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Media 252018The annual report on the worlds most valuable media brandsFebruary 2018Brand Finance Media 25 February 2018 3.Foreword.What is the purpose of a strong brand: to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch, and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place, it frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Sceptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo, may fail to agree necessary investments. What marketing spend there is, can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources, and a negative impact on the bottom line. Brand Finance bridges the gap between marketing and finance. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising, and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketing and finance teams. Marketers then have the ability to communicate the significance of what they do, and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions. Brand Finances research revealed the compelling link between strong brands and stock market performance. It was found that investing in highly-branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you.David Haigh CEO, Brand FinanceBrand Finance Media 25 February 2018 5.Brand Finance Media 25 February 2018 4.Foreword 3About Brand Finance 4Contact Details 4Definitions 6Executive Summary 8Full Table 11Methodology 14Understand Your Brands Value 15Consulting Services 16Communications Services 17Contents.About Brand Finance.Brand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For more than 20 years, we have helped companies and organisations of all types to connect their brands to the bottom line.We pride ourselves on four key strengths: Independence Technical Credibility Transparency Expertise.Brand Finance puts thousands of the worlds biggestbrands to the test every year, evaluating which are the strongest and most valuable.For more information, please visit our website:brandfinanceContact Details.For business enquiries, please contact:Richard HaighManaging Director rd.haighbrandfinanceFor media enquiries, please contact:Konrad JagodzinskiCommunications Director k.jagodzinskibrandfinanceFor all other enquiries, please contact:enquiriesbrandfinance+44 (0)207 389 9400linkedin/company/ brand-financefacebook/brandfinancetwitter/brandfinanceFor further information on Brand Finances services and valuation experience, please contact your local representative:Country Contact Email addressAsia Pacific Samir Dixit s.dixitbrandfinance +65 906 98 651 Australia Mark Crowe m.crowebrandfinance +61 282 498 320Brazil Geoffrey Hamilton-Jones g.hamilton-jonesbrandfinance +55 1196 499 9963Canada Bill Ratcliffe b.ratcliffebrandfinance +1 647 3437 266Caribbean Nigel Cooper n.cooperbrandfinance +1 876 8256 598China Scott Chen s.chenbrandfinance +86 1860 118 8821East Africa Jawad Jaffer j.jafferbrandfinance +254 204 440 053France Victoire Ruault v.ruaultbrandfinance +44 0207 389 9427Germany Holger Mhlbauer h.muehlbauerbrandfinance +49 1515 474 9834India Ajimon Francis a.francisbrandfinance +91 989 2085 951Indonesia Jimmy Halim j.halimbrandfinance +62 215 3678 064Ireland Simon Haigh s.haighbrandfinance +353 087 6695 881Italy Massimo Pizzo m.pizzobrandfinance +39 0230 312 5105Mexico & LatAm Laurence Newell l.newellbrandfinance +52 1559 197 1925Middle East Andrew Campbell a.campbellbrandfinance +971 508 113 341Nigeria Babatunde Odumeru t.odumerubrandfinance +234 012 911 988Romania Mihai Bogdan m.bogdanbrandfinance +40 728 702 705Spain Teresa de Lemus t.delemusbrandfinance +34 654 481 043 South Africa Jeremy Sampson j.sampsonbrandfinance +27 828 857 300Sri Lanka Ruchi Gunewardene r.gunewardenebrandfinance +94 114 941 670Turkey Muhterem Ilgner m.ilgunerbrandfinance +90 216 3526 729UK Richard Haigh rd.haighbrandfinance +44 0207 389 9400USA Amy Rand a.randbrandfinance +44 0207 389 9432Vietnam Lai Tien Manh m.laibrandfinance +84 473 004 468Brand Finance Media 25 February 2018 7.Brand Finance Media 25 February 2018 6.Definitions.Definitions. Brand Value+ Enterprise Value The value of the entire enterprise, made up of multiple branded businesses. Where a company has a purely mono- branded architecture, the enterprise value is the same as branded business value.+ Branded Business Value The value of a single branded business operating under the subject brand. A brand should be viewed in the context of the business in which it operates. Brand Finance always conducts a branded business valuation as part of any brand valuation. We evaluate the full brand value chain in order to understand the links between marketing investment, brand- tracking data, and stakeholder behaviour.+ Brand Contribution The overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand.The brand values contained in our league tables are those of the potentially transferable brand assets only, making brand contribution a wider concept. An assessment of overall brand contribution to a business provides additional insights to help optimise performance.+ Brand Value The value of the trade mark and associated marketing IP within the branded business. Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668. It defines brand as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.The Walt Disney CompanyABCBrand ValueABCABCEnterpriseValueBrandedBusinessValueBrandContributionBrand Strength IndexWidely recognised factors deployed by marketers to create brand loyalty and market share. Marketing Investment A brand that has high Marketing Investment but low Stakeholder Equity may be on a path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers preference.Stakeholder Equity The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is likely that Business Performance will improve in the future. However, if the brands poor Business Performance persists, it would suggest that the brand is inefficient compared to its competitors in transferring stakeholder sentiment to a volume or price premium.Business Performance Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder Equity, it would imply that, in the future, the brands ability to drive value will diminish. However, if it is able to sustain these higher outputs, it shows that the brand is particularly efficient at creating value from sentiment compared to its competitors.MarketingInvestmentPerceptions of the brand among different stakeholder groups, with customers being the most important.Quantitative market and financial measures representing the success of the brand in achieving price and volume premium.StakeholderEquityBusinessPerformanceBrand StrengthBrand Strength is the efficacy of a brands performance on intangible measures, relative to its competitors. In order to determine the strength of a brand, we look at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar to a credit rating.Analysing the three brand strength measures helps inform managers of a brands potential for future success.InvestmentEquityPerformanceBrand Finance Media 25 February 2018 9.Brand Finance Media 25 February 2018 8.Executive Summary.Disney Most Valuable Media BrandWith a brand value of US$32.6 billion, entertainment giant Disney remains the most valuable media brand this year, despite a 5% brand value decrease since 2017. Disney maintains its leading position through its measured focus on brand loyalty, investment in new technologies, and the expansion of its valued partnerships and divisions. Such is the brands appeal that with an AAA+ brand rating and a Brand Strength Index (BSI) score of 92.3, it also came out as the strongest brand in the world not just within the media sector, but across all categories in this years Brand Finance Global 500 study.Building on that performance with the recent purchase of a majority stake in 21st Century Fox for US$52.4 billion, Disney can develop its exceptionally strong brand to deliver more for completely new audiences. The addition of companies like Star India which reaches hundreds of millions of viewers on the subcontinent, Sky with presence across the UK, Ireland, Germany, Austria, and Italy, as well as a 60% stake in Hulu and plans to open a new streaming platform, mean that Disney can look to capitalise on Disney has once again waved its magic wand to maintain the title of the most valuable media brand in the world. As a well-loved entertainment brand, Disney has a unique ability to use nostalgia to harness childhood memories. Revisiting old Disney classics like The Jungle Book and Beauty and the Beast has proved wildly popular at box offices worldwide.David HaighCEO, Brand FinanceExecutive Summary.this greater international exposure and establish its brand as much more than just a childrens favourite.Disneys acquisition of Star India could be a game changer in this fast-growing media market. Disney will be able to take advantage of new opportunities, such as access to cricket broadcasting rights and syndicating Disney productions across Star Indias 50+ TV channels in eight languages and the popular Hotstar streaming service. With over 150 million households, India is the second-largest subscription TV market in Asia, and acquisition of Star India will give Disney a strong edge over competing content providers on the continent. Stars TV business could also bring in new advertising revenue at a time when US ad spending is growing at a slower pace.US brands dominate the rankingWhilst Disney claimed the top rank, Fox (valued at US$17.0 billion) and NBC (with a brand worth US$14.9 billion) retained 2nd and 3rd place respectively in the Brand Finance Media 25 league table, each growing Top 10 Most Valuable BrandsRank 2018: 1 2017: 1 BV 2018: $32,590m BV 2017: $34,454mBrand Rating: AAA+1-5%Rank 2018: 9 2017: 11 BV 2018: $5,356m BV 2017: $4,411mBrand Rating: AAA9+21%Rank 2018: 10 2017: 10 BV 2018: $5,286m BV 2017: $5,000mBrand Rating: AAA-10+6%Rank 2018: 7 2017: 7 BV 2018: $10,178m BV 2017: $8,055mBrand Rating: AAA-7+26%Rank 2018: 8 2017: 8 BV 2018: $5,656m BV 2017: $5,871mBrand Rating: AAA-8-4%Rank 2018: 6 2017: 6 BV 2018: $10,435m BV 2017: $9,371mBrand Rating: AAA+6+11%Rank 2018: 2 2017: 2 BV 2018: $17,007m BV 2017: $15,814mBrand Rating: AAA-2+8%Rank 2018: 3 2017: 3 BV 2018: $14,862m BV 2017: $13,736mBrand Rating: AAA+3+8%Rank 2018: 4 2017: 4 BV 2018: $12,113m BV 2017: $10,435mBrand Rating: AAA-4+16%Rank 2018: 5 2017: 5 BV 2018: $10,458m BV 2017: $9,902mBrand Rating: AAA5+6%Brand Value Change 2017-2018 (%)NielsenCanal+Warner Bros.ESPNMTVUniversal-1%-4%-5%-5%-9%-35%42%41%26%21%18%16%TNTBBC20th Century FoxDisneyDiscoveryIHS MarkitBrand Finance Media 25 February 2018 11.Brand Finance Media 25 February 2018 10.Executive Summary.Brand Value Over TimeBrand Value by CountryExecutive Summary.Top 5 Strongest Brands8% year on year. As Chinese brands make waves in many other sectors, the universal appeal of the American lifestyle and the prevalence of the English language make it easier for the US to retain control of media and entertainment. US brands fill 8 out of the top 10 positions and claim 17 spots in the league table overall. Their aggregate brand value accounts for 86% of the total.Canal+ fastest-growing networkWith a 41% growth to a brand value of US$2.4 billion, Canal+ is the fastest-growing network brand this year in the Brand Finance Media 25 league table. Canal+ is the leader in Pay TV in France, and its individual subscriber base increased by 2.8 million year-on-year. In August 2017, Canal+ announced a partnership with Bouygues Telecom which will offer subscribers an entry-level package including popular channels and unlimited access to video-on-demand, that is likely to further boost the networks br
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