Apple has been the most valuable brand for the last 5 years but something unexpected happened this year. According to the Brand Finance Global 500 report, Google’s brand value has increased by 24%, from $88.2 billion in 2016 to $109.5 billion in 2017. Google was the most valuable brand in 2011 only to be dethroned by Apple. The tables have turned now and Apple has lost its position.
The Apple Brand is now the second most valuable in the world. It experienced a significant drop of 27%, from $145.9 billion in 2016 to $107.1 billion in 2017. Google’s unrivalled search business has given it a powerful monopoly over online advertising. On the other hand, Apple was unsuccessful in generating enough revenue from their latest products such as the Apple Watch, as Brand Finance describes.
Apple had a powerful grip on the Chinese market but now local Chinese brands such as Huawei and OnePlus are becoming an obstacle to its influence. Now that Apple is no longer sitting comfortably on the throne, they will double their efforts in delivering innovative technology to the market. If history taught us anything, it’s that competition is the source of novelty.