Rise of the Millennials - Duff & Phelps
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Rise of the Millennials INDIA’S MOST VALUABLE CELEBRITY BRANDS DECEMBER 2017
Table of Contents
India’s most PREFACE
Rise of the Millennials 3
valuable celebrity
brands SUMMARY
Celebrity Brand Values 4
INTRODUCTION
Celebrity Endorsements in India 5
UNDERSTANDING ENDORSEMENTS:
Overview of Celebrity Endorsements 8
Current Celebrity Endorsements 12
RECENT TRENDS
Rise of Millennial Endorsers 14
Celebrities endorsing tourism campaigns 15
Increasing Celebrity backed sport tournaments 16
Growing appeal of Sportswomen 17
Celebrity backed merchandising brands 19
METHODOLOGY
Our Approach and Methodology 21
CONCLUSION 24
Duff & Phelps 2PREFACE
Rise of the Millennials
Dear Readers,
It gives me great pleasure to present the third edition of our report on India’s most
valuable celebrity brands. The theme of this year’s report, ‘Rise of the Millennials’,
recognizes the ascent of millennial celebrity endorsers to the top of our brand value
rankings. India currently has a millennial population of around 400 million and is
expected to become the youngest country in the world by 2020 with a median age of
29. India’s millennial population is experiencing high growth in disposable income
levels and thus, it is increasingly becoming crucial for companies to add endorsers
who can influence this segment of the population.
Varun Gupta
Managing Director For the first time since inception of our rankings, Shah Rukh Khan has slipped from
Duff & Phelps India the number one rank, replaced by Virat Kohli, who has become the primary choice of
product brands to engage and attract consumers. This can be attributed to his
extraordinary on-field performances and off-field charisma. In addition to Virat Kohli,
other young celebrities such as Alia Bhatt, Varun Dhawan and P.V. Sindhu have either
risen in rankings or entered into our top 15 list, backed by impressive performances in
their respective fields and strong endorsement signings over the last year. Bollywood
veteran Akshay Kumar had a great year and rose in our top 15 rankings from
thirteenth rank in 2016 to fourth rank in 2017, as a slew of companies rushed to sign
him. The overall brand value of the top 15 celebrities is $712 million.
In our 2016 report, we had recognized the growing trend of celebrity brand extensions
and co-ownerships. Given the recent success of celebrity co-owned brands such as
Hrithik Roshan backed HRX and Virat Kohli backed Wrogn, this trend seems to be
shaping up well in the fashion industry and product brand endorsement space in India.
It has been an exciting year for Duff & Phelps in India. This report follows the release
earlier this year of the fourth edition of our report on brand values in the Indian Premier
League ‘The Decade Edition’. The report was very well received by our readers and
the media.
We hope you find our analysis interesting and we look forward to your feedback.
Yours sincerely,
Varun Gupta
Duff & Phelps 3SUMMARY
Celebrity Brand Values
In our 2017 Celebrity Name 2017 Brand Brand Value 2016 Brand
Rank ($ Million) Rank1
celebrity brand
Virat Kohli 1 $144 2
value rankings,
Virat Kohli Shah Rukh Khan 2 $106 1
surpasses Shah Deepika Padukone 3 $93 3
Rukh Khan for Akshay Kumar 4 $47 13
the first time.
Ranveer Singh 5 $42 7
Also, P.V. Sindhu
Salman Khan 6 $39 4
makes an entry
into the list, Hrithik Roshan 7 $38 8
marking the first Amitabh Bachchan 8 $36 10
time a female Alia Bhatt 9 $34 14
sportsperson Varun Dhawan 10 $32 New
has made it to Ranbir Kapoor 11 $27 6
the top 15.
Priyanka Chopra 12 $22 5
Total value Mahendra Singh Dhoni 13 $21 9
of the top Anushka Sharma 14 $16 12
15 celebrity P.V. Sindhu 15 $15 New
brands:
Millennials
US$ 712
million
(1) Previous rank as determined in the second edition of this report titled Embracing the Change, published in 2016
Duff & Phelps 4INTRODUCTION
Celebrity Endorsements in
India
Who would you like to buy your sports Typically, endorsement deals are
Celebrities are clothing from? A next-door shopkeeper or structured as either fixed fee per period
believed to feature from the sportswear chain owned by the or on the basis of appearances in
cricket legend, Sachin Tendulkar. Even promotion events. Recent deals are also
in close to 50 though the products would have incorporating a social media component
percent of all comparable price, quality and durability, a in order to leverage the huge following of
normal consumer would always prefer celebrities on Twitter, Facebook and
advertisements buying a product endorsed by a Instagram.
renowned and credible source,
aired in India, somebody who you have prior opinions Taking cues from their international
compared to only and conceptions about as compared to a counterparts, Indian celebrities are
random individual. The psychological increasingly launching their own clothing
20 percent in the principle of classic conditioning ensures and accessory lines to monetize their
United States that we as humans interpret the product brand equity. These labels are typically
brands to have the same qualities and launched in partnerships with
appeal as the person who sells it. Ergo, merchandisers, designers or retail firms,
celebrity advertising. and celebrities try to align the product’s
identity with that of their own. These
The concept of celebrity endorsement in labels, if successful, are expected to
the Indian marketing and advertising outlast their careers, especially for
industry is deep rooted. The logic is sportspersons.
basic. People in India idolize celebrities,
so when renowned personalities
associate themselves with a product,
people tend to gravitate towards that
product intentionally or unintentionally.
While in the West, celebrities don’t have
a major influence on consumer spending.
Based on our discussions with talent and
advertising agencies, celebrities are
believed to feature in close to 50 percent1
of all advertisements aired in India. This
is relatively high compared to the U.S.
where only approximately 20 percent2 of
advertisements feature celebrities.
