According to Millward Brown’s BrandZ Top 100 Most Valuable Global Brands ranking, Apple’s brand value fell by 20pc in the past year to just under $148bn (£88bn), conceding the spot it held for three years to Google, whose value increased by 40pc to $159bn.
Google’s investment in its self-driving cars project, Google Glass and numerous Android partnerships, including its forthcoming line of smartwatches, resulted in $15.4bn of revenue in the last financial quarter and profits of $3.45bn.
Technology brands dominated the top positions, with fastest pace of growth in brand value. Facebook’s brand value rose 68pc to around $36bn, putting it 21st in the rankings, while Chinese internet portal Tencent is now worth just over $53bn – a significant 97pc rise on last year and taking it up 7 places to 14th.
Samsung, Yahoo and Siemens’ growth was more restrained, at 21pc, 44pc and 36pcrespectively.
New entries to the ranking include Twitter, worth $14bn and LinkedIn, with a value of $12bn. They were ranked 71st and 78th respectively.
“Digital service brands such as Google, Facebook, Twitter, Tencent and LinkedIn are now more than just tools, they have become part of our lives.” Peter Walshe, Global BrandZ Director at Millward Brown, said.
They offer new forms of communication that absorb people’s attention and imagination, while also helping them organise the rest of their lives at the same time. To gain more of our mind-space brands such as Google are making ambitious plays across existing category boundaries. He added.