Shanghai sees metaverse worth US$54b by 2025
Shanghai's metaverse industry revenue will hit 350 billion yuan (US$53.8 billion) in 2025, boosted by a special industry fund, two industrial parks and expanded applications in areas like culture, entertainment and medicine, the local industry regulator said on Thursday.
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 the Pudong New Area.
Shanghai will have 10 leading metaverse firms with global influence and over 50 related applications covering the commercial, education, smart manufacturing, cultural and collaborative office office sectors. The developments will boost the city's metaverse industry revenue to hit 350 billion yuan by 2025.
It's 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 in 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.
Besides the metaverse vision, Shanghai also released development plans for the digital economy and green, low-carbon and smart terminals by 2025, which are growth engines for the post-pandemic economy, local officials said on Thursday.