Google is now the world’s most valuable brand. Apple follows and then its Amazon in 3rd position. Apple has been pushed to the 2nd spot even after declaring profits for its Q1 2017 financial report. The rating of various brands has appeared in the latest Brand Finance Global 500 report.
Google’s brand value has risen by 24% to $109.5 billion in 2017 from $82.2 billion in 2016. It isn’t the first time Google has risen to the top. Even back in 2011 Google was the most valuable brand in the world. Though, right now, even when it’s brand value fluctuates between the first, 2nd and 3rd position, it remains the top search engine. Most of its money comes from search advertising.
Although Apple claims that the Apple Watch has contributed a lot in its overall revenue growth, the Brand Finance Global report says that the product hasn’t fared as well as it could have had the company hadn’t taken its customers for granted:
Apple has over-exploited the goodwill of its customers, it has failed to generate significant revenues from newer products such as the Apple
and cannot demonstrate that genuinely innovative technologies are in the pipeline. Its brand has lost its luster and must now compete on an increasingly level playing field not just with traditional rival Samsung, but with a slew of Chinese brands such as Huawei and OnePlus in the smartphone market, Apple’s key source of profitability.
Apple’s brand value has dropped by 27% in a year according to the report. If it’s any consolation to Apple even Facebook’s brand value decreased. The social networking company moved to 17th position from 9th in a year.