According to brand valuation consultancy group, Brand Finance’s annual report, the TikTok app has been named the world’s fastest-growing brand.  

The app’s brand value has grown by 215%, from $18.7 billion in 2021 to $59 billion this year. At No. 18 among the world’s top 500 most valuable brands, it is the highest new entrant to the Brand Finance Global 500 2022 ranking. 

Every year, Brand Finance puts 5,000 of the biggest brands to the test and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands are included in the annual Brand Finance Global 500 ranking – now in its 16th year – and the U.S. top 500 most valuable and strongest brands are included in the Brand Finance US 500 ranking.  

With COVID-19 restrictions still in effect around the globe throughout 2021, digital entertainment, social media and streaming services saw continued growth, and TikTok’s rise is testament to how media consumption is changing. With its offering of easily digestible and entertaining content, the app’s popularity spread worldwide as a creative outlet and a way for people to connect during lockdown.     

At the same time, strategic partnerships, such as its sponsorship of the UEFA Euro 2020 tournament, exposed TikTok to demographics outside of its original Gen Z base. It crossed the one billion user mark in 2021 and became the most downloaded app across Android’s Google Play store and Apple’s App Store.  

Overall, media brands account for the top three fastest-growing brands in the ranking – with another social media app Snapchat (brand value up 184% to US$6.6 billion) and South Korean internet brand Kakao (up 161% to US$4.7 billion) following closely behind TikTok. 

“Media consumption has increased throughout the COVID-19 pandemic, but – what is more – the way we consume it has irrevocably changed,” says David Haigh, chairman, chief executive officer, Brand Finance. “In order to compete in this evolving marketplace, media organizations have invested heavily in their brands – from content acquisition through to user experience. TikTok’s meteoric growth is the proof in the pudding – the brand has gone from relative obscurity to internationally renowned in just a few years and shows no signs of slowing down.”