TikTok Named World’s Fastest-Growing Brand by Brand Finance Global 500 2022 Report
DALLAS, Jan. 26, 2022 /PRNewswire/ — TikTok has been named the world’s fastest-growing brand by a new report published today. With an astounding 215% growth, TikTok’s brand value has increased from US$18.7 billion in 2021 to US$59.0 billion this year. Claiming 18th spot among the world’s top 500 most valuable brands, it is the highest new entrant to the Brand Finance Global 500 2022 ranking.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands are included in the annual Brand Finance Global 500 ranking – now in its 16th year – and the United States’ top 500 most valuable and strongest brands are included in the Brand Finance US 500 ranking.
With COVID-19 restrictions still in effect across the globe throughout 2021, digital entertainment, social media, and streaming services saw continued growth, and TikTok’s rise is testament to how the media industry is evolving.
“Media consumption has increased throughout the COVID-19 pandemic, but – what is more – the way we consume it has irrevocably changed. TikTok’s meteoric growth is the proof in the pudding – the brand has gone from relative obscurity to internationally renowned in just a few years and shows no signs of slowing down,” – said David Haigh, Chairman & CEO of Brand Finance.
Media brands account for the top 3 fastest-growing brands in the ranking – with Snapchat (brand value up 184% to US$6.6 billion) and South Korean internet brand Kakao (up 161% to US$4.7 billion) following closely behind TikTok.
Apple holds on to top spot with record valuation
Apple has retained the title of the world’s most valuable brand following a 35% increase to US$355.1 billion – the highest brand value on record.
The tech giant’s success historically lied in honing its core brand positioning, but its more recent growth can be attributed to the company’s recognition that its brand can be applied effectively to a much broader range of services, such as Apply Pay and Apple TV.
“Apple commands an amazing level of brand loyalty, largely thanks to its reputation for quality and innovation. Decades of hard work put into perfecting the brand have seen Apple become a cultural phenomenon, which allows it to not only compete, but thrive in a huge number of markets,” added David Haigh.
Amazon and Google also saw good levels of growth, both keeping their spots behind Apple in 2nd and 3rd respectively.
Tech remains most valuable industry
The tech sector remains the most valuable in the ranking, with a cumulative brand value of close to US$1.3 trillion. 50 tech brands feature in the ranking, however, three big players – Apple, Microsoft (US$184.2 billion), and Samsung Group (US$107.3 billion) – together accounting for more than 50% of the brand value in tech.
The tech sector is also home to two of the five fastest-growing brands in the ranking, with semiconductor brands AMD (up 122%) and Nvidia (up 100%) seeing impressive growth.
Retail continues to thrive
The retail sector cemented its position as the second most valuable in the ranking thanks to the e-commerce boom, crossing the US$1 trillion mark for the first time.
Over the course of the pandemic, retail has been the fastest-growing large industry in the ranking, with a brand value increase of 46% – outpacing both the tech and media sectors. One of the sector’s top performers, Walmart, continued to see brand value growth and climbed from 6th to 5th following a 20% increase in brand value to US$111.9 billion. Retail also saw the most new entrants in the ranking this year at nine brands out of the total of 39 newcomers.
Pharma brands see healthy growth
The pharma sector has seen faster growth in the ranking over the last two years than any other. The number of pharma brands in the ranking has doubled from four to eight, with brand value increasing by 94% to US$54.0 billion.
All eight brands featured are more valuable than they were in 2020, with those that produced COVID-19 vaccinations seeing the biggest increases. Johnson & Johnson remains the most valuable, with a brand value of US$13.4 billion. New entrant AstraZeneca (up 77%) secured the title of the sector’s fastest growing with Pfizer (up 58%) being the second fastest.
“The production of effective vaccines has been integral to getting the global economy back on its feet. This has resulted in not only an increase in revenues, but also improved global awareness and reputation for brands in the pharmaceutical industry, which raises interesting questions about their potential applicability in adjacent sectors,” commented David Haigh.
US and China still dominate
Breaking the results down to country level, brands from the United States and China continue to dominate the Brand Finance Global 500. Over two-thirds of the total brand value in the ranking is attributable to the two countries, with the US accounting for 49% (US$3.9 trillion) and China for 19% (US$1.6 trillion).
About Brand Finance
Brand Finance is the world’s leading brand valuation consultancy. A regulated accountancy firm, Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671, and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Contact:
Konrad Jagodzinski
+1-214-803-3424
enquiries@brandfinance.com
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SOURCE Brand Finance
