The Apple name, valued at $263.4 billion, dethroned Amazon to become the 'world's most valuable brand.'

The Apple brand, valued at more than $260 billion, is now the most valuable in the world. A new ranking from Brand Finance Global 500 revealed that Apple surpassed the value of the brand names of Amazon and Google to become 'the most valuable brand in the world' for the first time in five years.

   

Brand Finance Global 500 is an independent brand valuation consultancy. Every year, it tests some 5,000 biggest brands by quantifying their value. Recently, it named Apple as 'the most valuable brand in the world,' replacing Amazon, which has held on to that position for quite some time. Last year, Forbes recognized Apple as the first U.S. company to be worth more than $2 trillion, after its stock price increased by almost 60% in 2020. The Cupertino tech giant breached the $1 trillion mark two years ago.

Strategy Pays Off

Aside from announcing that Apple finally dethroned Amazon to become 'the most valuable brand in the world,' Brand Finance Global 500 also named Tesla as the fastest-growing brand in the world. Forbes has named Tesla's founder, Elon Musk, as the world's richest person with a net worth of $182.9 billion. As for the Apple brand, Brand Finance Global 500 valued it at $263.4 billion, surpassing Amazon's $254.1 billion brand valuation and Google's $191.2 billion.

Industry observers credit Apple's diversification strategy, which saw the brand increase its value by 87% last year, and go on to become 'the most valuable brand in the world,' dethroning Amazon in the process. With Tim Cook leading the company, the brand expanded beyond the iconic iPhone to include services like App Store, Apple Podcasts, iCloud, Music, Arcade, and TV. There are also widespread rumors that the Cupertino tech giant is planning to venture into the auto industry by coming up with a self-driving Apple Car by 2024.

To Infinity And Beyond

Apple officials recall that five years ago, the iPhone accounted for almost 70% of its sales and revenue, but in 2020, the iconic device accounted for only half. As regards the growth and diversification of the Apple brand, now 'the most valuable brand in the world' after dethroning Amazon from that position, the Cupertino tech giant's Brand Finance Chief Executive David High said the company is relieving Steve Jobs' concept of thinking differently.

"We are witnessing think different once again. From Mac to iPod, to iPhone, to iPad, to Apple Watch, to subscription services, to infinity and beyond," High said.

MarketWatch was the first to report the new Brand Finance Global 500 ranking, which named Apple as 'the most valuable brand in the world,' toppling Amazon from its perch after holding on to that position for some time. Recently, Apple released its financial report for the first fiscal quarter of 2021 to reveal a record-breaking $28.8 billion profit on sales reaching $111.4 billion from its fourth calendar quarter of 2020.