Shanghai advertising sector on fast track to digitalization
The development of Shanghai's advertising industry is on the fast track toward digitalization, a white paper by the city's market watchdog revealed on Wednesday.
Shanghai had 94,330 registered market entities in the advertising industry by last year, up 23.8 percent from a year earlier, and the number of Internet companies grew 22 percent year on year to 84,452.
The city has included "digital advertising" into the registration categories of emerging industries, and 11,061 companies have obtained the qualification to conduct "digital advertising" business, according to the Shanghai Administration for Market Regulation.
In the fourth quarter of last year, the city's revenue of advertising industry rose 35.7 percent from a year earlier, showing a strong recovery, the administration said.
The development of digital advertising is accelerating, with Internet companies in Shanghai reaping a revenue of 95.4 billion yuan (US$13.25 billion) last year in the advertising sector, rising 14.2 percent from a year earlier.
The revenue accounted for 81.8 percent of the city's total in the field.
All these figures pointed to the emergence of a digital era in Shanghai's advertising industry, said Zhang Hongbing, director of the advertising department of the administration.
In Putuo and Qingpu districts and the Pudong New Area, digital advertising industry parks are in good shape, while Xuhui District is developing a cluster of advertising industry.
Meanwhile, the Shanghai International Advertising Festival 2023 opened on Wednesday. The three-day gala will see a slew of events and activities held across the city.