African Brands Miss on World’s Top 500 as TikTok Registers Fastest Growth
KEY POINTS
While there have been significant improvements and performance across various fields, there are still no African brands in the Brand Finance Global 500 2022 ranking. Global brands continue to dominate the top position.
KEY TAKEAWAYS
TikTok was named the fastest growing brand across the globe thanks to its value that tripled over the past year.
The most anticipated brand value ranking of the year, the 2022 edition of Brand Finance Global 500 has been released and sadly, no African brand appears on the list.
This is the 16th edition of the annual study into the world’s 500 most valuable and strongest brands across all sectors and countries.
While there have been significant improvements and performance across various fields, there are still no African brands in the Brand Finance Global 500 2022 ranking. Global brands continue to dominate the top position.
Africa’s most valuable brand, MTN, which is valued at 4.0 billion dollars was 600 million shy of making the required threshold for the 2022 ranking.
Brand Finance’s Managing Director, Jeremy Sampson, noted that with Africa soon to house a quarter of the world’s population, it makes it ripe and quite lucrative for global multinational brands.
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“Within this context, no African brands feature in the ranking of the world’s 500 most valuable, as many local brands have been discontinued by global giants. However, South African telecoms giant, MTN is currently performing very strongly and well-positioned for the future, so could be expected to move closer to being included in the ranking next year,” Mr. Sampson said.
Fastest Growing Brand
TikTok was named the fastest growing brand across the globe thanks to its value that tripled over the past year. With an incredible 215 percent growth, the video app’s value rose to 59 billion dollars in 2022 from 18.7 billion dollars recorded in a similar period in 2021.
Globally, TikTok was ranked 18th among the world’s top 500 most valuable brands and it is the highest new entrant to the Brand Finance Global 500 2022 ranking.
This growth was attributed to the Covid-19 restrictions, which exploded digital entertainment and saw an increase in the uptake of social media, and streaming services.
The app’s 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 and became the most downloaded app across Android’s Google Play Store and Apple’s App Store.
Media Brands
Generally, media brands account for the top 3 fastest-growing brands in the Brand Finance Global 500 2022 ranking.
Another social media app Snapchat shot its brand value up 184 percent to 6.6 billion dollars while the South Korean internet brand Kakao increased its value up by 161 percent to 4.7 billion dollars.
Other notable performers from the media sector that realized impressive growth include those that offer streaming services, such as Disney, whose brand value rose 11 percent to 57 billion dollars).
Netflix, on the other hand, saw its brand value u