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Home , Abhishek Bachchan, Aishwarya Rai Bachchan, Akshay Kumar, Ali Fazal, Allu Arjun, Amitabh Bachchan

NEW IS GOLD

CELEBRITY BRAND VALUATION STUDY 2019

Contents

01 Foreword 05

02 Celebrity Brand Values 06

03 Celebrity Brand Ranking 07

04 Introduction 08 Media and Industry Advertising Industry Segment Highlights Overview of Celebrity Endorsements Current Celebrity Endorsements

05 New Is Gold 21 New Faces New Age Brand Endorsements and New Concepts #starvestors

06 Key Trends in Celebrity Endorsement Space 33 Rise of the OTT Celebrity Consciousness Curve South : A Tectonic Shift

07 Industry Speaks 45

08 Valuation Methodology 48

09 Valuation Conclusion 52

10 The Pseudo Awards 54

Celebrity Brand Valuation Study 2019

Foreword

Dear Reader,

It gives me great pleasure to present the fifth edition of our study on India’s most valuable celebrity brands. The theme of this year’s study is “New is Gold”, which recognizes the ascent of millennial celebrity endorsers to the top of our brand value rankings. We witnessed a shift in focus from established celebrities to new faces across the advertising and media industry over the past year. And not just new faces: 2019 also saw the emergence of new brands and new platforms targeting and growing the Indian millennial ecosystem.

Be it brand endorsements, or startups, millennial and Gen Z stars have performed exceptionally well Varun Gupta in the past year. They seem to be the preferred choice for brand endorsements as companies increase Managing Director and their focus on youth, leveraging their new-age personality attributes. Asia Pacific Leader Valuation Advisory Services For an advertiser, being associated with a celebrity who is consistently performing is a key factor in Duff & Phelps assessing the brand potential. Celebrity brand endorsers add value by appealing to their fan following across India and abroad. It helps the brand in building greater awareness and attracting potential consumers. Several studies also suggest that a celebrity endorser generates in higher brand recall than a non-celebrity endorser.

Our 2018 report, The Bold, the Beautiful and the Brilliant, recognized ’s reign at the top for the second year in a row, ’s meteoric rise and the emergence of power couples.

The trend continued this year, with Virat Kohli, Akshay and Deepika Padukone retaining the top three positions in our rankings, and continuing to be the primary choice of product brands to engage and attract consumers. As jumped a spot higher to No. 2, the buzzing , Ranveer , also jumped a notch higher, sharing the No. 3 spot with his wife, Deepika Padukone. While established celebrities continue to dominate our rankings, notable millennials also made an entry to the list. National award winner , dancing wizard Shroff and Hitman grabbed the No. 10, No. 17 and No. 20 spots, respectively. The overall brand value of the top 20 celebrities in 2019 is estimated at USD 1.1 bn, an increase of 25% from last year.

Meanwhile, it has been an exciting year for Duff & Phelps. A global consortium of investors has agreed to acquire the firm for USD 4.2 bn. This marks a massive vote of confidence in the long-term growth prospects of Duff & Phelps. Our India operations are right at the centre stage of this growth. Among other things, we have launched a technology and innovation center at ’s HITEC City. The center will focus on software development, automation and innovation, with a team of experienced software engineers, technologists and senior leaders.

Earlier this year, we also released the sixth edition of our annual report on brand values in the . The report was very well received by both our readers and the media. would like to take this opportunity to thank all our readers and clients for their continued support.

We hope you find our analysis interesting, and we look forward to your feedback.

Yours sincerely,

Varun Gupta

Duff & Phelps 5 Celebrity Brand Valuation Study 2019

Celebrity Brand Values

1.Virat Kohli Virat Kohli scores a hat trick as India’s most valuable celebrity with a brand value of USD 237.5 mn Photo Courtesy: BCCI

2. Akshay Kumar 3. Deepika Padukone Akshay Kumar takes the second position, with a brand value of USD 104.5 mn and The dynamic power couple, Ranveer and Dabboo Ratnani Dabboo KA Enterprises Deepika, claim the third spot with a brand Photo Courtesy value of USD 93.5 mn each Celebrity Brand Valuation Study 2019

Celebrity Brand Ranking

We present the list of top 20 celebrity brands for 2019 below:

Celebrity 2019 Brand Rank Brand Value (USD Mn) 2018 Brand Rank1

Virat Kohli 1 237.5 1 Akshay Kumar 2 104.5 3 Deepika Padukone 3 93.5 2 Ranveer Singh 3 93.5 4 Shah Rukh 5 66.1 5 6 55.7 6 7 45.8 8 8 42.5 7 Mahendra Singh Dhoni 9 41.2 12 Ayushmann Khurrana 10 40.3 New Hrithik 11 38.9 10 12 35.2 9 13 32.2 19 Ranbir 14 27.0 16 Tendulkar 15 25.1 14 16 24.9 11 17 24.2 New 18 23.9 13 Khan 19 23.7 17 Deepika Padukone Rohit Sharma 20 23.0 New and Ranveer Singh USD 1.1 Bn