(1) Why celebrities in India have runaway success with brand endorsements, by The Financial Express
(2) The Economic Value of Celebrity Endorsements, by Anita Elberse and Jeroen Verleun, by The Journal of
Advertising Research
Duff & Phelps 5INTRODUCTION
As per FICCI-KPMG, the Indian Media 15 -17 billion for 2016 as FMCG
Marketing and and Entertainment (M&E) industry companies had to cancel or postpone ad
advertising generated INR 1,262 billion ($19 billion) campaigns and product launches. Due to
in 2016 and recorded a modest growth of negative consumer sentiment, the print
spends 9 percent over 2015. The industry is industry also suffered resulting in a
experienced a segmented into TV, Print, Films, Digital negative growth of 3 - 5 percent due to
advertising, Animation and VFX, Gaming, withdrawal of advertisements by
downward pull OOH (Out-Of-Home Advertising), Radio, companies. The movie industry also
and Music segments. witnessed a downfall. However they tried
in 2017 as the to maintain customers by cutting down
main Overall the Indian advertisement transaction fees and encouraging digital
spending in 2016 increased by 11 payments. The estimated effect of
consumption percent to INR 528 billion ($8 billion). The demonetization by sector is provided
sectors were advertising revenues constitute about 34 below.
and 66 percent of the TV and print Sector Negative impact of
impacted by revenues respectively. The performance
Demonetization on
of the advertising segment is linked to
demonetization consumer demand especially in large advertising revenues
spending segments such as fast-moving in 2016
consumer goods (FMCG), consumer TV 2%
durables, auto, financial services and Print 1 - 1.5%
insurance. As the main consumption
sectors such as FMCG and consumer Films 5% of domestic
durables were impacted by theatricals
demonetization, marketing and Radio 2 - 3%
advertising spends experienced a
downward pull as well. Goods & Services Tax (GST)
GST is expected to be a boon for the
Effect of Demonetization
M&E sector due to the creation of a
Demonetization resulted in a cash crunch simplified tax structure. It benefits the
which reduced consumption and resulted sector mainly due to availability of input
in lower spending in the M&E sector. credits across the board and inclusion of
Since it was announced near Diwali, the entertainment tax within the ambit of
advertising revenues suffered mostly GST. But due to GST being at its
during December. Even though there was inception, companies will have to modify
a rise in advertisement spending by the their operating models to adjust with the
e-wallet companies, the entire advertising destination based taxation policy.
sector suffered an estimated loss of INR
Advertising Industry Size (INR billion)
Growth % 11% 11% 6% 28% 7% 15%
528
475
181 201 189 201
60 77
24 26 20 23
Total TV Print Digital Advertising OOH Radio
2015 2016
Source: KPMG FICCI Report on the Media and Entertainment Sector 2017
Duff & Phelps 6INTRODUCTION
The total M&E market is projected to market entrants like Netflix, Amazon
Digital advertising grow at a compound annual growth Prime accompanied with
is expected to rate (CAGR) of 14 percent over domestically built Hotstar, VOOT,
2016-2021, while advertising and Ozee are all revamping their
drive growth in revenues are projected to grow at a existing models to make the most
the adverting CAGR of 15 percent over the same out of digitalization. Another
period. This growth is despite the contributor to increasing digital
industry with 31 negative effects of demonetization traffic is the ‘Digital India’ initiatives
and early hindrances in GST introduced by the Government. Free
percent CAGR implementation. Wi-Fi hotspots across the country,
over the period equipping village panchayats with
Digitalization common key centers and boosting
2016-21 IT ventures by providing funding
The mobile internet and smartphone
through various schemes are a few
phenomena is exploding rapidly in
highlights.
India and paving the way for
digitalization which India had hoped
Digital advertising is expected to
for all along. Consumers have
cross INR 295 billion ($4 billion) in
shifted from television screens to
2021 where mobile will be the key
mobile screens and this has led to
channel. Advertising using video
growing interaction via digital
segment is highly preferred by
platforms. With Reliance Jio
marketers given better internet
entering the market and capturing a
speeds and affordable data rates.
major consumer base from its
YouTube is a big contributor to this
competitors, data prices have been
trend as a lot of youth are attracted
slashed and 4G connectivity has
to this mode of advertising.
improved remarkably which
Campaigns such as #PepsiMoji by
indicates a huge potential for digital
Pepsi, Unboxing of OnePlus
platforms to attract more media
smartphone featuring Biswa Kalyan
consumption. Hence, advertising
and #MPMeinDilHuaBachaSa by
revenues on digital platforms are
Madhya Pradesh Tourism attracted
expected to show rapid growth with
eyeballs on YouTube and went viral.
a CAGR of 31 percent during 2016-
Further, social media websites like
2021.
Facebook and Instagram are also
generating huge advertising
The OTT (Over the Top) Video on
revenues because of target
Demand (VoD) channels have also
audience presence.
expanded their consumer base
because of digitalization. New
Advertising Industry Projected Growth (INR billion)
CAGR % 15% 14% 8% 31% 12% 16%
1,078
528
394
296 295
201 201
77 26 46 23 48
Total TV Print Digital Advertising OOH Radio
2016 2021
Source: KPMG FICCI Report on the Media and Entertainment Sector 2017
Duff & Phelps 7UNDERSTANDING ENDORSEMENTS
Overview of Celebrity
Endorsements
Endorsement Deal Structure a celebrity for a specified event. This may
Common models be in the form of a single advertisement
for celebrity The first step in building a methodology to or a photo shoot or even an event
assess celebrity brand values is to attendance. A celebrity may also be cast
endorsement understand how celebrity endorsements as “acting talent” for a specified
deals include are structured. Based on our analysis, we advertisement. Such engagements are
understand that a celebrity may be charged for daily, with the rates being
fixed term engaged by a corporate or an advertiser significantly different for annual contracts
in two key engagement models. In the versus one-time endorsements.
contracts and first and most common model, a celebrity
one-time will be contracted for a specified term Apart from the cash payments that
(usually one or two years) for a fixed-fee celebrities receive, their endorsement
appearances for payment that may be made through an contract may also include an in-kind
specified events initial signing amount with the balance payment. The product being endorsed is
upon completion of specified activities. supplied to the celebrity for free for a
These agreements may also involve a specific term. This is prominent in high
royalty component. Recently, Puma end luxury brands. On its 10th
signed Virat Kohli in a deal which anniversary in India, the German car
involved a fixed payment and royalty maker, Audi, gifted a white Audi Q7 to
depending on the company's business Virat Kohli as a token of his loyalty to the
performance. These celebrities are company. Often celebrities who endorse
referred to as brand ambassadors owing luxury fashion brands are spotted
to their long-term association with the wearing them to enhance the appeal of
endorsed product. the product (e.g., Aishwarya Rai
Bachchan for Longines).
Normally, an annual endorsement
contract includes the celebrity’s The contract may also have additional
availability for a two to four-day period sweeteners which cover all expenses
(eight hours a day), during which time the incurred by the celebrity during the
advertiser may schedule an event, photo production of the advertisement. For
shoot or ad shoot as the campaign may example, expenses related to first-class
require. The content that the advertiser airfare, hotel accommodations and luxury
generates during these activities may be meals. The endorsement deals may also
used within the contract term. Of course, provide for insurance of the celebrity,
exclusivity provisions also ensure that the such as commercial general liability
celebrity for a period may not promote a insurance, which is issued to cover them
rival product brand after contract against any injuries arising during the
termination. However, it is not uncommon shoot. Alternatively, the terms may
for the exclusivity provisions to be bought include, an umbrella liability insurance,
out by rival advertisers. which protects the celebrity from certain
personal liability situations that may arise
The second, but less popular form of because of the endorsement.
