Kroll, the leading independent global risk and financial advisory solutions firm, announced today the launch of the ninth edition of its Celebrity Brand Valuation Study titled, “Brands, Business, Bollywood”.
The study provides a ranking of India’s most powerful celebrity brands based on brand values derived from their brand endorsement portfolios and relative social media presence.
The overall brand value of the top 25 Indian celebrities included in the latest study is estimated at $1.9 billion in 2023, an 18% jump from the previous year.
Introduction
We saw the resurgence on the box office front of Bollywood with remarkable movies like “Jawan” and “Pathaan” with box office collections of more than USD 100 mn each. The year 2023 witnessed a remarkable comeback with a blend of nostalgic hits like “Gadar 2” featuring Sunny Deol, “OMG 2” featuring Akshay Kumar and “Tiger 3” featuring Salman Khan. This resurgence was fueled by a mix of established stars and highly anticipated sequels, creating a dynamic cinematic landscape.
Further, the globalization of entertainment has paved the way for Indian celebrities to become global ambassadors for brands. The accessibility of international platforms/events have allowed Indian talent to reach a global audience. Also, the Bollywood actors have become sought-after faces for international brands. For instance, Alia Bhatt became the face of Gucci as global brand ambassador immediately after her debut at the Met Gala in New York.2 Also, Deepika Padukone’s presence at Oscar events has established her as a global icon. Furthermore, she became the first Indian to attend the Academy Museum Gala in Los Angeles.3 She has been associated with brands like Bisleri, Louis Vuitton, Qatar Airways and others as a global brand ambassador.
Over the past couple of years, the landscape of celebrity influence has evolved beyond the silver screen, with stars venturing into the world of entrepreneurship and global ambassadorship. Celebrities like Akshay Kumar (launched Force IX) Deepika Padukone (launched 82°E) and Nayanthara (launched 9SKIN) have successfully introduced their own brands across industries such as skincare and clothing, transcending the boundaries of traditional entertainment. Also, renowned stars like Alia Bhatt has become Celeb-preneur of the year, leveraging her star power to create successful ventures and also harvested the benefits by partly investing in Ed-a-Mamma in 2023. The investing trend is not confined to one particular industry; instead, it spans across sectors, showcasing the versatility of celebrity influence.
In a nutshell, the synergy between celebrity entrepreneurship, global star advocacy, and the resurgence of Bollywood is set to redefine the dynamics of the entertainment and business industries.
Media and Entertainment Industry
M&E Industry – Market Size (USD bn) The Media and Entertainment (M&E) sector is on a robust growth path, propelled by technological advancements and shifting consumer preferences.
In 2023, there was a noticeable surge in the adoption of virtual and augmented reality. Additionally, the gaming segment, a significant player in the entertainment industry, continues to expand, driven by new releases and esports.
According to the EY report Windows of opportunity: India’s media & entertainment sector – maximizing across segments, the Indian M&E Sector is expected to increase by 11.4% in 2023 to USD 28.0 bn, driven by growth in digital media, online gaming and animation. The sector is expected to reach a market size of USD 34.0 bn by 2025 growing at a CAGR of 10.5% from 2022 to 2025.
Key findings of the report include:
· Virat Kohli reclaimed the number one spot with a brand value of $227.9 million, nudging Ranveer Singh to second place at $203.1 million.
· Shah Rukh Khan secures third position with a brand value of $120.7 million on the back of three blockbuster hits in 2023, marking his incredible return into India’s top five celebrity endorsers since 2020.
· Akshay Kumar dropped a rank this year to the fourth position with a brand value of $111.7 million while Alia Bhatt moves to fifth with a brand value of $101.1 million.
· Other notable movements include the meteoric rise in brand value of Kiara Advani moving from rank 16 to rank 12, and Katrina Kaif returned to the list of India’s most valued celebrity brands after five years.
Aviral Jain, Managing Director, Valuation Advisory Services at Kroll said, “Our report recognizes the expansion of celebrity-owned startups across various industries and the spectacular rise of Indian celebrities as global ambassadors of reputed global brands. The year 2023 also witnessed Bollywood’s powerful comeback to the film industry, with blockbusters breaking records to cross the $100 million mark—re-establishing Bollywood’s dominance in the film industry. The synergy between celebrity entrepreneurship, global star advocacy and the resurgence of Bollywood is set to redefine the dynamics of the entertainment and business industries.”