TikTok Named World's Fastest-Growing Brand by Brand Finance Global 500 2022 Report
- Apple remains world's most valuable brand with record valuation – US$355 billion
- US and China continue to dominate claiming 2/3 of brand value in ranking, while UK sees fastest growth out of top 10 countries, up 47%, following Shell's HQ move
- Development of COVID-19 vaccines sees pharma named fastest-growing industry, with AstraZeneca top performing, up 77% year on year
LONDON, 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, the entertainment app'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.
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.
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 Apple 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.
UK sees top growth
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).
The UK also performed well, with the combined brand value of brands from the country rising by 47% to US$257.1 billion – the fastest level of growth among the top 10 countries this year, indicating that Brexit uncertainty has largely been overcome. Shell's decision to move its headquarters is one of the key reasons behind the impressive growth, as it now ranks as the nation's most valuable brand at US$49.9 billion, but the UK has also seen three other new entrants in this year's ranking – AstraZeneca, JD Sports, and Burberry.
Tech remains most valuable industry
Breaking the results down to industry level, tech is once again 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 total brand value in the sector.
Retail sees strong uplift, but pharma is fastest growing
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 COVID-19 pandemic, retail has seen an impressive brand value increase of 46% – outpacing both the tech and media sectors.
Nevertheless, 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 to the ranking 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.
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
+44 (0)207 389 9400
enquiries@brandfinance.com
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