Duff & Phelps engagement is a one-time appearance by 8UNDERSTANDING ENDORSEMENTS
Overview of Celebrity
Endorsements
Social Media Influence As per Forbes, the Indian Cricket Team
Product Brand Captain, Virat Kohli, earns INR 32
endorsements Companies and advertisers may sign a million per product brand with 17 million
celebrity for individual campaigns to followers on Instagram. Until December
through social create social media buzz. Celebrities 2017, his sponsor branded posts
media campaigns may also create awareness among the numbered around 60. He is the only
masses for a non-profit initiative. Indian athlete who commands such a
are increasingly Farhan Akhtar joined a social campaign high fee.
in 2017 to create awareness about
becoming a norm saving water on the eve of World Earth Other celebrities who have signed
in the advertising Day. The campaign titled ‘Mission Blue’ social media endorsement deals
was launched by National Geographic include Sonakshi Sinha and Saina
world in association with NGO Water Aid Nehwal who promoted Starbucks on
Foundation. Deepika Padukone Twitter, and Neha Dhupia who tweeted
founded The Live Love Laugh about Chola (fashion brand), Veeba
Foundation, to fight depression after foods (food brand), fashion magazine
she herself came out to speak of how Vogue, Kiehls (cosmetic brand) and
she was once a victim. The campaign Renault.
named #DobaraPoocho spread across
social media like wildfire. Several
celebrities promoted the Swachh
Bharat campaign launched by the
Prime Minister, Narendra Modi.
Kangana Ranaut featured as Goddess
Laxmi who abandons worshippers who
dare to litter in her presence. The
advertisement went viral by the name
of #DontLetHerGo.
Since consumers perceive the image of
celebrities and influencers as per their
social media handles, they need to be
more attentive towards social media
posts by not putting up controversial
posts or posts that could jeopardize
their public acceptance.
Duff & Phelps 9UNDERSTANDING ENDORSEMENTS
Overview of Celebrity
Endorsements
Variation in Endorsement Fees discontinued his relationship with soft
The prestige of drink brand Pepsi stating that he would
the product brand Interestingly, we noted that the rates only endorse brands with an athletic and
charged by celebrities for an annual pro-health image.
primarily dictates endorsement engagement significantly
the deal value. differ across product brands signed, Under the new guidelines on celebrity
even in the same year. This is mainly endorsement by Advertising Standards
There is an because certain products are more Council of India (“ASCI”), celebrities will
attractive to a celebrity, and their fee for be held responsible for the claims made
inverse endorsements will vary by their in ads in which they appear. Due
relationship inclination to be associated with a diligence is expected to be carried out to
certain product. Some celebrities will ensure that the product / service lives up
between the size reduce their endorsement fees for a to its claims, and in no way, should
/appeal of the product brand which helps a social deceive the consumers by misstating or
cause. Endorsing for a social cause overrating the facts.
product brand through campaigns initiated by the
government or public/private entities Companies these days modify contract
and endorsement increases their credibility and the terms and do not just focus on cash
fees charged. likelihood of receiving future product consideration. When Amitabh Bachchan
brand endorsement offers. Hence, they was promoting Just Dial, he received an
are willing to work for little or no equity stake in the company which later
endorsement fees. earned him a positive return once the
company had a successful IPO. Health
The prestige of the product brand and wellness startup Cure.fit inked a
primarily dictates the deal value. There INR 1000 million deal with Hrithik
is an inverse relationship between the Roshan for a five-year association
size /appeal of the product brand and making it one the largest deals ever
endorsement fees charged. Endorsing signed by a startup. The deal includes
products dealing with personal care, the actor’s equity stake in the company
consumer durables and apparel is often in lieu of cash investment, promotions
attached to the celebrity’s status symbol. and royalties from his personal brand
Celebrities with a high stature often HRX’s specialized workout plan. This
prefer to endorse a company which plan will be introduced across Cult
matches their own status. Endorsing a fitness centers operated by Cure.fit.
product which can be hazardous to
health, such as, carbonated and
alcoholic beverages, cigarettes, etc.,
creates a negative impact on the
celebrity’s image. Celebrities charge
very high endorsement fees for such
products. This year Virat Kohli
Duff & Phelps 10UNDERSTANDING ENDORSEMENTS
Overview of Celebrity
Endorsements
Product Brand & Celebrity Fit drink.
Since the image
of the celebrity Engaging a celebrity for a product brand Switzerland Tourism roped in Ranveer
endorsement exercise is not a simple Singh to promote tourism in the country.
gets linked with task. The advertiser must first select the Using Ranveer’s energetic persona, the
the product being celebrity based on his or her fit with the campaign is trying to engage audiences
organization or the product. The next with a variety of outdoor adventure
endorsed, the step involves working with a celebrity activities available in the country.
management agency to finalize the
advertiser must details of the agreement, including the On the other hand, Priyanka Chopra, who
select the right signing amount and the period of has been recently been occupied with
engagement. A percentage of the Hollywood productions, has not been
celebrity based celebrity’s endorsement fee then able to sign any new product brand
on his or her fit becomes payable to the agency as a endorsement deals over the last year in
commission for the services they provide. India. Additionally, her last hit movie was
with the Bajirao Mastani, which was released in
Recently, Virat Kohli signed a deal with 2015. Given her lack of Bollywood and
positioning and German shoemaker brand Puma. The media presence in India, she has lost
values of the deal is expected to create an image of some of her endorsements to younger
strength and agility for the Puma brand celebrities who are more connected with
product and encourage sports enthusiasts to try the Indian audience.
Puma branded merchandise. As per
Abhishek Ganguly, Puma India MD,
“Virat has transformed the way fitness is
looked at in Indian cricket. He has Product Current Previous
emphasized the role of an athlete and Brands Endorser Endorsers
reshaped cricket in the millennial culture, Head & Ranveer Singh Kareena Kapoor
thus endorsing our brand ethos. He is a
Shoulders
youth icon with an effortless style.”
