China is home to the fastest-growing and strongest brands

brand value has tripled in the past year, making it the world’s fastest growing brand according to a report from Brand Finance.

With COVID-19 restrictions still in place across most of the world last year, consumers turned to social media, digital products and streaming services for entertainment, news and a connection to the world.Brand Finance said TikTok’s spot in its Global 500 rankings was a testament to how media consumption was shifting to easily digestible videos.

Brand Finance has valued TikTok’s brand at $US59 billion and given the social media company a debut rank of 18. It comes after strategic partnerships, such as its sponsorship of the UEFA Euro 2020 soccer tournament, which exposed the platform to users outside its original Gen Z base. This helped TikTok cross the one billion user mark last year, and become the most downloaded app across Android’s Google Play store and Apple’s App Store.

“The staggering growth of TikTok is attributable to the ease with which its content can be consumed, the ability to act as a creative outlet, along with the brand’s success in appealing to a wide demographic,” Brand Finance Australia managing director Mark Crowe said.The report ranks companies by brand value, which is calculated on a number of metrics to determine how much of a company’s profits are attributable to the brand.

It also offers analysis of overall brand strength, a calculation examining a brand’s marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation.

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