Instagram saw 47% growth in its value and TikTok enters list of Top 100
Amazon is the world’s most valuable brand, according to the latest BrandZ rankings released by WPP and research firm Kantar. The online retail firm saw a 32% rise in its brand value to reach $415.9 billion this year. Technology major Apple was ranked second with a value of $352 billion (14% growth), followed by Microsoft at third position at a value of $326 billion (30% growth). The fourth spot was taken by Google at $323 billion (5% growth) and the fifth spot was taken by Mastercard at $186.8 billion (5% growth). Facebook stood at eight rank with a value of $147 billion and a 7% decline in value.
Chinese video-sharing app TikTok, which has been banned by India, entered the list of Top 100 brands. Mastercard entered the top 10 list for the first time, seeing an 18% increase in brand value. Instagram saw 47% increase in its brand value.
The report states, “Corporate cultural change, open systems, and the growth of its cloud business helped generate a 30 percent increase in value for Microsoft that pushed the brand up one slot in the ranking to No. 3, just after Apple, swapping places with Google, which was impacted by declining ad revenue related to Covid-19.”
“An 18 percent rise in value propelled Mastercard into the Top 10. The ascent of Mastercard, and the presence of Visa at No. 5, reflect brand resilience as payments and other financial services continue to experience digital disruption,” it stated.
According to the report, Retail was the fastest-growing sector in brand value, with a 21% increase driven by major e-commerce players. E-commerce brands Amazon, Alibaba and JD showed innovation and agility during the coronavirus crisis, the report said.
The report states that innovation and creativity have been important elements for driving growth as people spend more time online.
“Innovation has proven to be a key driver for growth in this year’s Top 100, and a way to prevent decline,” Doreen Wang, Global Head of BrandZ at Kantar, reportedly wrote in a statement.
“Creativity is also an important trait for the world’s most valuable brands. Companies like Amazon, Apple and Google — the tech giants that keep on innovating — successfully combine both to continue being relevant to consumers’ lives and making it easier for them to choose a brand,” Wang was quoted as saying.