2024年媒體品牌50強(qiáng)報告（英文版）-Brand Finance

BrandFinance

Media50

2024

TheannualreportonthemostvaluableandstrongestMediabrands

September2024

BrandFinanceMedia502024/media2

Contents

AboutBrandFinance

3

Foreword4

DavidHaigh,Chairman&CEO,BrandFinance

RankingAnalysis

7

BrandValueRanking(USDm)1

7

Methodology

18

OurServices

24

?2024Allrightsreserved.BrandFinancePlc.

About

BrandFinance

Theworld's

leadingbrandvaluation

consultancy

Forbusinessenquiries,pleasecontact:

RichardHaigh

ManagingDirector

rd.haigh@

Formediaenquiries,pleasecontact:

PennyErricker

GlobalPressEnquires

p.erricker@

Forallotherenquiries:

enquiries@+442073899400

BridgingthegapbetweenMarketingandFinance

BrandFinancewassetupin1996withtheaimof'bridgingthegapbetween

marketingandfinance'.Formorethan25years,wehavehelpedcompaniesand

organisationsofalltypestoconnecttheirbrandstothebottomline.

Quantifyingthefinancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Ranking

brandsacrossallsectorsandcountries,wepublishover100reportsannually.

Uniquecombinationofexpertise

Ourteamshaveexperience

acrossawiderangeofdisciplines

frommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.

Pridingourselves

ontechnicalcredibility

BrandFinance,acharteredaccountancy

firmregulatedbytheInstituteof

CharteredAccountantsinEnglandandWales,isthefirstbrandvaluation

consultancytojointheInternational

ValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO

20671)andourmethodology,certifiedbyAustrianStandards,isofficiallyapproved

bytheMarketingAccountabilityStandardsBoard.

BrandFinanceMedia502024/media4

Foreword

DavidHaigh

Chairman&CEO,BrandFinance

Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowitcontributestotheoverallvalueofthecompany.Thisimportantunderstandingcaninformdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovideabenchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asastrongbrandcanbeavaluableasset.

Additionally,brandvaluationcanbeusefulintheeventofamergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brand

valuationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.

Astrongbrandcanleadtoimprovedbusinessreturnsinseveralways.

First,astrongbrandcanhelpacompanydifferentiateitselffromitscompetitors

andestablishauniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyandretention.This,inturn,canleadtohighersalesandrevenue.Astrong

brandcanalsohelpacompanycommandahigherpriceforitsproductsorservices,asconsumersarewillingtopaymoreforabrandtheyperceiveashigh-quality

andtrustworthy.

Inaddition,astrongbrandcanhelpacompanyattracttoptalent,asemployeesmaybemoreattractedtoworkforawell-knownandreputablebrand.Finally,astrongbrandcanprovideacompanywithacompetitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.

Thisyear,BrandFinancehasinvestedmoreinresearchingandunderstandingcustomerperceptionofbrandsacrosstheworldthaneverbefore,withoriginal

researchtakingplaceindozensofjurisdictionsglobally.Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindings

representingacatalystforfurtherconversations.

Ifyouwanttohelpbuildastrongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandIanytime.Ilookforwardtotheconversationandhelpingtobuildamoreprofitablefutureforyourbrand.

GainInsight

Leveragestrategicinsightstoenhanceyourbrand'sfinancialstanding.

StrategicGuidance

Strategiseeffectivelytopositionyourbrandasamarketleader.

BenchmarkYourPerformance

Benchmarkyourbrandagainst

industrystandardsforacompetitiveedgeinthecorporatelandscape.

EmpowerYourMarketingTeam

Empoweryourmarketingteamwithcomprehensiveknowledgeaboutyourbrand'sfinancialvalue.

EnhanceCommunication

Optimisecommunicationchannelsbyunderstandingandarticulatingyourbrand'sfinancialsignificance.

DeepenUnderstanding

Deepenyourfinancialacumenandmakewell-informeddecisionsforcorporatesuccess.

Request

yourown

BrandValueReport

BrandFinance'sBrandValueReport

providesacompletebreakdownoftheassumptions,datasources,andcalculationsusedtodetermineyourbrand’svalue,aswellasbrand

equityresearch.

Eachreportincludesexpert

recommendationsforgrowing

brandvalue,drivingperformance,andgaininginsightsintoyour

positionagainstpeers.

enquiries@

+6,000brands

Originalmarketresearch

onglobal,marketandsectorleadingbrands.

