Google’s healthy year-on-year brand value growth is the result of continued evolution and expansion of its services, according to the annual Brand Finance Media 50 2023 ranking. File photo
Google remains the world’s most valuable media brand for the third consecutive year, according to the annual Brand Finance Media 50 2023 ranking released this week.
Google’s brand value rose 7% to $281.4 billion (R5.2 trillion). The Californian tech giant continued to dominate the sector with a brand value more than four times that of its runner-up, TikTok/Douyin (brand value up 11% to $65.7bn. Facebook was the third most valuable brand at $59bn.
“Google’s healthy year-on-year brand value growth is the result of continued evolution and expansion of its services, including Google Wallet, Google Pixel and Google Cloud,” the report said.
However, Twitter’s brand value fell 32% to $3.9bn and its brand strength sank 11 points, the report found, saying it was due to business mogul Elon Musk’s tenure as CEO at Twitter.
“This is largely due to Brand Finance research finding a significantly weaker perception of the brand causing a very large 11-point drop in brand strength, and subsequent demotion to a brand strength rating of AA,” it said.
Richard Haigh, the managing director of Brand Finance said: “The acquisition and privatisation of Twitter presented a strong and interesting investment case. However, the positive outcomes that some anticipated for the Twitter brand have not materialised. Brand valuation considers intangible and tangible assets, and Musk has overlooked one of brands’ most important resources: people. Twitter needs to address issues surrounding its reputation and brand equity to return to brand value growth.”
Meanwhile, LinkedIn claimed the title of Media’s fastest-growing brand. Its brand value leapt 49% to $5.5bn.
“In connection with its improved standing as a recruitment and news advertising tool, LinkedIn grew significantly. Globally, LinkedIn is building a very strong position amongst professional white-collar users as a dominant tool in this sector. First launched in 2003, the brand is growing strongly in part due to its integration with other Microsoft services,” the report said.
Gaining traction in the media space was WhatsApp, joining the ranking in 17th as the best-performing new entrant, valued at $8bn.
“As one of the most popular instant messaging platforms, the brand boasts around 2 billion active users each month. This past year, the end-to-end encrypted messaging tool launched new features to its services including features such as view once images/videos and online visibility,” the report said.
BUSINESS REPORT
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