While Apple remains the most valuable brand with a valuation of $355 billion, TikTok is now the world’s fastest-growing brand with an incredible 215% growth, according to a new business report broadly covering all economic sectors.
The annual Brand Finance Global 500 ranking reported that the video-focused social networking service tripled in brand value over the past year. The app’s brand value has increased from $18.7 billion in 2021 to $59 billion this year. TikTok has claimed the 18th spot among the world’s 500 most valuable brands and is the highest new entrant on the list.
Digital entertainment, social media and streaming services saw massive growth throughout the pandemic. The report noted that TikTok’s rise is evidence of how media consumption has changed. Not only is TikTok’s content easy to consume and entertaining, but the service also acted as a creative outlet and gave people a way to connect during restrictions and lockdown.
The report added that while the app was initially most popular with Gen Z users, strategic partnerships — such as the sponsorship of the UEFA Euro 2020 tournament — exposed the app to other demographics.
TikTok Crushes the Competition on App Stores
In 2021, TikTok became the most downloaded app across Android’s Google Play Store and Apple’s App Store, accruing over 1 billion users.
“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 still sits at the top of the list as the most valuable brand following a 35% increase to a record $355.1 billion. The report said this recent growth can be attributed to the recognition that the brand also offers a broader range of popular services, like 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 Haigh.
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