Thums Up Ranveer Singh Salman Khan
During the launch of his sports clothing
brand ‘One8’ in association with Puma,
Lays Ranbir Kapoor Saif Ali Khan
he stressed the importance of a healthy
lifestyle. Tag Heuer Ranbir Kapoor Shah Rukh Khan
Parle Agro roped in Alia Bhatt for its Philips Alia Bhatt Kareena Kapoor
Frooti Fizz product as part of a
rebranding effort, in order to position the Garnier and Alia Bhatt Priyanka Chopra
product as a fun and naughty mango Hero
Duff & Phelps 11UNDERSTANDING ENDORSEMENTS
Current Celebrity
Endorsements
As part of our analysis we analyzed the top 25 Bollywood celebrities and sportspersons. These celebrities endorsed
over 300 product brands in 20 different industry segments over the twelve months ending October 2017. Some of the
key highlights of the research are presented below:
Top Segments Using Celebrity
Endorsers
Food &
Personal Care Automobiles Smartphones Clothing
Beverages
Top Advertising Product Brands
Colgate Coca Cola Hero Gionee Aerobook Aqualite
Lux Cadburys Honda Jivi Mobiles Caprese
Lakme Kwality Maruti Suzuki Oppo Dixcy Scott
Pantene Lipton TATA One Plus Dollar Club
Veet Maaza TVS Vivo Rupa
Top Endorsers
Alia Bhatt Akshay Kumar Akshay Kumar Amitabh Bachchan Akshay Kumar
Anushka Sharma Alia Bhatt Amitabh Bachchan Alia Bhatt Alia Bhatt
Amitabh Bachchan Deepika Padukone Ranbir Kapoor Deepika Padukone Hrithik Roshan
Katrina Kaif Shraddha Kapoor Ranveer Singh Irrfan Khan Salman Khan
Ranveer Singh Varun Dhawan Varun Dhawan Ranveer Singh Shah Rukh Khan
Source: TAM Media Data for the period September 2016 to October 2017, Duff & Phelps Analysis
Rankings are based on Secondages on TV; secondages means the number of seconds the celebrity appears on TV for a particular product brand
Key Sector Trends:
• Automobiles, Direct-To-Home, Real Estate, Tourism and Healthcare segments are dominated by male endorsers
while Personal Care and Food & Beverages segments are primarily dominated by female endorsers.
• Smartphones and Clothing replaced E-commerce and Jewelry in the top five segments which use celebrity
endorsements.
• Alia Bhatt featured as a top endorser in four of the top five segments.
• Varun Dhawan, a new entrant in our top 15 list, featured as one of the top five endorsers in two of the top five
segments.
Duff & Phelps 12UNDERSTANDING ENDORSEMENTS
Current Celebrity
Endorsements
Celebrity Endorsements by Sector
Sectors dominated by female celebrities1 Sectors dominated by male celebrities1
Personal Care Food & Beverages Automobiles Direct-To-Home
Female Female
1% 0%
Male
45% Male
Female
55% 44% Male
Female 99%
56%
Male
100%
The top two segments dominated by Overall, female celebrity brand values
The number of female celebrity endorsers are Personal contributed 25 percent of the total brand
products Care and Food & Beverages. As per our value of the top 15 celebrities. Alia Bhatt
analysis, Personal Care segment led the pack, adding two personal care
endorsed by the contributes 50 percent of total celebrity brands, a food & beverage brand and an
top 15 celebrities endorsements in India, and hence is of e-commerce brand to her portfolio.
critical importance in the endorsement
has seen ~14 space. On the other hand, Automobile We also observed that most of the top
and direct-to-home (DTH) segments segments such as Personal Care, Food &
percent growth mostly featured male celebrities in Beverage, Automobile and Smartphones
over the last year television advertisements. have millennial endorsers.
Total # of Product Brand Endorsements by Top 15 Celebrities2 Product Brand Endorsements by Top 5 Celebrities2
# of Product Brands
Rank Celebrity
Endorsed as of October 2017
2016: 2017: 1 Virat Kohli 20
205 234 2 Shah Rukh Khan 21
product product 3 Deepika Padukone 23
brands brands 4 Akshay Kumar 18
5 Ranveer Singh 21
Total 103
(1) Source: TAM Media Data; charts are based on Secondages on Television during the period of September 2017 to
October 2017
(2) Analysis based on endorsements for top 15 celebrities
Duff & Phelps 13RECENT TRENDS
Rise of Millennial Endorsers
India is expected to become the youngest replaced her idol Kareena Kapoor as the
Rising incomes of country in the world by 2020 with a ambassador for Philips. She also
India’s millennials median age of 29. The upcoming replaced Priyanka Chopra for Garnier.
generation has a higher earning capacity
offer and a different lifestyle as compared to The food segment also shows similar
unprecedented their predecessors. This offers trends. Juhi Chawla was replaced by
unprecedented opportunities for Parineeti Chopra in the Kurkure ad for
opportunities for consumer industries such as auto, her young and sprightly image. Similarly,
telecom, finance, luxury products and real Lays Chips’ previous ambassador Saif Ali
celebrity estate. Accordingly, most of the large Khan was replaced by Ranbir Kapoor.
endorsements in companies are either replacing their
current brand ambassadors or adding Anushka Sharma has been featured in a
consumer endorsers which the millennial population lot of commercials by replacing industry
industries such as would better identify with. veterans. She became the brand
ambassador for Clean & Clear, replacing
auto, telecom, This year, the beverage industry leader John Abraham and Bipasha Basu, who
Coca Cola decided not to renew its were associated with the product for a
finance, luxury contract for Thums Up brand with considerable number of years. Her
products and real megastar Salman Khan for the first time approachable attitude also got her the
since 2012. Instead they decided to sign TVS Scooty ad, which was previously
estate Ranveer Singh who symbolizes youth, exclusively endorsed by Preity Zinta.
and thus fits better with the Thums Up
brand. Similarly, Honda decided to If we look at the smartphone category, it
appoint upcoming actress Tapsee Pannu is entirely endorsed by millennial
as the brand ambassador for scooters celebrities including Alia, Deepika and
targeted at young riders. Ranveer. It is evident that companies
want to have a greater focus on youth,
Skin care giant Garnier appointed Tiger hence they feel that the face of their
Shroff as their new brand ambassador, product brand should be a person with a
who will now be seen promoting the youthful image to connect well with the
product brand alongside John Abraham their target audience.
