TikTok is the world’s fastest-growing brand, with more than 200% growth seeing it triple in brand value over the past year, according to the latest report from Brand Finance Global 500.
The social networking app is the highest new entrant to the report and has tripled in brand value over the past year, boasting 215% growth. Its value has increased from $18.7 billion in 2021 to $59.0 billion this year, as it claims its place as the 18th of the world’s top 500 most valuable brands.
With Covid-19 restrictions still in effect throughout 2021, digital entertainment, social media and streaming services saw continued growth. TikTok’s rise is testament to how the media industry and content consumption is evolving.
With its offering of easily digestible and entertaining content, the app’s popularity spread across the globe. However, it also acted as a creative outlet, providing a way for people to connect during lockdown.
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At the same time, strategic partnerships, such as its sponsorship of the UEFA Euro 2020 tournament, exposed TikTok to demographics outside of its original Gen Z base. It crossed the one billion user mark in 2021 to become the most downloaded app across Android’s Google Play store and Apple’s App Store.
“Media consumption has increased throughout the Covid-19 pandemic, but – what is more – the way we consume it has irrevocably changed,” Brand Finance chairman and chief executive officer David Haigh said.
“In order to compete in this evolving marketplace, media organisations have invested heavily in their brands – from content acquisition through to user experience. 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.”
Apple claimed the world’s most valuable brand title with a record valuation at more than $355 billion, followed by Amazon and Google.