41countries

Comprehensivecoverage

formarketspecificlearningsthatinformdecisionmaking.

GetFull

AccesstoourGlobalData

31sectors

Benchmarkyourbrandagainst

competitorsandleverageindustrylevelinsightstoempoweryour

strategy.

+150,000respondents

Robustmarketrepresentationforaglobalperspective.

8thconsecutiveyear

Takealongerviewtotrackandlearnfromfastgrowingbrands,market

disrupters,andmarketleaders.

StrategicInsight

Understandyourbrandsstanding

inthemarket,whatit’sknownfor

relativetothecompetition,andwhatdrivescustomerdecisionmaking

soyoucancreatearoadmapforsuccess.

BrandFinance'sGlobalBrand

EquityMonitorresearchutilises

acomprehensiveframeworkto

trackandmeasurethecorebuildingblocksthatunderpinstrongbrands,whiledeliveringnuancedinsightsthatdirectstrategyforunderstanding,

maintainingandbuildingbrandstrength.

Brands,andcustomerrelationshipwithbrands,arecomplex.Assuchtheyrequireattention,directionandmeasuredsupportifthey’retofulfiltheirpotential.Ourbrandequity

reportsdeliverexpertinsightandrecommendationstopoweryourbrandstrategiesandvaluation.

enquiries@

RankingAnalysis

Mediaisa

techsectornow,

asconsumersmove

frombroadcasttostreamers

+Googleretainsitstitleastheworld’smostvaluablemediabrand,valuedat$333.4billion

+TikTok/Douyinseessuperchargedbrandvalue

growth,retainingsecondplacewithabrandvalueof$84.2billion

+Weixin/WeChatknocksGoogleoffthetopspot

tobecometheworld’sstrongestmediabrand,withaBSIof94.3outof100

+Instagramisthefastest-growingmediabrand,increasingitsbrandvalueby49%to$70billion

+Roomforimprovement:GooglehasthehighestSustainabilityGapValue,at$1.5billion

+TVbrandslosebrandvalueandstrengthasconsumersmovetoonlinestreamersandsocialmedia

+X(formerlyTwitter)dropsoutoftheranking,grapplingwithfinancialdifficultiesandMuskcontroversies

BrandFinanceMedia502024/media9

RankingAnalysis

TheBrandFinanceMedia502024isthetenthiterationoftherankingoftheworld’smostvaluablemedia

brands.Thefirst–publishedin2015–wasdominatedbybroadcastmediaoperators:WaltDisneywasrankedfirst,aheadofFox,NBC,TimeWarnerandCBS.

Therankingofthetop20mostvaluablemediabrandsof2015wasprimarilyalistingofbigproduction

companieswhichspecialisedinmakingvideo,televisionandradiocontent.

The2024rankingisradicallydifferentfrom2015:nineofthetenmostvaluablebrandsarefocused

notonbroadcasting,butonnarrowcastingdirectlytoindividualsthroughthedistributionofuser-created

media.Thisincludesthemostvaluablemediabrands,Google(brandvalueup19%to$333.4billion),TikTok/Douyin(brandvalueup28%to$84.2billion),Facebook(brandvalueup28%to$75.7billion)andInstagram

(brandvalueup48%to$70.4billion).

TheoneoutlieramongstthetoptenmediabrandsisDisney(brandvaluedown6%to$46.7billion),

whichproducesaconsiderablevolumeofitsownoriginalcontent,andoperatesDisney+,asignificantonlinestreamingplatform.

BrandFinanceMedia502024/media10

RankingAnalysis

Top10MostValuableMediaBrands2024

3

=

2

=

1

=

Google

$84.2bn

+28%

$75.7bn

+28%

$333.4bn

●

+19%

4

▲

$70.4bn

+48%

?BrandFinancePlc.2024

5

=

$46.7bn

-6%

6

1

$41.8bn

●

-17%

7

=

Tencent騰訊

8

=

YOUTube

9

=

NETFLIX

$36.1bn

-5%

●

$31.7bn

+7%

$22.8bn

-6%

10

=

Linked面

$18.8bn

+21%

Googleretainstitleasworld’smostvaluablemediabrand,valuedat$333.4billion

Googleistheworld’smostvaluablemediabrand

forthefourthconsecutiveyear,recordinga19%

increaseinbrandvaluetoUSD333.4billion.This

increasestemsfromrobustrevenuegrowthreported

byAlphabet,Google'sparentcompany.Alphabet'srevenuesgrewtoUSD307.4billionin2023,

a9%year-over-yearincrease.