1 Previous rank as determined in the fourth edition of this report titled “The Bold, the Beautiful and the Brilliant”, published in January 2019

Duff & Phelps 7 Celebrity Brand Valuation Study 2019

Introduction

If India were a cocktail event, celebrities would be the ones The celebrity is considered based on the identity and who make the most heads turn. So it’s no surprise that personality of the brand and what it aims to depict to its target celebrities continue to play matchmaker between buyers and audience. Before analyzing the celebrity endorsements space sellers. Association of a product brand with a celebrity not only and key trends therein, we begin by discussing an overview generates a higher brand recall but also increases the credibility of the larger Media & Entertainment Industry followed by the of the product. Celebrity brand ambassadors add value to the Advertising Industry. product’s brand image and positioning by influencing consumer purchase decisions, creating awareness, attracting potential customers and increasing the likeability of the associated brand.

“For a star-struck nation as ours, celebrity endorsements increase a product’s attractiveness and aims to build the right perception for it. Market size for digital as a percentage of films increased from 47% in FY16 to 95% in FY19. Given this unprecedented growth rate, digital is expected to soon overtake films to be the third largest segment in the media and entertainment space. Resultantly, celebrity endorsements, have witnessed a greater push towards use of digital advertising as a means of focused communication.”

Vibhor Nayar, CFA Vice President, Valuation Services Duff & Phelps

Duff & Phelps 8 Celebrity Brand Valuation Study 2019

Media & Entertainment Industry

Over the previous decade, India has become a highly attractive According to KPMG’s report, India’s Digital Future: Mass of media and entertainment (M&E) market, driven by favorable Niches, the Indian M&E industry is expected to grow at a demographic and economic factors. In 2019, the M&E industry compound annual growth rate (CAGR) of 13.5% between reached a size of INR 1,631 bn, a growth of 13% over the past FY19 and FY24, with advertising revenues expected to grow at year. While TV continued to be the largest segment in absolute a CAGR of 14.5% during the same period. terms, the digital segment saw the fastest growth rate.

M&E Industry - Market Size (INR Bn)

00

00

00 1 2

00 9 2 00

00 19 0 200 22 1 1

100 19 1 2 1 121 2 2 2 29 2 2 2 2 2 1 11 1 1 2 0 V rint il iital niation ain adio ui V

1 1 1 19 Source: KPMG India’s Digital Future: Mass of Niches Report 2019

Duff & Phelps 9 Celebrity Brand Valuation Study 2019

Advertising Industry

The advertising industry, which is considered the fuel that heavyweight TV at 12.1%, followed by radio at 6.2%. Both print drives the M&E industry, also saw a substantial growth in the and out-of-home (OOH) advertising recorded minuscule growth past year. Digital saw the maximum growth in FY19 of 37.6% of about 5% due to consumers’ increasing preference for data over the prior year. The second spot was retained by the consumption through digital platforms.

Advertising Industry - Market Size (INR Bn)

00

20 21 200 22 221 211 20 20 192 1

10 10 10 10 100 11 0 2 2 29 2 2 2 2 22 0 20 V rint iital adio

1 1 1 1 19 Source: KPMG India’s Digital Future: Mass of Niches Report 2019

Duff & Phelps 10 Celebrity Brand Valuation Study 2019

According to a 2019 report on celebrity endorsements issued The average endorsing ratio by male and female celebrities by TAM Media Research, more than 50% of the ads endorsed for the top 10 sectors was 51:49. The leading sector, Personal by celebrities were dominated by three sectors: Personal Care/ Care/ Personal Hygiene, was dominated by the female Personal Hygiene, Food and Beverages (F&B), and Hair Care, celebrities with a 68% share. F&B sector witnessed nearly an as shown in the following chart. equal ad share between male and female celebrities.

Celebrity Endorsements: Top Sectors (% share)

Pesl esses u Dues usls 2 Pesl e Pesl ee

Pesl elhe

usehl 9 Pus

19 & eees 10

ees 11

e

Source: AdEx India, A Division of TAM Media Research

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Segment Highlights

As discussed earlier, the top three segments in the advertising • TV viewership rose with the launch of multiple new space continued to be television, print and digital. Digital has channels, of which 70% had regional content. registered the highest growth out of the three segments. Print Television • The print industry in India has a significant cost advantage, • Growth in TV ad volume depends on a variety of as newspaper prices are affordable and have possibly the events, such as , elections, higher penetration widest reach. Print is one of the oldest mediums and an of regional channels, launch of new channels and new effective method to target tier 2 and tier 3 cities. distinct programming. • Print revenues grew at a sluggish 4.5% in FY19, reaching • TV revenues grew 9.5% in FY19, reaching INR 714 bn. INR 333 bn. While advertising remained the growth This lower-than-expected growth was due to new tariff driver, lower circulation growth was observed as a order implementation, which disrupted the subscription result of decreasing English circulation and increasing and advertisement revenues in the last quarter. digital adoption.