and Sushant Singh Rajput. Garnier
associates Tiger Shroff with having
natural, sporty, action oriented,
adventurous and fun traits. Alia Bhatt
Top 15 Celebrities
Brand Portfolio Share of Millennials in
Top 15: Millennials: Top 15 Celebrities
234 149 Brand Portfolio
product product
brands brands
(64%)
Duff & Phelps 14RECENT TRENDS
Celebrities endorsing tourism
campaigns
Foreign countries The travel and tourism industry has top tourist destinations with the highest
been a significant economic driver and travel searches of 52 percent. They
such as accounted for 10 percent of the total have hired Siddharth Malhotra as their
Switzerland and GDP in 2016. While the advertising official ambassador, and the India-New
from mainstream companies witnessed Zealand tourism corridor is expected to
New Zealand are a sluggish growth, the tourism industry expand further. Moreover, his travel
took a step forward and appointed diaries were documented and
increasingly celebrities for their respective showcased on the official website of
engaging with geographies. This is to lure India's New Zealand.
burgeoning middle class which is
Indian celebrities, travelling abroad in growing numbers, In 2016, Superstar Shah Rukh Khan
especially expected to reach 50 million by 2020, also partnered with Dubai tourism to
up from 20 million in 20141. promote it as the land of joy and
Millennials, to adventure. He engaged in a series of
Renowned and credible Indian short films to conceptualize and
attract tourists celebrities are being hired by various promote tourism to the Emirates with
traveling from tourism departments across the globe. the theme #BeMyGuest.
Previously, only Indian states used to
India appoint Indian celebrities as their state Celebrity Country / Campaign/
tourism ambassadors. The celebrities Name City Positioning
are selected based on their ability to
Endorsed
appeal to three audiences: family,
luxury and millennials. Ranveer Switzerland #InLoveWithSwi
Singh tzerland
Bollywood’s livewire actor Ranveer Siddharth New Zealand Brand
Singh was recently named the Indian Malhotra Ambassador
ambassador for Switzerland Tourism Shah Rukh Dubai #BeMyGuest
for the campaign “Nature wants you
Khan
back”. With his energetic persona, he
is being positioned to attract audiences
for outdoor adventure activities in the
country.
According to Skyscanner, New
Zealand has emerged as a winner for
(1) France hopes new Bollywood movie shot in the Cote D'Azur and Paris will lure Indian tourists after drop in visitor
numbers following terrorist attacks, by Mail Online
Duff & Phelps 15RECENT TRENDS
Increasing Celebrity backed
sport tournaments
With a strong craving for a healthy fan following made him a good fit for
Increasingly, lifestyle, celebrities and the title.
celebrities are sportspersons are increasingly
promoting a variety of new sport In 2016, the Premier Badminton
backing and/or formats. League (PBL) announced Akshay
Kumar as its official ambassador. He
endorsing new Indian cricketer Yuvraj Singh engaged with his followers by
sports formats contributed towards a crowdfunding actively posting updates on his
project aimed at promoting Kabaddi social media handles and blogs and
such as Kabaddi in India among different states, and by doing podcasts on the
and Football, encouraging people to look at the
sport with passion and pride. Cricket
tournament. Dr Akhilesh Das Gupta,
President BAI and Chairman PBL
among others legend Sachin Tendulkar has on stated that the main reason for
many occasions spoken about his getting Akshay on board was for
love for football, and actively creating excitement among the
promotes the Indian Super League. target audience.
In fact, Bollywood celebrities also Increasingly, Bollywood and sports
have made active appearances in celebrities are also investing in
sporting events. The Indian Olympic franchises of different sports leagues
Association appointed Salman Khan such as the Pro-Kabaddi League
as India's Goodwill Ambassador for and Indian Super League (soccer),
the 2016 Rio de Janeiro Olympics as as highlighted in the table below.
they considered him a youth icon.
Salman’s media presence and huge
Celebrity Sport Investee Franchise
Football Chennaiyin, Indian Super League
Abhishek Bachchan
Kabaddi Jaipur Pink Panthers, ProKabaddi League
Arjun Kapoor Football Pune City FC, Indian Super League
Hrithik Roshan Football Pune City FC, Indian Super League
John Abraham Football Northeast United, Indian Super League
Mahendra Singh Dhoni Football Chennaiyin, Indian Super League
Preity Zinta Cricket Kings XI Punjab, Indian Premier League
Ranbir Kapoor Football Mumbai City FC, Indian Super League
Sachin Tendulkar Football Kerala Blasters, Indian Super League
Shah Rukh Khan Cricket Kolkata Knight Riders, Indian Premier League
Virat Kohli Football FC Goa, Indian Super League
Duff & Phelps 16RECENT TRENDS
Growing appeal of Sportswomen
The growing clout of sportswomen in golfer Aditi Ashok qualified for the final.
Sportswomen In India, both in terms of recognition and Clearly, women athletes are on the rise
India are building product brand endorsements is quite and are making history.
remarkable. Their product brand
their presence in endorsements have penetrated the These achievements and accolades
the product brand territory currently dominated by cricketers earned these sportswomen public them
and Bollywood stars. Female athletes are respect and recognition, and companies
endorsement today emerging as the first choice to feel that their struggles and successes
promote fashion, banking, health and makes them the obvious choice for
territory, currently home products, as they are achieving promoting their products.
dominated by success like never before.
After winning a silver medal at the Rio
Bollywood stars In the 2016 Rio Olympics. P.V. Sindhu Games, Sindhu inked a INR 500 million
and cricketers became the youngest Indian ever to win endorsement deal with Baseline
an Olympic medal. Her list of recent Ventures, a sports marketing,
achievements is noteworthy, including entertainment and brand licensing firm.
winning gold medals in China Open This is the highest contract ever offered
Super Series 2016 and Macau Open to a non-cricketer sportsperson in India.
2013/14/15, silver medals at the BWF In addition to Baseline Ventures, she also
World Championships 2017 and Glasgow endorses various companies/ products
World Championship 2017, and including Apis Himalaya Honey, Bank of
becoming the World’s third ranked Baroda, Bridgestone India, Gatorade,
badminton player. Moov, Myntra, Ojasvita, Panasonic
batteries, Vizag Steel and Yonex. She
The Indian women’s cricket team left no has firmly stated that she won’t be
stone unturned and emerged as runner promoting any product which has a
up in the ICC World Cup 2017. The team negative influence on health. Sindhu also
was led by Mithali Raj who received endorses Vizag Steel, a product brand
global accolades, and team member which is perceived to have a masculine
Harman Preet Kaur was felicitated with persona. But as per the company,
the prestigious Arjuna Award for Cricket Sindhu, with her consistent performance
for 2017 for her commendable brings in the “nerve of steel” factor for this
performance in the tournament. product.