BrandFinanceresearchfoundthatGoogle’s

familiaritydippedmarginallythisyear,butremains

atextraordinarilyhighlevels.Recommendationlevelsincreasedtoevenhigherlevelsthanlastyear,and

othercustomerevaluationsremainedextremelyhigh.

Onekeyfactor–whichmightbecomerelevant

withantitrustissuesatstake–isthatBrandFinanceresearchfoundthatGoogle’sbrandisabletoextractasignificantvolumepremium.

AsaresultofGoogle’sextremelyhighlyratedbrand,customersareoptingtousetheproduct,totheextentthatmanyconsumersuse‘Google’asaverbmeaning‘tosearchforsomethingontheinternet’.Assuch,

Googleboastsastrongbrandstrengthindex(BSI)

scoreof92.5outof100andanequivalentAAA+rating–thehighestaccoladeforbrandstrengthawardedbyBrandFinance.

Thatsaid,Googlehasnavigatedseveralshifts

initsbusinesslandscape.Thecompanyissolargethatithasreachedcompletesaturationlevels

insomekeymarkets,includingdigitalsearch

andonlineadvertising.Asaresult,Googlefacessignificantregulatoryandjudicialscrutinyshortly.

RankingAnalysis

TikTok/Douyinseessuperchargedbrandvaluegrowth,retainingsecondplace

withabrandvalueof$84.2billion

TikTok/Douyinalsorecordedsignificantbrandvaluegrowthin2024,increasingitsbrandvalueby28%

toUSD84.2billion.IntheWest,TikTokhasbuilt

anoutstandingpeer-to-peermarketingenginethatallowsconsumerstoeasilysharecontentwith

peoplewhodonothaveTikTokaccounts,serving

asaneffectiveformofuseracquisition.Douyin-theChinese-facingbrandnameknownasTikTok

toWesternaudiences-hastransformed

beyondamediachanneltoestablisharobuste-commerceplatformakintoAmazon’s

intheWest.

BrandFinanceresearchindicatesthatTikTok's

familiarityisgrowingasitnearsmarketsaturation.

However,therehasbeenasignificantdeclineinbrandrecommendations.ThisdropislikelylinkedtoconcernsinWesternmarketsaboutTikTok'stiestotheChineseGovernmentandtheassociatedpublicityarounddatasecurityissues.

BrandFinanceMedia502024/media11

RankingAnalysis

Top10StrongestMediaBrands2024?BrandFinancePlc.2024

1

▲

94.3

●

+2.7

2

3

4

=

1

=

YOUTube

Google

NAV

92.7

0

92.5

-0.8

90.7

-0.6

緲

5

▲

90.4

+5.3緲

6

▲

NETFLIX

90.2

+4.3

7

1

8

▲

Tencent騰訊

86.2

+6.4●

9

1

88.2

-2.5

85.4

-0.8

10

▲

83.7

+2.4

Weixin/WeChatknocksGoogleoffthetopspottobecometheworld’sstrongestmediabrand,withaBSIscoreof94.3outof100

In2024,Weixin/WeChatisthestrongestmediabrandintheworld,earningabrandstrengthindexscore

of94.3outof100,andanassociatedbrandstrengthratingofAAA+.

Weixin/WeChat'sbrandstrengthisunderpinnedbyitsessential,familiar,andtrustedstatusinChina-itsdominantmarket.ThisunparalleledconnectionhassolidifiedWeixin/WeChat'spositionasanintegral

partofdailylifeformillionsofusers.

AccordingtoBrandFinance’slatestbrandtracking

data,81%ofrespondentssurveyedinChinaarecurrentusersofthebrand.However,likeotherChinesebrandsWeixin/WeChatmustcontendwithChina’scontinuedeconomicslowdown,whichispredictedtocontinue

thisyearandbeyond.

ThisslowdownultimatelylimitsWeixin/WeChat's

financialpotentialand,consequently,itsoverallbrandvalue.Weixin/WeChat’sbrandvaluedecreasedby17%thisyeartoUSD41.8billion.

BrandFinanceMedia502024/media12

BrandFinanceMedia502024/media13

RankingAnalysis

BrandValueChange2023-2024(%)?BrandFinancePlc.2024

Bloomberg

Linked

NetcaseGan7es

Google

48%29%28%28%22%22%21%20%19%19%

Instagramisthefastest-growingmediabrand,increasingitsbrandvalueby49%toUSD70billion

Asignificantincreaseinrevenueandusershas

fuelledInstagram'sstrongbrandvaluegrowth.