• TV advertising revenues grew by 12.1% in FY19 to • Print is expected to grow at a CAGR of 4.2% (FY19– reach INR 251 bn. Advertising spends suffered from a FY24) as and regional advertising continue to drive consumption slowdown due to a slowing economy overall. revenues and circulation of these mediums remains stable.

Duff & Phelps 12 Celebrity Brand Valuation Study 2019

• Regional viewership rose and saw maximum growth in forming a key part of media strategies across industry advertisement, followed by Hindi and English. verticals. The growth in regional consumption also led to emergence of new avenues for digital advertising. • Digital has been eating into the print industry and is anticipated to take over in the coming years. This is part • With changing consumption patterns of consumers and of a global trend, with English publications taking the upgrades in technology, digital has the potential to be hit. the second-largest segment by total revenue and the largest by advertising revenue in the Indian M&E industry, Digital particularly with the rise in smartphones and cheap • Digital, which serves as a powerhouse of content, includes mobile data. digital advertising and subscription revenues from over- the-top (OTT) video and audio. • Total internet subscribers rose by 29%, with growth in rural users being about three times the growth in urban • It continues to be the leader in the space, with 43.4% areas for FY19. Also, Hindi surpassed English as the most growth in FY19, taking the overall segment revenues to used language on the internet in India. INR 173 bn. The high growth was due to rapid growth in infrastructure, which led to a spurt in demand for content.

• Digital advertising revenues experienced a solid growth of 37.6% to reach INR 160 bn in FY19, with digital now

Duff & Phelps 13 Celebrity Brand Valuation Study 2019

Overview of Celebrity Endorsements

The first step in building a methodology to assess celebrity One-Time Engagement brand value is to understand how celebrity endorsements The second and less popular form of engagement is a one-time are structured. Based on our analysis, we understand that a appearance by a celebrity for a specified event. This may be in celebrity may be engaged by a corporation or an advertiser in the form of a single photo/video advertisement shoot or even two key engagement models: Fixed Fee and Term Engagement an event attendance. A celebrity may also be cast as “acting Model, or One-Time Engagement Model. talent” for a specified advertisement. Such engagements are charged by the day, with the rates being significantly different Fixed Fee and Term Engagement Model for annual contracts versus one-time endorsements. In the first and the more popular model, a celebrity will be contracted for a specified term (usually one or two years) Other Elements of Engagement for a fixed-fee payment that may be made through an initial Apart from the regular fee, celebrity endorsement contracts signing amount, with the balance to be paid upon completion may also include an “in-kind” payment. The product being of specified activities. These agreements may also involve a endorsed is supplied to the celebrity for free for a specific term. royalty component. These celebrities are referred to as “brand This is particularly prominent in the case of high-end luxury ambassadors”, owing to their long-term association with the brands. Often celebrities who endorse fashion brands are endorsed product. Recently, there have been certain deals spotted wearing them to enhance the appeal of the product. where the intellectual property is partly or fully owned by the The contract may also have additional benefits which may celebrity, and the partner operates under a profit-sharing cover all expenses incurred by the celebrity during the model. Normally, an annual endorsement contract includes production of the advertisement (for example, expenses related the celebrity’s availability for a two- to four- day period (eight to first-class airfare, hotel accommodations and luxury meals). hours a day), during which time the advertiser may schedule an The endorsement deals may also provide for insurance of the event, photo advertisement shoot or video advertisement shoot, celebrity, such as commercial general liability insurance, which depending on the campaign. is issued to cover them against any injuries arising during Brands planning to use a celebrity for multiple campaigns the shoot. Alternatively, the terms may include an umbrella usually book the celebrity for a higher number of days in the liability insurance, which protects the celebrity from certain contract to get a better cost-per-day deal. There is also a floor personal liability situations that may arise because of the “cost of association”, which is annual in nature and factors in endorsement contract. a minimum number of days regardless of actual use of the Product Brand and Celebrity Fit celebrity for the brand. Exclusivity provisions ensure that the With celebrities endorsing and investing in the brands that celebrity does not promote a rival product brand for a certain correlate with their social image, advertising has evolved in period after termination of the contract. However, it is common terms of platform, content and engagement of the celebrity for rival advertisers to buy out these exclusivity provisions. with the brand.