Sakshi Malik became the first Indian The highest run scorer in women’s one-
female wrestler and the fourth Indian day international cricket, Mithali Raj along
woman to win an Olympic medal. Dipa with Harmanpreet Kaur have started
Karmakar, India’s first female gymnast at gaining recognition from the corporate
the Olympics, missed out on a medal, world and are being considered for
finishing fourth in the women's vault promoting electric products and financial
gymnastics, but still ended up winning the services. Some production companies
hearts of the nation. have made enquiries for a biopic movie
deal with Raj. Recently, Lia Agarbathi of
In other, more modest achievements, NR group has hired Raj and Arunima
long-distance runner Lalita Babar Sinha (the first female amputee to climb
became the second Indian woman to Mount Everest) as its brand
qualify for the final of track and field event ambassadors.
at Olympics, finishing 10th in the 3,000
meter steeplechase final, and teenage
Duff & Phelps 17RECENT TRENDS
Growing appeal of Sportswomen
Saina Nehwal entered the big league and Commonwealth Games. Their fan
of the endorsements space after following increased with the release of
signing a INR 120 million, 3-year their biopic ‘Dangal’ which starred
sponsorship-cum-endorsement deal Amir Khan. The South Delhi Municipal
with financial services group corporation roped in the sisters as
Edelweiss. She currently also brand ambassadors to promote
endorses Herbalife, Huawei Honor Swachh Bharat Abhiyan.
and Savlon.
Padmashree award recipient Deepika
Indian freestyle wrestler, Sakshi Kumari became the brand
Malik, after winning a bronze medal at ambassador for Tuberculosis Free
the 2016 summer Olympics signed up Jharkhand campaign in 2017. She
several deals and endorsements such has secured multiple gold medals in
as the Beti Bachao, Beti Padhao archery globally.
initiative and Nissan’s Datsun.
But there is a flip side to the
Sania Mirza, a lawn tennis aficionado endorsements of sportspersons as
became the first Indian to be ranked unlike movie stars, sportspersons
World No. 1 in WTA's doubles have a limited shelf life. This means
rankings and won the Padma that their on-field performance and
Bhushan in 2016. She endorses their form have a direct impact on
products like FabB and Vencobb their life span as a brand ambassador.
Chicken. She is also the brand Typically, endorsement contracts
ambassador for the State of diminish after their career comes to an
Telangana. end, or for that matter, even when
their form drops. However, given the
Geeta Phogat and Babita Kumari current rise in on-field performance of
Phogat demolished all stereotypes by Indian women sportspersons, they are
bringing laurels to the nation in the bound to make big strides in the
field of wrestling. Their victories endorsing world.
include Asian wrestling championship
Name Sport Product Brands Endorsed
P.V. Sindhu Badminton Apis Himalaya Honey, Bank of Baroda, Bridgestone
India, Gatorade, Moov, Myntra, Panasonic Batteries,
Ojasvita, Vizag Steel, Yonex
Mithali Raj Cricket Beti Bachao Beti Padhao Campaign, Nissan Datsun
Sakshi Malik Wrestling Lia Agarbathi
Saina Nehwal Badminton Edelweiss, Huawei Honor, Savlon
Sania Mirza Lawn Tennis FabB, Vencobb Chicken
Mary Kom Boxing Country Club Hospitality and Holidays
Geeta Phogat & Babita Wrestling Swachh Bharat Abhiyan
Phogat
Deepika Kumari Archery State of Jharkhand Campaign
Duff & Phelps 18RECENT TRENDS
Celebrity backed
merchandising brands
Merchandising involves packaging /
Celebrity presentation of products to According to industry sources, Hrithik
consumers in effective ways to Roshan’s brand HRX, which was
merchandising is enhance sales. When one adds a launched in 2013, is expected to
celebrity element to merchandising, record gross revenue of about INR
a new trend in the the overall impact gets magnifies. 2,000 million ($30 million) in FY17,
Indian market Celebrity merchandising is a new an increase of almost 100 percent
trend in the Indian market where over FY16. The brand is targeting
where celebrities celebrities collaborate with about INR 5,000 million ($75 million)
collaborate with companies or designers or of revenue in FY191. In addition to an
independently launch their exclusive increase in top line figures, HRX has
companies or line of products. While celebrity been honored with awards such as
merchandising is already common in “Brands with outstanding eRetail
designers or western world with celebrities such performance: Sports brand” in the
independently as Beyoncé (House of Dereon), Jay- sixth edition of the Indian Retail &
Z (Rocawear), Hillary Duff (Stuff), eRetail Awards and “Best Celebrity
launch their Michael Jordan (Air Jordan) and License Brand” at the India Licensing
exclusive line of Kanye West (DW Kanye West), the Expo, 2017.
Indian market is expected to
products showcase robust growth in the Wrogn, the brand co-owned by Virat
coming years. Kohli and Universal Sportsbiz Private
Limited (USPL) was launched as the
Being Human, owned by the Salman fashion brand for youth in 2014. The
Khan Foundation, is arguably the brand has collaborated with Myntra
leader in the celebrity merchandising and Shopper’s Stop. In 2016, Wrogn
segment. This clothing and launched its own exclusive brand
accessories brand was launched in outlets across the country. It is of
2012 by Mandhana Industries Limited crucial importance that the brand
through a licensing partnership with communicates values similar to those
the foundation, and in 2016 the of the celebrity. For instance, Wrogn
business was transferred to The is the brand owned by Virat Kohli.
Mandhana Retail Ventures Limited. The name of the brand is different
The Being Human brand had sales of and the designs are quirky and
INR 2,160 million1 ($33 million) for stylish, which goes well with Virat
the year ended March 31, 2017 and Kohli’s off and on field personality.
is available across 600+ retail and
various e-commerce selling points.
The brand has grown at a CAGR of
~19 percent over the past three
years.
(1) Myntra buys 51% in Hrithik Roshan’s lifestyle brand HRX, by The Economic Times. Figures are
converted from INR to USD using an exchange rate of 64.85 (March 31, 2017)
Duff & Phelps 19RECENT TRENDS
Celebrity backed
merchandising brands
Firms such as In addition to Wrogn, USPL also market and are guiding celebrities and
launched Imara with Shraddha Kapoor sports personalities to come up with
USPL and in 2015; in September 2016, the innovative merchandise campaigns.
company launched Ms. Taken with Abhishek Verma, CEO Mojostar, says
Mojostar are actor Kriti Sanon as its ambassador1. that though lots of merchandising
building a With the help of these three celebrity brands are coming up in this space, the
labels, USPL recorded a revenue of industry is still in a nascent stage. He
portfolio of co- INR 1,056 million ($16 million) in FY17, highlighted that the fan following of a
owned celebrity up 72 percent over FY16 2. Further, in celebrity can bring in the initial set of
November 2017, the company raised customers but it’s the quality of a
merchandise INR 1,000 million ($16 million) from product that retains the customer.
