Douyin yesterday hosted its E-commerce Creators Gala in Shanghai. Douyin E-commerce President Wei Wenwen shared that over the past year, the platform’s GMV grew by 46%, with shelf scenario GMV up by 86%. Douyin now has over 2 million young creators, 7.53 million new creators, and 27,000 MCN agencies. Daily livestreaming hours increased by 33%, and creators with GMV exceeding 10 million RMB ($1.4 million) grew by 52%. In May, Douyin’s 2023 GMV was reported at 2.7 trillion RMB ($374 billion), with a 2024 target of 4 trillion RMB ($548 billion), a nearly 50% rise. In comparison, Alibaba’s GMV for the past year was 7.2 trillion RMB ($988 billion), while Pinduoduo’s GMV stood at 4.05 trillion RMB ($556 billion).