Duff & Phelps 14 Celebrity Brand Valuation Study 2019

One such major example is who prefers to associate with brands where he sees a synergy with his own social beliefs. So, when Gillette’s strong positioning of #ShavingStereotypes resonated with him—catalyzing behavioral change in the society to overcome stereotypical notions of what manhood stands for—he involved himself in the campaign. The positivity around the campaign prompted Gillette and Tendulkar to come up with a second version of #ShavingStereotypes, this time for International Men’s Week.

An open letter by Tendulkar, in which he says it’s OK for men to cry, appeared on the front pages of leading newspapers in India. Combined, the campaigns had over 3 bn impressions across all digital media and eventually went on to win a Silver Lion at Cannes Lions International Festival of Creativity.

“SRT has always been a ‘change-maker’. He has redefined many things. Today he is in the process of creating change by inspiring the country to transform from being a sports-loving nation to a sports-playing nation. In the quest of doing so, he has been partnering with brands which directly or indirectly impact the social fabric of the country positively. He hopes to inspire his large base of followers, 90 mn online and several more millions offline, towards a healthier and fitter India.”

Mrinmoy Chief Executive Officer SRT Sports Management Company

Photo Courtesy: True Blue

Duff & Phelps 15 Celebrity Brand Valuation Study 2019

One noteworthy part of the campaign was the story of two Influence young girls in Banwari Tola, , the daughters of a Social media has undeniably changed the entire landscape paralyzed barber. They dressed up as men to provide grooming of brand endorsements. With influencers like Bhuvan Bam, services. The heartwarming story of dissent to acceptance by Lilly Singh, Prajakta Koli and Sejal Kumar entering the digital the community touched many. Tendulkar, who has never been screen frame, companies have been spoiled for choice for their shaved by anyone else, wanted the girls to give him a shave brand ambassadors. to amplify the messaging around breaking . The Celebrity brand endorsements typically result in a higher campaign received wide coverage and was even called “Shave degree of consumer recall. Thus, choosing a celebrity as the of the Century” by a leading media publication. Gillette created face of a brand requires a lot of strategic due diligence to a digital campaign around the story and was launched using correlate the celebrity’s brand image with that of the product. Sachin Tendulkar’s social media channels that resonated with their clarion call for #ShavingStereotypes. As per recent trends, companies have been targeting a more diverse audience through niche digital platforms like , Recently, hired Salman Khan as its brand ambassador. Snapchat, Tiktok, etc. Such targeted advertisements have In its endeavor to constantly reinvent itself in order to create resulted in creating the right buzz a brand needs vis-à-vis experiences that connect with consumer passions, Pepsi utilizing just the traditional advertising techniques. The silver seems to merge the brand fit of the soft drink with that lining being the much lower cost of digital advertising versus of Khan. The company is also trying to capture millions of traditional TV advertising. potential customers that Salman Khan may bring through his massive fan base. Over the past year, “swag” has been With stricter regulations and greater consumer awareness, the underlying message throughout Pepsi’s campaigns, celebrities are increasingly conscious of the relationship celebrating the innate self-belief of the Indian consumer today. between their personal image with that of the brands and Salman’s recent release was from the “” franchise. social campaigns. The companies too have been treading with As per various articles, in the year 2020 Pepsi will create a caution with their celebrity associations. Brands carry out their 360-degree campaign that will reflect the self-confidence of independent due-diligence and investigate various aspects of today`s youth in a manner that is as effortlessly cool as Salman. social reach, social media engagement and their influence on the digital audience. The key is to match the right celebrity with the right product and create an ad campaign that marries the attributes of the As per Jaagriti Seth, Director, Meltwater, “Social media has celebrity brand and the product brand. evolved the way a brand can interact with consumers and at the same time, it has empowered every consumer with a chance to be heard. Today anybody can wield the power of social media to rise to influence. Equally true is the fact that if a celebrity doesn’t take social media seriously, they stand to lose out on chances to bolster their popularity. In this digital era, building a presence online is not an ancillary activity anymore but a critical part of the communication strategy”.

Duff & Phelps 16 Celebrity Brand Valuation Study 2019

The table below highlights the product brands which have when a brand is referenced, or “mentioned” on the web. Hence, garnered the maximum digital impressions and brand mentions while impressions depict brand awareness, mentions potray the over 2019 for the top 5 celebrities. A ‘Digital Impression’ is the engagement between the celebrity and the brands. Amongst number of times the content is shown in an individual’s social all such endorsements, Puma appears to have created the media feed whereas a ‘Brand Mention’ involves the situation maximum impact on digital media.

