Google is no longer the most valuable brand in the world. Well, any guesses about which brand surpassed Google?
According to Brand Finance’s new Global 500 report for the year 2018, Amazon topped the list to become the world’s most valuable brand by stealing the title from Google. While the second position was occupied by Apple, Google dropped to third on the list.
Amazon, the e-commerce giant’s brand value has increased by 42% year-on-year to a massive $150.8 billion. Last year, Amazon ranked 3rd on the list. However, the company strengthened its brand value by acquiring Whole Foods for US$13.7 billion last year. According to reports, the company is also collaborating with JPMorgan and Berkshire Hathaway to enter the healthcare business, moving beyond digital space.
David Haigh, Chief Executive Officer of Brand Finance said, “Jeff Bezos once said that ‘brands are more important online than they are in the physical world’. He has proved himself right by choosing the name Amazon, known as the largest, most powerful river in the world, as 23 years later the Amazon brand carries all before it as an unstoppable force. The strength and value of the Amazon brand give it stakeholder permission to extend relentlessly into new sectors and geographies. All evidence suggests that the amazing Amazon brand is going to continue growing indefinitely and exponentially.”
Holding on to its previous position, the technology company Apple ranked second on the list of the world’s most valuable brands, whose brand value rose up by 37% to $146.3 billion. According to Brand Finance, though Apple faced few obstacles like as it was “over-dependent on sales of its flagship iPhones,” i.e iPhone X and “failed to diversify”, it managed to sustain in its position.
On the other hand, Google dropped to third in the list with a 10% rise in brand value to $120.9 billion. “Google is a champion in internet search, cloud and mobile OS technology but, similar to Apple, its focus on particular sectors is holding it back from unleashing the full potential of its brand,” the report said.
The other valuable brands on the list include AT&T, Verizon, Facebook, Microsoft, ICBC, and Walmart. According to the results, 42% of the top brands are based in the U.S., followed by China at 15%, then Germany and Japan, both at 7%.