Tencent’s popular messaging app WeChat saw its brand value rise 1,540% to $50.7 billion over the last five years, according to a ranking by Brand Finance.
This marks the fastest growth among 100 brands globally.
Much of that growth is driven by the merging of multiple services into the platform. WeChat is popular because it’s not just a messaging app. Vendors can use it to establish and promote their businesses and take payments from users directly via the app.
“WeChat has successfully entrenched itself in Chinese society, a feat unmatched by any other brand,” said Alex Haigh, Valuation Director, Brand Finance. “However, despite attempts to launch in the Western world, the brand has failed to gain a strong foothold in the market, against stiff competition from incumbents, such as Facebook and WhatsApp. Now the Chinese economy is starting to stall, it raises the question whether Chinese brands can match domestic growth internationally.”
The ranking also notes that Amazon saw the largest brand value added in terms of dollar growth, rising to $187.9 billion in the last five years.
Amazon has been bolstered by the expansion of its own technology services. Haigh explained:
“With four out of the six retail brands in the ranking operating in the bricks and mortar space, it is clear that there is still hope outside of e-commerce. Traditional retailers are able to compete successfully by applying smart strategies and tapping into the customer base which prefers in-store purchases. As retail convergence – where digitally native brands open bricks and mortar stores – picks up pace, the distinction in the market will start to obscure.”
China and the US were among the regions with the fastest-growing brands in the ranking.
Chinese brands dominated with two out of every three spots in the top 30. Top brands shared a combined value of $857 billion, accounting for 48% of value among the top brands.