Theplatform'senhancedadtargetingcapabilities,

engagement-drivingfeatureslikeReels,andsuccessfulmonetisationstrategieshaveplayedcrucialroles

initsgrowthtrajectory,furthersolidifyingInstagram'spositionasacriticalassetwithinMeta'sportfolio.

Furthermore,thetopthreefastest-growingmediabrandsinthe2024rankingareallpartoftheMeta

group.Metaexperiencedrobustgrowthin2023,drivenbyongoingproductinnovationsand

AI-enhancedimprovements.

WhatsApphasgrownitsbrandvalueby29%

toUSD10.4billiontobenamedthesecond-fastestgrowingmediabrand,whileFacebookfollows

behindwitha28%brandvalueincreasetoUSD75.8billion.

BrandFinanceMedia502024/media14

RankingAnalysis

Top10MediaBrandsbySustainabilityPerceptionsValue

1

Google

$22.48bn

E:1.02S:1.05G:1.02

2●

3

$9.20bn

E:0.99S:0.99G:0.99

$7.95bn

E:0.96S:0.95G

:0.93

4

$7.74bn

E:1.00S:1.00G:0.98

?BrandFinancePlc.2024

5

$5.20bn

E:1.01S:1.01G:1.00

6

●

$5.12bn

E:1.10S:1.11G:1.12

7●

Tencent騰訊

$4.07bn

E:1.01S:1.03G:1.02

8

YOUTube

$3.65bn

E:1.04S:1.05G:1.03

9

NETFLIX

$2.60bn

E:1.03S:1.03G:1.04

10

Linked

$2.09bn

E:1.00S:1.01G:1.00

USDxx=SustainabilityPerceptionsValuex.x=SustainabilityPerceptionsScore/SectorMedian

Roomforimprovement:GooglehasthehighestSustainabilityGapValue,atUSD1.5billion

BrandFinancealsoutilisesitsGlobalBrandEquity

Monitor(GBEM)researchtocompileitsSustainabilityPerceptionsIndex.Thestudydeterminestherole

ofsustainabilityindrivingconsumerchoice,which

brandsconsumersbelievetobemostcommittedto

sustainability,theproportionofbrandvalueattributabletosustainabilityperceptions,andthevalueatrisk

ortobegained,basedonthedifferencebetweensustainabilityperceptionsandactualperformance.

BrandFinance’sperceptualresearchisanalysedalongsideCSRHub’sESGperformancedatatodetermineabrand’s‘gapvalue’.Thisisthevalueatrisk,orvaluetobegained,arisingfromthe

differencebetweensustainabilityperceptionsandactualperformance.

GooglehasthehighestSustainabilityGapValue,atUSD1.5billion.Googleispursuingnet-zero

emissionsacrossitsoperationsandvaluechainby2030,supportedbyitsgoaltooperateon24/7carbon-freeenergy.

RankingAnalysis

ThecompanyalsoleveragesAIandinnovation

todriveadvancementsinclimatetechnologyand

promotessustainablechoicesthroughitsproducts

andpartnerships.OurdatasuggeststhatGooglecould

generateuptoUSD1.5billioninadditionalvaluethroughenhancedcommunicationofitsendeavoursand

accomplishmentsinsustainability.

TVbrandslosebrandvalueandstrengthamidglobalentertainmentindustry

challenges

In2023,theglobalentertainmentindustryfacedasignificantcrisisduetoamajorHollywoodstrike.ThousandsofHollywoodwriterswentonstrike

followingaseriesofunsuccessfulpaynegotiations,

leadingtotheimmediatehaltofdaytimeand

late-nighttalk-shows,prematureseasonendings

formanyseries,anddelaysforTVshowsandfilms

plannedfor2024.Consequently,majorUSTVnetworkshaveseenasubstantialdeclineinboththeirbrand

valuesandstrengths,includingCBS(brandvaluedown28%toUSD5.3billion)andFox(brandvaluedown26%toUSD7.4billion).

UK-basednetworkshavealsosuffered,withSky's

brandvaluefallingbymorethan19%toUSD8.4billionandITV'sby19%toUSD1.9billion.Whiletheoutlookfortheglobalentertainmentindustryremainsuncertain,itremainstobeseenwhetherthesemajorbrands

canrestoretheirbrandvaluesandstrengthsinthecomingyears.

