Indian Celebrity Brand Value In on 2023’s Brand Boom: Virat Kohli Leads, Ranveer Singh Shows Steady Growth
The celebrity brand value in India has seen an impressive surge in 2023, growing by 15.5% to reach a total of $1.9 billion. This growth highlights the robust market demand for celebrity endorsements. It also aids the large increases in brand value and endorsement fees.
Key Highlights of the Report:
1. Virat Kohli’s Remarkable Rebound:
- Virat Kohli’s brand value rebounded to $227.9 million, a significant increase of 28.9% from $176.9 million in 2022.
- Despite this rebound, his current valuation is still below his pre-pandemic peak of $237 million.
- Kohli endorses over 40 brands across various industries, including his recent role as the brand influencer for HSBC India.
2. Ranveer Singh’s Consistent Growth:
- Bollywood star Ranveer Singh’s brand value has steadily increased, reaching $203.1 million in 2023 from $102.9 million in 2020.
- Singh’s portfolio includes 50 brands such as Tiffany & Co. and Zomato, maintaining a low churn rate of 2.9%.
- Singh recently became a key stakeholder in boAt, further diversifying his investments.
3. Shah Rukh Khan‘s Phenomenal Growth:
- Veteran actor Shah Rukh Khan saw the highest growth rate among his peers, with his brand value soaring by 116.6% to $120.7 million in 2023 from $51.1 million in 2020.
4. Alia Bhatt’s Significant Surge:
- Alia Bhatt’s brand value increased by 110.6% over the past three years, maintaining a similar valuation to the previous year.
5. Akshay Kumar’s Decline:
- Akshay Kumar experienced a decline in brand value by over 23%, dropping to $111.7 million in 2023.
- Despite this, 60% of Kumar’s endorsement portfolio has remained stable since 2020.
Insights from the ‘Celebrity Brand Value’ Report:
• The report, titled ‘Brands, Business, Bollywood Celebrity Brand Value Report 2023’, was released by Kroll. It is a corporate investigation and risk consulting firm.
• The top 25 celebrities in India, consist of a mix of Bollywood stars and sportspersons. They have amassed an estimated celebrity brand value of $1.9 billion in 2023.
• The report underlines the strong market demand for celebrity endorsements. It will push large increases in brand value and endorsement fees.
Endorsements Driving Market Reach
The process for ranking celebrity-endorsed products evaluates two major aspects:
1. The average fee paid for endorsements and the number of endorsement deals adjusted across brands.
2. This gives a rating reflecting each brand’s ability to capitalize on the market. It is based on recent popularity and success in their endorsements.
Celebrity Endorsements Impact Long-Term Sales:
Celebrity endorsements significantly impact long-term sales. It is as seen with Bonn Nutrients Pvt. Ltd’s recent signing of Katrina Kaif. It was for their bread and ‘Americana’ biscuit brands.
“Roping in a celebrity doesn’t necessarily give us an immediate boost in sales. But that’s the best route to market when a company needs to reach out to the masses,” noted Dawinder Pal, group marketing head, of Bonn Nutrients.
Bollywood’s Influence:
Bollywood stars dominate the Celebrity Brand Value rankings, accounting for two-thirds of the top 25. Notable Bollywood endorsements include:
- Akshay Kumar for Harpic toilet cleaner.
- Anushka Sharma and Virat Kohli for Lux soap.
- Sara Ali Khan for Veet.
Emergence of Celebpreneurs:
2023 saw a rise in Indian “celebpreneurs” with several celebrities launching their brands:
- Akshay Kumar launched his athletic product brand, Force IX.
- Kareena Kapoor Khan introduced her Korean skincare brand ‘Quench Botanics.’
- Deepika Padukone unveiled her luxury skincare brand 82°E.
International Expansion and Collaborations:
1. Indian celebrities expanded their international presence:
- Katrina Kaif with Etihad Airways.
- Alia Bhatt as Gucci’s first Indian global ambassador.
2. Global celebrities are also aligning with Indian brands:
- Infosys enlisted tennis champions Rafael Nadal and Iga Świątek.
- Zomato partnered with cricket star Chris Gayle.
The Future of Celebrity Endorsements:
In 2024, the use of artificial intelligence in mainstream advertisements is expected to grow. AI is being used alongside celebrities to market products. It will potentially generate better ROIs for advertisers.
India’s media and entertainment sector saw an 11.4% growth in 2023, reaching $28 billion. The sector is projected to grow at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2025, reaching $34 billion by 2025.
Conclusion:
The celebrity brand value in India continues to rise, driven by strong market demand and strategic endorsements. Celebrities like Virat Kohli, Ranveer Singh, and Shah Rukh Khan lead the charge. They showcase significant growth in their brand values. And this trend of celebs launching their brands and expanding their international presence. It further underscores the dynamic nature of the Indian celebrity brand value landscape. The integration of AI in advertisements is also playing a huge role now. And the robust growth of the media and entertainment sector promises exciting opportunities. It is for both celebrities and brands alike.
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FAQs
1. What was the overall growth rate of Celebrity Brand Value in India in 2023?
- The Celebrity Brand Value in India grew by 15.5% in 2023, reaching a total of $1.9 billion.
2. How did Virat Kohli’s brand value change in 2023?
- Virat Kohli’s brand value increased significantly by 28.9%, rebounding to $227.9 million from $176.9 million in 2022.
3. Which Bollywood star saw the highest growth in brand value in 2023?
- Shah Rukh Khan experienced the highest growth rate among his peers, with his brand value soaring by 116.6% to $120.7 million in 2023.
4. What is Ranveer Singh’s brand value in 2023, and how has it changed over the years?
- Ranveer Singh’s brand value reached $203.1 million in 2023, nearly doubling from $102.9 million in 2020.
5. How did the brand value of Akshay Kumar and Alia Bhatt change in 2023?
- Akshay Kumar’s brand value declined by over 23% to $111.7 million. Alia Bhatt’s brand value increased significantly by 110.6% over the past three years. It maintains a similar valuation to the previous year.