Accel Partners, resulting in enterprise
brands, value of around INR 6,450 million Further, endorsing a product brand and
revolutionizing ($100 million)3. owning a product brand are two
different areas as the latter demands
the retail market Mojostar is a venture of celebrity more involvement of the celebrity, from
management firm Kwan Entertainment designing to marketing. The
and marketing firm Dream Theatre, authenticity of a product brand depends
which promotes celebrity brand on its positioning in the market. It is of
merchandising. The firm recently crucial importance that the product
finalized deals with Jacequiline brand communicates values similar to
Fernandez and Tiger Shroff. They are those of the celebrity.
aiming to revolutionize the Indian retail
Annual Sales (FY17) of platform
Platform Label Celebrity Name Launched in
(INR million)
Myntra Designs Private Limited Alia Alia Batt 2014 12,310
(portfolio of 13 private labels) All About You Deepika Padukone 2015 ($190 million)4
2,160
The Mandhana Retail Ventures Limited Being Human Salman Khan 2012
($33 million)
Wrogn Virat Kohli 2014
1,056
Universal Sportsbiz Private Limited Imara Shraddha Kapoor 2015
($16 million)
Ms. Taken Kriti Sanon 2016
XS Brands Consultancy Private 2,000
HRX Hrithik Roshan 2013
Limited ($30 million)5
(1) Universal Sportsbiz: It’s all in the game, by Forbes
(2) USPL Annual Report 2017
(3) USPL raises Rs 100 Cr, crosses $100 million valuation, by LiveMint (USD/INR Exchange rate:
64.45, November, 2017)
(4) The total revenue of Myntra for FY17 was INR 58,620 million, out of which 13 private label brands
account for 21 percent share. Source: Various articles published in LiveMint and Business Line during
March, 2017 to September, 2017
(5) Myntra buys 51% in Hrithik Roshan’s lifestyle brand HRX, by The Economic Times
Duff & Phelps 20METHODOLOGY
Our Approach and
Methodology
The applicable
Determine Average brand multiple
brand Average endorsement represents the
Celebrity Applicable
ranking on Annual fee multiplied capitalization
Brand Brand
the basis of Endorsement by the number rate adjusted
Ranking Multiple
various Revenue of endorsement for recent
parameters deals success and
popularity
In assessing celebrity brand value, we of our analysis, we have not taken into
It is important to faced several challenges that one would consideration the amount a celebrity
note that as part not normally encounter when valuing a earns from films and production houses
corporate brand using conventional and that he or she runs. We contend that
of our analysis, generally accepted valuation while these aspects do impact their
we have not methodologies. Most importantly, a earning capacity, they have no bearing
celebrity brand is not an indefinite-lived on the celebrity’s income from
taken into asset. endorsements alone. Our assessment
represents the brand value of a celebrity
consideration the In addition, a celebrity brand cannot be based purely on his or her earnings
amount a monetized through a licensing potential from product brand
arrangement. While it may be argued that endorsements.
celebrity earns a celebrity can earn a royalty from
from films or products which he or she has associated In order to adequately capture the definite
his or her name and likeness (case in life of a celebrity brand, we considered
production point being Michael Jordan and the “Air several conventional methodologies.
Jordan” line of Nike products), such However, we did not think it is
houses that he or arrangements are limited to a few appropriate to simulate increases /
she runs participating celebrities. decreases in forward earnings in our
methodology since the popularity of a
In India, similar arrangements are gaining particular celebrity is limited to the
popularity as explained in the section on present and the recent past. Bad brand
Celebrity backed merchandising brands. management (e.g., a year of flops or bad
However, we have not considered performances) by the celebrity can
merchandising earnings in the current quickly result in a lower demand for his or
analysis, as the earnings from a product her services as a brand endorser.
brand endorsement would still represent
the largest contributor to a celebrity’s
brand.
Further, it is important to note that as part
Duff & Phelps 21METHODOLOGY
Our Approach and
Methodology
Our assessment is based on the current films and his larger-than-life personality
Our assessment rankings of celebrities, average off camera. Though Facebook and
is based on the endorsement fee, current number of Twitter are two main social media
annual endorsements, applicable brand channels, over the last few years,
current rankings multiple and a popularity index Instagram has gained huge popularity in
of celebrities, adjustment. India, and young stars like Alia Bhatt and
Varun Dhawan, who have a negligible
average Celebrity Brand Ranking presence on Facebook, command a huge
fan following on Instagram with more
endorsement fee There are several sources and agencies than 19 million and 11 million followers
rates, current that rank celebrities on the basis of respectively.
proprietary tools and methodologies. For
number of annual our assessment, we have used a Our celebrity social media rankings are
endorsements, combination of rankings available in the based on the number of Twitter,
public domain. However, over the course Facebook and Instagram followers. Of
applicable brand of our discussions with experts from the the celebrities we assessed, the table
celebrity endorsement industry, we found below represents their social media
multiple and a that several of these rankings ignore a presence as of November 2017.
popularity index celebrity’s social media involvement.
Social media may not be the most Our concluded celebrity brand rankings
adjustment important aspect when selecting a are based on a weighted average of the
particular celebrity, but it definitely plays social media presence and various
a huge role in building credibility and rankings from sources in the public
developing a fully engaged fan base. domain for each of the celebrities in our
study. The celebrity brand rank so
Some celebrities have achieved computed has been accounted for in the
reasonable success with carefully popularity index adjustment.
planned social media programs. Amitabh
Bachchan, one of the most popular
Indians around the globe, has massive
popularity on both Twitter and Facebook
owing to the magnificent versatility in his
Social Media Presence (Figures in millions) (November 2017)
Twitter Facebook Instagram
Rank Celebrity Total Followers
Followers Followers Followers
1 Salman Khan 27.6 35.6 12.9 76.2
2 Deepika Padukone 21.5 34.1 20.3 75.9
3 Virat Kohli 20.0 36.0 16.7 72.7
4 Priyanka Chopra 20.3 28.7 20.1 69.1
5 Amitabh Bachchan 30.9 27.6 6.0 64.5
6 Akshay Kumar 22.0 24.0 15.1 61.1
Duff & Phelps 22METHODOLOGY
Our Approach and
Methodology
Average Annual Endorsement stars like Kajol are still actively
Celebrity brand Revenue endorsing products despite not
value has been breaking into the list of top celebrity
Average Annual Endorsement Revenue endorsers.