Top 5 Celebrities: Product Brands with Maximum Digital Media Impact

10

10 10 B 120 100 0 0 B iital reion n 0 20 B B B 0 0 10 20 0 0 0 0

Brand ention ouand

Virat Kohli Akshay Kumar Deepika Padukone Ranveer Singh Puma (A) GoQii (A) Epigamia (A) Xiaomi (A) D Décor (A) Mobile Premier League (B) Honda (B) Asian Paints (B) (B) ICICI Bank (B)

Source: Meltwater and Duff & Phelps Analysis

“Digital and social media are voice in conversations online. Having a celebrity lead culture-creation hubs – providing these conversations lends extra weight and potency to brands a way to insert themselves the brand voice. In the example of Puma, the seamlessly into consumer collaboration with Virat Kohli is not just a serendipitous conversations, and engage in an partnership but a serious coming together of two intimate yet scalable way that is brands that transcend sports and have strong voices.” not feasible through traditional channels. Vidya Venkateswaran Brands are not just corporations today, they have to be VP and Head of Strategy friends, acquaintances, connections – an influencing DDB Mudra South

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As per Hopper HQ Global Instagram Rich List 2019, Priyanka Chopra is a top rated Indian celebrity commanding USD 271k per post on her Instagram account and is ranked 19th on the list. This clearly indicates that Priyanka Chopra has successfully created a niche for herself, not only in India but also on global platforms. With her brand image of a strong, independent woman, she has been associated with global product brands, positioning her as an aspirational and an inspirational . Besides Priyanka, this year the only other Indian celebrity featuring in the list is Virat Kohli, who charges USD 196k per post on his Instagram account and is ranked 23rd in the list.

Variation in Endorsement Fees Interestingly, we note that the rates charged by celebrities for an annual endorsement engagement significantly differ across product brands signed, even in the same year. This is mainly because certain products are more attractive to a celebrity, and their fees for endorsements will vary by their inclination to be associated with a certain product. Some celebrities may reduce their endorsement fees for a product brand that helps a social cause. Endorsing for a social cause through campaigns initiated by the government or public/private entities increases their credibility and the likelihood of receiving future product brand endorsement offers. Hence, they are willing to work for little to no endorsement fees.

The prestige of the product brand primarily dictates the deal value. There is an inverse relationship between the size/ appeal of the product brand and endorsement fees charged. Endorsing products dealing with personal care, consumer durables and apparel is often attached to the celebrity’s status. Celebrities with a high stature often prefer to endorse a company that matches their own status. Endorsing a product that can be hazardous to one’s health, such as carbonated drinks, alcoholic beverages or cigarettes, may have a negative impact on the celebrity’s image. Celebrities tend to charge a

Photo Courtesy: Rohan Shrestha much higher endorsement fees for such products.

Duff & Phelps 18 Celebrity Brand Valuation Study 2019

Current Celebrity Endorsements

As part of our analysis, we examined the top 60 months ending 2019. Some of the key highlights of celebrities. These celebrities endorsed over 600 product the research are presented below. brands across 20 different industry segments during the 12

Top Segments Using Celebrity Endorsers

Personal Care Food and Beverages E-Commerce Clothing Consumer Durables

Top Advertising Product Brands

Harpic Thums Up BYJU’s Reliance Trends Philips

Lux Flipkart VIP

TRESemmé Priyagold MakeMyTrip Bata Lloyd

Lakmé Bigbasket Amul Macho Orient

Colgate Tropicana Spotify Relaxo Cello

Top Endorsers

Akshay Kumar Ranveer Singh Shah Rukh Khan Alia Bhatt

Deepika Padukone MS Dhoni MS Dhoni

Jacqueline Fernandez Alia Bhatt Alia Bhatt Ranveer Singh Amitabh Bachchan

Ranveer Singh Varun Dhawan

Kareena Kapoor Khan Priyanka Chopra Varun Dhawan Kareena Kapoor Khan

Source: TAM Media Data for the Period November 2018 to October 2019, Duff & Phelps Analysis

Rankings are Based on Secondages—The Number of Seconds the Celebrity Appears on TV for a Product Brand—on National TV Channels

Duff & Phelps 19

Celebrity Brand Valuation Study 2019

Product Brand Endorsements by the Top 20 Celebrities2 The cumulative number of product brand endorsements by top 20 celebrities increased from 235 in 2016 to 370 in 2019, representing a CAGR of 16.3% over the last 4 years.

Cumulative Number of Endorsements by Top 20 Celebrities

00 1 0 1 0 00 1 1 20 22 200 2

10

100

0

0 201 201 201 2019

2 Duff & Phelps’ Analysis Based on Endorsements by Top 20 Celebrities

20

Celebrity Brand Valuation Study 2019

New Is Gold New Faces

Be it brand endorsement or films, millennial stars have performed exceptionally well and won over audiences and critics. The industry has evolved and realized that dance numbers and glamorous locations are no longer the secret success formula for hits. Unlike their predecessors who courted big banners, millennials demand authenticity. They prefer “real over reel” aura, a trend which brands also aim to leverage through millennial and Gen Z celebrities.

The year 2019 saw a surge of millennial stars breaking norms in the M&E industry. Both male , such as Ayushmann Khurrana, and Tiger Shroff, and female actors, like , and Taapsee Pannu, attracted major attention.