BrandFinanceMedia502024/media15

RankingAnalysis

Top10SustainabilityGapValues2024(MediaBrands)?BrandFinancePlc.2024

Google

YOUTube

NBC

NetcaseGan7es

LinkedFOX

$1,529m$504m$282m$197m$170m$168m$164m$86m$43m$38m

X(formerlyTwitter)dropsoutoftheranking,grapplingwithfinancialdifficultiesandMuskcontroversies

HavingappearedintheMedia50rankingsince2020,

X(formerlyTwitter)hasdroppedoutoftheranking.

Thebrandhasseenan83%dropinitsbrandvalue

toUSD673.3millionanda12.7-pointdropinitsBSI

scoreto56.9/100.AccordingtoFortune,Xexperiencedasharpdecreaseinadrevenue,fallingtoapproximatelyUSD600millionperquarterin2023fromoverUSD1

billionperquarterin2022.Thisisparticularlysignificantgiventhatadsalesaccountforaboutthree-quarters

ofX’stotalrevenue.

Thisdeclinehighlightsadvertisers'allegedunease

withX’scontentmoderationunderMusk’sleadership.Hiscontroversialstatementsandpolicyreversals

havealienatedmanybrandambassadors,further

exacerbatingthebrand’sfinancialstrugglesand

weakeningitsglobalreputation.Thisisreflected

inthebrand’slowerscoresinthereputationand

recommendationmetricsofBrandFinance’sresearch.

BrandFinanceMedia502024/media16

BrandValueRanking(USDm)

Top50mostvaluableMediabrands1-50

2024

Brand

2023

2024

2023

2024

2023

Brand

Value

Brand

Brand

Brand

Rank

RankBrandCountry

Value

Change

Value

Rating

Rating

1

1

=

Google

UnitedStates

$333,441

+18.5%

$281,382

AAA+

AAA+

2

2

=

TikTok/Douyin

China

$84,199

+28.2%

$65,696

AAA-

AAA-

3

3

=

Facebook

UnitedStates

$75,716

+28.4%

$58,971

AAA-

AAA-

4

6

▲

Instagram

UnitedStates

$70,443

+48.5%

$47,439

AAA

AAA+

5

5

=

Disney

UnitedStates

$46,717

-5.6%

$49,508

AAA-

AAA

6

4

1

Weixin/WeChat

China

$41,794

-16.8%

$50,247

AAA+

AAA+

7

7

=

Tencent

China

$36,055

-5.3%

$38,059

AAA

AAA-

8

8

=

YouTube

UnitedStates

$31,721

+6.8%

$29,710

AAA+

AAA+

9

9

=

Netflix

UnitedStates

$22,815

-5.5%

$24,150

AAA+

AAA

10

10

=

LinkedIn

UnitedStates

$18,812

+21.3%

$15,507

AAA-

AAA-

11

12

▲

NetEase

China

12

11

1

Universal

UnitedStates

13

17

▲

WhatsApp

UnitedStates

14

13

1

Sky

UnitedKingdom

15

16

▲

NBC

UnitedStates

16

18

▲

WarnerBros

UnitedStates

17

15

1

Yahoo!Group

Japan

18

14

1

Fox

UnitedStates

19

25

▲

Bloomberg

UnitedStates

20

21

▲

Spotify

Sweden

21

24

▲

ActivisionBlizzard

UnitedStates

22

20

1

ESPN

UnitedStates

23

26

▲

ABC

UnitedStates

24

23

1

20thTelevision

UnitedStates

25

19

1

CBS

UnitedStates

26

27

▲

ElectronicArts

UnitedStates

27

22

1

Baidu

China

28

31

▲

BBC

UnitedKingdom

29

30

▲

ByteDance

China

30

32

▲

Kakao

SouthKorea

31

38

▲

Toutiao

China

32

33

▲

ThomsonReuters

Canada

33

28

1

DishNetwork

UnitedStates

34

36

▲

Discovery

UnitedStates

35

37

▲

HBO

UnitedStates

36

29

1

Naver

SouthKorea

37

35

1

SiriusXM

UnitedStates

38

40

▲

iQiyi

China

39

-

3

Hulu

UnitedStates

40

39

1

Snapchat

UnitedStates

41

41

=

Youku

China

42

43

▲

WarnerMusicGroup

UnitedStates

43

-

3

ROBLOX

UnitedStates

44

48

▲

Nexon

Japan

45

-

3

Roku

UnitedStates

46

50

▲

Penguin

UnitedKingdom

47

49

▲

Dianping

China

48

46

1

MTV

UnitedStates

49

42

1

ITV

UnitedKingdom

50471IHEARTMEDIAUnitedStates

BrandFinanceMedia502024/media17

Methodology

Definitions

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BrandValue

BrandValue

Meta

[Meta]

+EnterpriseValue

Thevalueoftheentireenterprise,madeupofmultiplebrandedbusinesses.

