial capital, Shanghai, has an ambitious plan to gain revenues from developing metaverse projects for cultural and tourism purposes. 

Shanghai’s plan aims to generate $6.5 billion (50 billion yuan) annually from culture and tourism metaverse projects by 2025 in light of its keenness to attract domestic and international visitors to enjoy its rich cultural legacy in the digital world, according to Metaverse Post

These ventures will be based on virtual performances, digital artwork, and smart tourism by the end of 2025. According to the plan, the city’s real-world attractions will be represented in the metaverse where the tourists can enjoy using their avatars to interact with these sites.

In addition, the city’s museums, art galleries, and commercial blocks will be supported to deploy metaverse-related technologies such as XR, autostereoscopy, holographic projection, and smart sensing equipment in addition to blockchain, extended reality, and artificial intelligence to support metaverse entertainment businesses. 

In this regard, Fang Shizhong, the director general of the Shanghai Administration of Culture and Tourism, said that Shanghai’s giant cultural and tourism consumption market scale, leading digital infrastructure advantage, rich cultural and tourism application scenes, as well as massive content innovation resources offer a fertile soil for the cultivation of culture and tourism metaverse new track.

The metaverse industry in China is flourishing as it is expected to hike by about 40% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.

The report also anticipated that the Chinese metaverse industry would grow up steadily in the coming period to hit a CAGR of 35.8% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in China is predicted to increase from $76,076.8 million in 2022 to reach US$4,57,241.9 million by 2030.

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