The Chinese platform broke all growth records in 2021

“TikTok is named the fastest growing brand in the world, up 215%,” says Brand Finance’s latest report. In fact, over the past year, the social network has tripled the value of its brand. In 2021, the turnover of Bytedance, the parent company of the social network TikTok, increased from 18.7 to 59 billion dollars.

Booming growth

Each year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test and publishes nearly 100 reports. It ranks brands in all sectors and in all countries. According to the latest report released today, the social network TikTok experienced exponential growth in brand value in 2021. Namely, Brand Finance establishes the value of a brand based on several data. For example, its image, its performance or its turnover.

The social network has gone “from relative confidentiality to international notoriety in a few years and its growth shows no sign of slowing down”, analyzes Bertrand Chovet, managing director of Brand Finance France in a press release.

The social media boom

Overall, social media brands represent the top 3 fastest growing brands in the rankings.

Following restrictions related to the coronavirus outbreak, digital entertainment, social media and streaming services have seen continued growth. The rise of TikTok also reflects the evolution of social media consumption.

“Media consumption has increased throughout the COVID-19 pandemic, but – what’s more – the way we consume it has irrevocably changed. In order to compete in this evolving market, media organizations have invested heavily in their brands – from content acquisition to user experience,” the report explains.

Apple, still number 1

Even though the TikTok application has seen strong growth over the year, it is not in the top 10 of the ranking. TikTok is in fact only 18th in the Brand Finance list. But it is the brand that shows the strongest growth.

Apple retains its first place. The company is also the first to have reached a market valuation of 3,000 billion dollars. Amazon is in second place, Google is third, closely followed by Microsoft which takes fourth place. Facebook settles for seventh place.

The golden age of tech

Sector-wise, technology remains the most valuable industry, while retail, which takes second place, crosses the $1 trillion mark. And this, thanks to a 46% growth in brand value during the COVID-19 pandemic.

“The development of COVID-19 vaccines has led to the fastest growing pharmaceutical industry, while the value of the tourism sector remains lower than before the pandemic,” the report adds.