Bobbi Brown Cosmetics, a leading global makeup brand, hired Sutaria as its first Indian celebrity brand ambassador.

Reliance Retail and Reliance Trends also signed on national award winner Vicky Kaushal along with the upcoming Janhvi Kapoor as their brand ambassadors having an extensive youth following.

Photo Courtesy:

Photo Courtesy: Avinash Gowarikar Gowarikar

Duff & Phelps 21 Celebrity Brand Valuation Study 2019

New of Bollywood Millennial and Gen Z stars have become a new force to reckon with and are providing stiff competition to older celebrities, Photo Courtesy: House of Pixels both in movies as well as in the endorsements space.

With a hit score of 8/12 over the past eight years, Ayushmann Khurrana (widely referred to as Mr. Return on Investment by his colleagues) attracted a tsunami of endorsements. The actor has successfully established his own brand of cinema, creating movies catering to small towns and playing a role of a mainstream hero who defies conventional heroes of Bollywood, banking on machismo to woo the crowd.

Likewise, Vicky Kaushal’s gripping performance this year in “Uri: The Surgical Strike” and “” kept the “Josh high” among audiences nationally and globally. He also appeared on ’s top 10 most searched celebrities for year 2019 (along with ), leaving behind all the Bollywood A-listers.

Kartik Aaryan and Tiger Shroff were also in the spotlight for their experimental movie choices. Their strong millennial connect landed them multiple endorsement deals. Likewise, Disha Patani and Kriti Sanon, appealed to marketeers with their on- and off-screen grace and presence.

“In Vicky & Janhvi we have two popular talented Bollywood youth icons, who have an extensive following amongst the millennials and the youth of India and Trends is happy to be associated with them. Both of them are expected to grow as mega stars in the near future. We believe it would be a win-win relationship, for both - Trends and the Bollywood stars.”

Vipin Tyagi Business Head and COO, Reliance Trends

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Several millennial and Gen Z stars were able to bag multiple product endorsements in 2019.

Celebrity No. of Movies No. of Endorsements Photo Courtesy: Rahul Jhangiani

Ayushmann Khurrana 2 17

Kartik Aaryan 2 16

Tiger Shroff 2 16

Disha Patani 1 15

Kriti Sanon 3 14

Rajkummar Rao 3 13

Taapsee Pannu 4 11

Vicky Kaushal 1 10

Ananya Panday 2 5

Tara Sutaria 2 5

Ishaan Khattar 0 3

Janhvi Kapoor 0 3

Source: Secondary Research and Duff & Phelps Analysis

“For us, every star is a brand and every brand is a star. This philosophy drives all our partnerships. Strategic differentiation and the creation of a positive perception/aura underlines successful celebrity associations across , TV, digital, endorsements and social causes. The essence is to leverage the star’s personality for a natural and organic fit thus seeing longer, more valuable relationships.”

Matrix Spokesperson

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Transforming Page 3 In the age of social media, Millennial and Gen Z actors have an inherent advantage and are considered to have a relatively higher social media quotient. With brands increasingly addressing the younger generation, Millennial and Gen Z actors have become an obvious choice for brands. And today, with social media analytics platforms, marketeers can better track the success of their social media campaigns.

Today, most of these stars are sharing their hobbies, interests and social causes along with some entertainment content on their personal channels. While Millennials and Gen Z’ers both have strikingly similar views of the world, the Gen Z of Bollywood fraternity connects regularly through various social media platforms like Instagram, YouTube, etc.

For instance, Alia Bhatt is the first public figure to launch her own YouTube channel that boasts of over a million subscribers in less than 6 months, and has garnered over 35 mn views across the channel. The theme is to give glimpses of her lifestyle to her fans. This includes her house interior and décor ideas; her clothing, beauty and styling ideas; and many more things related to her personal life. Keeping up with the trend of ‘social buzz’, Alia also invested in StyleCracker in 2017. StyleCracker is an online personal styling platform, where you get curated clothes as per your budget and preferences.

Following the trend, other celebrities like , Kartik Aaryan and Disha Patani have also launched their own YouTube channels recently which are flourishing and many have ventured into the investment space. Photo Courtesy: House of Pixels

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Instagram and , a means of survival for today’s Millennials and Gen Z’ers rely heavily on social media for younger generations, are embedded in every gadget. Through communicating about their whereabouts and provide fodder to these mediums one can magnify their reach and awareness their followers by putting up engaging content. about products, services, campaigns and even politics.

