Shanghai's creative metaverse industry taking shape

Shanghai tops the Yangtze River Delta in cultural and creative metaverse development, according to a report released on Friday.

A report by the Shanghai Cultural and Creative Industry Promotion Office and Shanghai Digital Creative and Metaverse Industry Alliance claimed that Shanghai's cultural and creative metaverse industry has begun to form a complete value chain for cultural content production, distribution, and consumer service.

The creative industry and public culture service are expanding in all sub-segments of cultural creativity, and Shanghai has the industry's most comprehensive policy system.

The city's comprehensive cultural and creative metaverse development index was 267.47, compared with 85.71 for the nation, the report said.

It states that the industry is still in the exploratory stage of driving economic growth and improving business operational income while facing issues like content homogenization, innovation capability, a lack of evaluation standards, and an incomplete industrial chain.

The paper was presented during the Second Cultural and Creative Shanghai Innovation and Entrepreneurship Competition awards ceremony.

More than 20 firms advanced to the final round as the city worked to revitalize the cultural and creative innovation industry and attract entrepreneurs from across the world.

About 1,000 organizations and projects from across the country entered the competition, and 24 winners with outstanding creative expression and innovative business strategies stood out in four primary disciplines.

The 127-day competition, hosted by the Shanghai Cultural and Creative Industry Promotion Office, including the Shanghai Publicity Department, showcased originality and wisdom.

The four major tracks showcased cutting-edge future technologies, immersive experiences of virtual and actual interaction, and creative expressions that empower consumption.

The winning entries will be eligible for incubation, technical, legal, and financial assistance, rent subsidies, and other benefits.

At the same time, the "Cultural and Creative Shanghai" Innovation and Entrepreneurship Incubation Base was founded to foster cultural interchange and creativity. To create a full-service incubation system, it will provide office space rental subsidies, professional entrepreneurship mentoring, substantial financial support, comprehensive enterprise services, and resource linkage.

"We felt that Shanghai has delivered very strong support and guidance to cultural enterprises, and there is a complete system for supporting financial, talent, and rental policies," said Zhao Can, CEO and founder of award-winning Shenzhen music and entertainment service provider Youyuan Culture. "Shanghai also has a diverse music culture, and we are considering moving there."