Hangzhou used to attract a large number of grassroots internet celebrities. However, this year, a large number of internet celebrity anchors and MCN (Multi-Channel Network) agencies have successively withdrawn from Hangzhou, leading to a nearly halved rent for the famous internet celebrity building. The bursting of the “internet celebrity economy” bubble in Hangzhou has sparked discussions.
According to the Science and Technology Innovation Board Daily report on November 23, the Le Crystal International Building is a well-known internet celebrity building in Hangzhou. At its peak, the building housed nearly 20,000 anchors and industry professionals, symbolizing the heyday of Hangzhou’s live-streaming economy. However, during the 2025 Double Eleven period, the building was unusually deserted.
Outside the Le Crystal International Building, there are nearly ten real estate agency advertisements on a short stretch of sidewalk, with many listings prominently displaying “urgent rental reduction” signs. The monthly rent for a single room has dropped from the peak period of 3000-4500 yuan per month to 1200-1800 yuan per month. The elevators and corridors of the building are now filled with ordinary office workers and middle-aged residents, the once well-dressed internet celebrity figures are hardly seen anymore.
A real estate agent mentioned that many internet celebrity anchors used to live here, but now there are far fewer. The number of residents in the entire building has also decreased significantly compared to two years ago, and that agent alone has multiple Le Crystal International units available for rent.
A search on the Shell House Hunting app shows that there are 94 listings available for rent in the building, while the Xiaohongshu platform is also filled with a large number of subletting and rental information.
E-commerce live streaming blogger Momo lamented, “Many of my peers who started live streaming in 2020 are now nowhere to be found.”
Momo said that during the epidemic, there was an explosive growth in the number of people in the e-commerce live streaming industry, but now the market is severely oversaturated. “Whether it’s the anchor in front of the screen or the ‘sugar daddy’ behind the scenes, many people are rationally choosing to exit.”
In addition to grassroots internet celebrities and product-selling anchors, some top anchors and agencies like Xinxuan Group, Xiangtai, and “Crazy Little Yang Brother” have also withdrawn one after another, causing turmoil in the industry and sparking discussions online about whether the bubble of the Hangzhou “internet celebrity economy” has burst.
Many netizens commented, “This trend has passed.” “I withdrew a long time ago, half of the people were gone two years ago when I visited.” “Now everyone has no money to spend, even the once very hot live sales are not working.”
Some also said, “It’s not just difficult for internet celebrities in these past two years, it’s difficult for every industry.” “It’s a false prosperity.”