The below stated table displays social media statistics for the upcoming celebrities:

Upcoming Celebrities - Social Media Followers

Celebrity Facebook Instagram Total followers (Mn)

Kriti Sanon 2.61 26.76 4.99 34.36

Disha Patani 2.59 26.92 3.68 33.19

Tiger Shroff 8.64 17.73 3.70 30.07

Taapsee Pannu 7.06 14.06 3.90 25.02

Ayushmann Khurrana 4.33 8.07 5.00 17.40

Kartik Aaryan 1.46 12.71 0.37 14.54

Janhvi Kapoor NA 6.43 NA 6.43

Ananya Panday 0.14 5.64 0.06 5.84

Vicky Kaushal 0.19 5.05 0.35 5.59

Rajkummar Rao NA 2.64 0.68 3.32

Tara Sutaria NA 2.85 0.02 2.87

Source: Meltwater

With a fresh coterie of millennial and Gen Z celebrities bagging major banner films and endorsements, it’s clearly time to change the “Old is Gold” adage to “New is Gold”.

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New Age Brand Endorsements and New Concepts

New Age Brand Endorsements New Celebrities Indian brands have started collaborating with names like Ananya Panday: This new student in B-Town has captured Ananya Panday, Janhvi Kapoor, and Taapsee the attention of not only Indian audiences but also some well- Pannu for their endorsements. The primary reason for this shift known product brands. With brands like Lakmé, Gillette and can be attributed to the demography of the Indian audience. Cadbury in her kitty, she is likely to excel with good grades.

Traditionally, mature and big brands have always roped in Ayushmann Khurrana: From being a TV host to starring in established actors because of their trustworthiness. However, multiple hits in Bollywood, Khurrana has come a long way. it’s the season of change, and new celebrities are increasingly He is linked to big product brands like Coca-Cola, Daniel getting opportunities to endorse established brands, whereas Wellington, Titan, and Turtle. established celebrities are trying their hands at startup Kartik Aaryan: With his famous monologue in “Pyaar Ka product brands. Punchnama”, Aaryan came under the radar of established brands like Manyavar (one of the few brands with multiple “India is a young country, with a large population celebrity engagements). Now, the “Sonu” is on his way to between the age group of 18 to 30 years. So, making it big after sharing the screen with Amitabh Bachchan brands target celebrities who are also in the in a commercial for Lux Inferno in 2019. same age group to attract as many customers Kriti Sanon: The “ Ki Barfi” and “ 4” star as possible. Also, as these youngsters are new has been associated with well-known product brands like in the business, even the audience wants to see Parachute, UrbanClap, Bata, Cadbury and Whirlpool for quite more of them, be it in movies, ad commercials or some time now. reality shows.” Established Celebrities Prahlad Kakkar Shah Rukh Khan: Although SRK has long been associated Indian Ad Filmmaker with many established brands like Lux and Vanesa, he has Extract from , October 7, 2019 endorsed brands like BigBasket and BYJU’S to promote his image as a tech-driven celebrity.

We looked at some interesting cases of new celebrities for MS Dhoni: Why should Cool be left behind? Dhoni established product brands and established celebrities for new has made smart investments in new age brands such as product brands. Cars24 and .

Duff & Phelps 26 Celebrity Brand Valuation Study 2019

New Concepts 2019 has been the year of “New”. With new faces entering the As mentioned earlier, we also witnessed several celebrities mainstream industry and newer companies gathering attention, connecting with their followers through mediums like YouTube. this has been a year of transition from the old. Actors like Alia Bhatt, Jacqueline Fernandez and Disha Patani launched their own YouTube channels to give fans a sneak peek Further, Indian audiences have recently witnessed a change in into their lives. Social media allows them to connect with their the media platform. Although OTT as a platform has existed for admirers and followers at a more personal and unfiltered level. some time, it started gaining momentum and popularity in 2018 to 2019. Major Bollywood names have associated themselves with the digital platform, and we can expect more to do so. “In real terms, the definition

Mainstream celebrities like , Johar, of a celebrity has changed. , , Shah Rukh Khan and Vicky Today, anyone with a Kaushal have already entered this space. Both celebrities and substantial social media brands have tweaked their digital presence per the mindset of following can be dubbed a today’s youth—who want “it” when and how they want it—and celebrity – at least for to perfection! endorsement purposes. What businesses are Although OTT has made significant contributions as a looking for are influencers and having a 5 mn platform for entertainment (through its web series, movies, strong Twitter following surely makes you one. etc.), social media has emerged as a potential for brand endorsements. We have observed celebrities endorsing Also, digital endorsements are less time brands exclusively on their Instagram or Facebook pages consuming. It costs a celebrity absolutely nothing Although these ads do not appear on traditional TV, they have to tweet about a product or a service. Most of been attracting a large audience. Brands like Boat, Calvin the time mega-popular celebrities ’t even Klein, Daniel Wellington and MAC do not run commercials on have an idea about what they are associated traditional TV, but are actively endorsing on social platforms with or endorsing: their agents and managers and creating buzz around their products through different mostly take care of it. It’s the reality.” media engagements. Further, with endorsements on social media, they have become more targeted, focused and specific Dr. Sandeep Goyal to the viewer. Chief Mentor Indian Institute of Human Brands (IIHB)

Duff & Phelps 27 Celebrity Brand Valuation Study 2019

The social media advertisement as a trend has been observed Interestingly, upcoming celebrities such as Kartik Aaryan across all the celebrities covered in our report. The chart and Disha Patani have a greater proportion of their total below shows some of these trends wherein it appears that endorsements on digital media platforms compared to some of the new celebrities have a much higher percentage of established celebrities such as Deepika Padukone and Akshay endorsements on digital media as a medium. Kumar.