computed as the is computed as the product of average
average annual endorsement fee and the number of On the other hand, aging male
endorsement deals for each of the celebrities in India continue to remain
endorsement celebrities. in high demand for endorsements,
mainly driven by a late peak age and
revenue earned In estimating the average endorsement continued film successes. Movie
by a celebrity fee for each of the celebrities, we have stars like Amitabh Bachchan, age 75,
consulted industry experts from talent continue to remain among the most
multiplied by the management agencies, advertising sought-after celebrities for
adjusted celebrity agencies, and consultants, as well as endorsement.
secondary sources such as news and
brand multiple media articles. 2. Recent success: This is analyzed by
reviewing the number of hits (good
The number of endorsement deals for performances) versus flops (bad
each of the celebrities are primarily performances) a celebrity has had
based on actual advertisements on over the last 10 films or important
television and print media. We have also performances.
considered various secondary sources.
3. Popularity index: This is computed
Adjusted Celebrity Brand Multiple by looking at celebrity brand rankings
and average secondages per product
The adjusted brand multiple represents brand per month1.
the rate of capitalization for celebrity
brands, adjusted for the following Celebrity Brand Value
parameters:
Finally, celebrity brand value has been
1. Age: We have made adjustments for computed as the adjusted average
the age of the celebrity in conjunction annual endorsement revenue earned by
with the current and typical peak age. a celebrity (after deducting relevant costs
Unfortunately, the Indian population including taxes) multiplied by the adjusted
is rather cruel to female celebrities in celebrity brand multiple so derived.
that there are no female celebrities
over the age of 40 that have made
the rankings. It should be noted that
(1) Secondages means the number of seconds the celebrity appears on TV for a particular brand
Duff & Phelps 23CONCLUSION
Celebrity Brand Values
NEW ENTRANTS TOP GAINERS
#10 #15 #1 #4 #9
Varun P. V. Virat Akshay Alia
Dhawan Sindhu Kohli Kumar Bhatt
US$32 Mn US$15 Mn 2016 - #2 2016 - #13 2016 - #14
The total brand Virat Kohli has emerged as the new In our 2016 report, we had forecasted
king of the Indian advertising industry, that celebrity product brand
value of the top with his unstoppable attitude coupled endorsements may experience a strong
15 celebrities in with extraordinary performance in tailwind due to the growing trend of
cricket. He has dethroned King Khan to celebrity brand extensions and co-
India is $712 become the most valuable celebrity ownerships. This has become a reality
brand of India with brand value of $144 with the emergence of celebrity backed
million. million, up ~56 percent in 2017. This merchandising brands and companies
increase is primarily driven by his such as Mojostar creating and investing
“While Bollywood celebrities
growing endorsement fees, on-field in a portfolio of celebrity backed labels.
continue to rule the top 15,
performances and rise in popularity
sportspersons are providing With the increasing dominance of
index. Shah Rukh Khan slipped to
tough competition as Kohli, millennials in celebrity endorsements, a
second rank, with a brand value of $106
Dhoni and Sindhu, new generation of personalities and
million, down by ~20 percent as
collectively valued at $180 female sportspersons may emerge as
compared to 2016.
million, account for almost a strong winners in the coming years.
quarter of the total celebrity
Deepika Padukone, valued at $93
brand value” Key Conclusions
million, retained her third rank. Akshay
Kumar performed phenomenally, adding • Millennial endorsers are replacing
seven new product brands to his older faces, and constitute 63
portfolio. This resulted in an increase of percent of the total brand value of
~97 percent in his brand value to reach the top 15 celebrities.
$47 million in 2017, leapfrogging him to
the fourth rank from thirteenth rank in • New entrants to the top 15 celebrities
2016. included Varun Dhawan debuting at
tenth rank, and P.V. Sindhu debuting
Other celebrities such as Alia Bhatt, at fifteenth rank.
Amitabh Bachchan and Varun Dhawan
also made great strides in the • Sports celebrities contributed around
Aviral Jain endorsement space by adding a 25 percent of the total celebrity brand
Director number of new product brands to their value in 2017.
Duff & Phelps India portfolio in 2017. Noticeably, P.V.
Sindhu marked her entry into the Top
15 ranks with brand value of $15 million.
Duff & Phelps 24Limitations of the study The analysis and estimates presented in this report are based on extensive research on secondary sources of information and limited primarily to discussions with industry participants. We have not undertaken any independent verification or carried out any due diligence on the data used or considered, nor have we verified its factual accuracy in the current context. Brand values may differ based on actual information available with agencies engaging with celebrities directly. The conclusions provided in this report shall not be construed as marketing advice and the valuations provided in the report shall not be used for any other purpose other than general research and media consumption. Duff & Phelps and its affiliates expressly disclaim all liability for any loss or damage of whatever kind which may arise from any person acting on any information and opinions or analyses relating to the valuations contained in this report. The valuation of intangible assets is not a precise science and the conclusions arrived at in many cases will of necessity be subjective and dependent on the exercise of individual judgment. There is therefore no indisputable single value and we normally express our opinion on the value as falling within a likely range. However, for the said purpose, we have provided a single value. Under normal circumstances, our assumptions and methodologies are supplemented by discussions with the management and insights provided by them on the most likely course of business over the near term. Our current assumptions for the valuation are based on information derived and analysed from a combination of primary interviews and secondary sources. Accordingly, our assessment and estimates are based on market perceptions and most likely trends of popularity of individual celebrities. Others may place a different value on the various brands. All trademarks, trade names, or logos referenced herein are the property of the respective companies and owners. Editorial Team Editor: Ramanreet Singh Team: Namita Sen, Sarvang Sawalka and Aakriti Gupta Marketing: Brian Shiu Industry inputs: FTC Talent, Media & Entertainment Private Limited Kwan Entertainment & Marketing Solutions Private Limited Contact Us Varun Gupta Aviral Jain Managing Director, Leader - Japan & Southeast Asia Director Varun.Gupta@duffandphelps.com Aviral.Jain@duffandphelps.com 404, Windfall, Sahar Plaza Complex 206 / 207, Worldmark 2 J B Nagar, Andheri East Aerocity Mumbai – 400 059 New Delhi – 110037 T: +91 22 6623 1000 T: +91 11 4935 9801 M: +91 99676 64231 M: +91 99100 21127 Duff & Phelps © 2017 Duff & Phelps All rights reserved
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