Whereacompanyhasapurelymono-

brandedarchitecture,the‘enterprisevalue’isthesameas‘brandedbusinessvalue’.

facebook

[Facebook]

+BrandedBusinessValue

Thevalueofasinglebrandedbusinessoperatingunderthesubjectbrand.

Abrandshouldbeviewedinthecontext

ofthebusinessinwhichitoperates.Brand

Financealwaysconductsabrandedbusinessvaluationaspartofanybrandvaluation.Weevaluatethefullbrandvaluechaininordertounderstandthelinksbetweenmarketing

investment,brand-trackingdata,andstakeholderbehaviour.

facebook+BrandContribution

[Facebook]

Theoverallupliftinshareholdervaluethatthebusinessderivesfromowningthebrandratherthanoperatingagenericbrand.

Thebrandvaluescontainedinour

leaguetablesarethoseofthepotentiallytransferablebrandassetsonly,making

‘brandcontribution’awiderconcept.Anassessmentofoverall‘brandcontribution’toabusinessprovidesadditionalinsightstohelpoptimiseperformance.

facebook

[Facebook]

+BrandValue

ThevalueofthetrademarkandassociatedmarketingIPwithinthebrandedbusiness.

BrandFinancehelpedtocraftthe

internationallyrecognisedstandardonBrandValuation–ISO10668.Itdefines

brandasamarketing-relatedintangible

assetincluding,butnotlimitedto,names,terms,signs,symbols,logos,anddesigns,intendedtoidentifygoods,servicesor

entities,creatingdistinctiveimagesandassociationsinthemindsofstakeholders,therebygeneratingeconomicbenefits.

BrandFinanceMedia502024/media19

BrandValuationMethodology

WhatisBrandValue?

Brandvaluereferstothepresentvalueof

Brandisdefined

asabundleof

trademarksand

associatedIPwhichcanbeusedtotakeadvantageofthe

perceptionsofallstakeholdersto

provideavarietyofeconomicbenefitstotheentity.

earningsspecificallyrelatedtobrandreputation.Organisationsownandcontroltheseearningsbyowningtrademarkrights.

Allbrandvaluationmethodologiesare

essentiallytryingtoidentifythis,althoughtheapproachandassumptionsdiffer.Asaresultpublishedbrandvaluescanbedifferent.

Thesedifferencesaresimilartothewayequityanalystsprovidebusinessvaluationsthataredifferenttooneanother.Theonlywayyoufindoutthe“real”valueisbylookingatwhatpeoplereallypay.

Asaresult,BrandFinancealwaysincorporatesareviewofwhatusersofbrandsactuallypay

fortheuseofbrandsintheformofbrandroyaltyagreements,whicharefoundinmoreorless

everysectorintheworld.

Thisissometimesknownasthe“RoyaltyRelief”methodologyandisbyfarthemostwidelyusedapproachforbrandvaluationssinceitisgroundedinreality.

.

Itisthebasisforapublicrankingsbutwe

alwaysaugmentitwitharealunderstanding

.

ofpeople’sperceptionsandtheireffectson

.

demand–fromourdatabaseofmarketresearchonover6000brandsinover41markets.

Disclaimer

BrandFinancehasproducedthisstudywithanindependentandunbiased

analysis.Thevaluesderivedandopinionsproducedinthisstudyarebased

onlyonpubliclyavailableinformationandcertainassumptionsthatBrand

Financeusedwheresuchdatawasdeficientorunclear.BrandFinanceacceptsnoresponsibilityandwillnotbeliableintheeventthatthepubliclyavailable

informationrelieduponissubsequentlyfoundtobeinaccurate.Theopinionsandfinancialanalysisexpressedinthereportarenottobeconstruedas

providinginvestmentorbusinessadvice.BrandFinancedoesnotintend