In 2023, Virat Kohli reclaimed the top spot with a brand value of $227.9 million. Shahrukh Khan, Bollywood’s reigning box office king with hits like Pathan and Jawaan, secured rank 3 with a brand value of $120.7 million. Following closely behind, Ranveer Singh surpassed $200 million in brand value to secure rank 2 with $203.1 million.
Kiara Advani’s climb from rank 16 to 12 and Rashmika Mandanna’s move from rank 25 to 20 underscored their notable upward trajectory in the celebrity rankings. Alongside other prominent figures holding steadfast in their top-tier positions, they stood out as significant movers and shakers.
Aviral Jain, Managing Director, Kroll says, “Valuation can be subjective, especially when it comes to celebrity assessments, which tend to be abstract. Drawing on our expertise in navigating such complex scenarios, we have crafted a rational and objective framework that underpins this report. Now in its ninth edition, the Kroll Celebrity Brand Valuation 2023 Report is a cornerstone of our thought leadership publications.”
Key findings from the 2023 edition
In 2023, Virat Kohli reclaimed the top spot with a brand value of $227.9 million. Shahrukh Khan, Bollywood’s reigning box office king with hits like Pathan and Jawaan, secured rank 3 with a brand value of $120.7 million. Following closely behind, Ranveer Singh surpassed $200 million in brand value to secure rank 2 with $203.1 million.
Kiara Advani’s climb from rank 16 to 12 and Rashmika Mandanna’s move from rank 25 to 20 underscored their notable upward trajectory in the celebrity rankings. Alongside other prominent figures holding steadfast in their top-tier positions, they stood out as significant movers and shakers.
Trends that stand out in the report
“The resurgence of Bollywood was driven by the influence of South Indian cinema, with films like Jawaan and Pathaan making significant strides in Bollywood, while Leo and Jailer set new records in South India. There has been a notable integration of Bollywood and South Indian stars, where Bollywood leads collaborate with South Indian actors and directors in films like Animal and Jawaan,” states Jain.
Another trend observed in the report was celebrities venturing into entrepreneurship, with successful cases like HRX, 82E, and Oneeight over the years. In 2023, the trend continued with the launch of over six startups, including Kareena Kapoor’s Botanics, Ranveer Singh’s Boldcare, and Nayanthara’s 9SKIN.
“Moreover, there is a growing trend of global brands collaborating with Indian celebrities and vice versa. For instance, Gucci’s collaboration with Alia Bhatt, Qatar Airways choosing Deepika Padukone, and Indian companies like Zomato involving Chris Gayle or Infosys partnering with Rafael Nadal exemplify how geographical boundaries are becoming less relevant in today’s interconnected world of entertainment and business.” he highlights.
GenZ trends
GenZ celebrities like Ananya Pandey, Sara Ali Khan, and Suhana have demonstrated considerable success. Marketers are particularly interested in this demographic, as 25% of India’s population belongs to this group and continues to grow rapidly. Their substantial social media followings are a key factor in their appeal; Sara Ali Khan has 43 million followers, while Ananya Pandey boasts 35 million, indicating their strong connection with GenZ audiences. These versatile stars are capable of taking on challenging roles in advertising campaigns, characterized by bold and innovative approaches.
AI buzz
“The AI marketing industry, currently valued at $25 billion globally, is on track to grow to $100 billion within the next four years. In India, we are witnessing the rise of AI in marketing, with marketers utilizing AI to craft interactive, personalized campaigns and optimize messaging. Cadbury’s 2023 Diwali campaign is a notable example, where AI was used to create different versions of ads featuring Bollywood star Shah Rukh Khan, promoting local retailers selling Cadbury products across diverse regions. This campaign, known as “Not Just A Cadbury Ad,” was commended for its social impact and personalized touch,” points out Jain.
He further highlights that Zomato also embraced AI in a campaign featuring Bollywood celebrity Hrithik Roshan, endorsing local restaurants partnered with the platform. These innovative approaches to marketing are demonstrating enhanced engagement, effectiveness, and return on investment (ROI).
Challenges
“When undertaking brand valuation for celebrities, our methodology revolves around establishing a monetizable revenue stream. This process entails gathering detailed inputs such as the number of endorsements, fee structures, factors influencing endorsement choices, and recent successes and setbacks. Some of these inputs are subjective and require consultations with agencies to obtain precise and confidential information,” Jain reveals.
Unlike corporate brands, which can have indefinite lifespans, celebrity brands are characterized by finite commercial durations. “Hence, our valuation model includes adjustments to accommodate this finite revenue stream. Endorsement deals come in diverse formats, including fixed contracts, one-time arrangements, equity-based partnerships, and multifaceted campaigns with varying combinations,” he asserts.
“Our objective is to synthesize these components into a robust mathematical framework or model that accurately computes the celebrity’s brand value. It’s important to clarify that our study focuses primarily on endorsement earnings and does not encompass other revenue sources such as film salaries or startup investments, as these figures are typically not publicly disclosed,” Jain concludes.