Tech firm, Apple has surpassed Microsoft, Google, and Amazon as its brand worth increased by 74% in 2023, hitting $517 bn.
It became the most expensive brand in the world, surpassing competitors from Microsoft, Google, and Amazon, Brand Finance, an international brand valuation company with offices in 20 countries, said.
According to the annual Brand Finance Global 500 rating, Apple’s brand worth surged by 74% in 2023, hitting $517 bn. Microsoft Corporation ranked second on the list, with a brand worth of $340 bn (up 78%). Google ranked third, with a brand value estimated at $333 bn (no growth data was provided).
“Apple has grown its brand value through strategic diversification and premiumization, moving away from heavy reliance on iPhone sales towards ventures into wearables and services such as Apple TV subscriptions,” David Haigh, chairman and CEO of Brand Finance, said in press copy. “According to our research, more than 50 per cent of respondents recognized Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium.”
A company’s brand worth is the monetary value of a brand if it is to be sold. It is based on the financial amount the brand is worth as stated on a balance sheet. (TASS News Agency)