Established vs. Upcoming Celebrities: Endorsements on Digital Media Only

ESTABLISHED CELEBRITIES UPCOMING CELEBRITIES 0 0

9 0

0 0 0 29

2 2 0

20 0 0

1 1 1 1 1 1 1 0 1 1 2 1 12 10 20 11 11 20 1 9

10 0 0 Virat Akshay Deepika Ranveer Shah Rukh Ayushmann Tiger Kartik Disha Kriti Kohli Kumar Padukone Singh Khan Khurrana Shroff Aaryan Patani Sanon

otal Brand ndorent ndoreent on iital edia only o ndoreent on iital erall

Source: Duff & Phelps Analysis and TAM Media Research

Duff & Phelps 28 Celebrity Brand Valuation Study 2019

Another major brand which grabbed eyeballs was MyGlamm with its breakthrough campaign “#TestedOnSid”. was the nation’s first male brand ambassador for a female- centeric cosmetics line by MyGlamm. Being the face of the brand, he has carved a niche for the upcoming metrosexual men redefining the typical macho man image.

“Casting in a makeup campaign for MyGlamm gave us the opportunity to break a lot of stereotypes. As an actor and celebrity, his appeal transcends gender identities and generations. The strategy behind our campaign was to drive home the messaging that all our makeup is cruelty-free, thereby epitomising Sidharth as a strong supporter of PETA and a professed lover of animals.”

Malaika Mahtaney Chief Marketing Officer MyGlamm

Lastly, with social media hashtags and challenges driving the trends this year, we have seen brands and movies come a long way in their promotional campaigns. Ahead of a movie’s release, actors launch some engaging challenges related to their movie; some recent trending ones included #BalaChallenge and #DheemeDheemeChallenge. This fascinates Indian audiences and helps create a buzz that continues until the release date. Even brands have started using catchy hashtags for their endorsements, such as Lay’s #SmileDekeDekho and Coca- Cola’s #ShareACoke.

Indian media has come a long way, and with the shifts we saw this year, it will be exciting to observe the potential of these trends in the future! Photo Courtesy: Kunal Gupta

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#starvestors3

With more and more stars turning into investors—or, as we We analyzed recent celebrity investments and noticed a trend like to call them, #starvestors—“celebrity investment” (not toward investments in companies with unusual ideas, fresh just celebrity endorsement) is the new buzzword. In the past, perspectives and progressive thought processes. Technology, celebrities have looked at mature businesses for investments e-commerce and healthcare product segments remain that could outrun their careers. Today, celebrities are favorites. The table below lists a few of these investments: increasingly investing in new companies and startups.

Investment Date Startup Investment Celebrity Description

December 2019 Eduisfun Amitabh Bachchan Platform for an enhanced gamified learning experience

December 2019 FoodCloud Food startup

October 2019 The Man Company Ayushmann Khurrana Maker of male grooming products

September 2019 Blu Smart Deepika Padukone Electric vehicle mobility

August 2019 Cars24 Mahendra Singh Dhoni Tech-based platform for buying and selling used

July 2019 Ambee Environmental intelligence for the world

June 2019 Bellatrix Aerospace Deepika Padukone Aerospace manufacturer and small launcher

June 2019 GOQii Akshay Kumar Maker of wearables and preventive healthcare devices

May 2019 Drum Foods International Deepika Padukone Maker of Greek yogurt brand “Epigamia”

May 2019 SARVA Yoga-focused health and fitness community

May 2019 Squats Fitness Pvt. Ltd. Online fitness transformation community

March 2019 Bastian Hospitality Hospitality chain

March 2019 IncInk Ranveer Singh Music record label

Source: Secondary Research and Duff & Phelps Analysis

3 Coined by the Editorial Team of Duff & Phelps’ Celebrity Brand Valuation Study, #Starvestors is an amalgamation of “star” and “investor” that describes the advent of increasing investments by celebrities in India.

Duff & Phelps 30 Celebrity Brand Valuation Study 2019

Where startup companies in India face a challenge on raising funds through conventional channels, a venture capital infusion from a celebrity brings in more than just dry powder—it also comes with glam and shine. The celebrity ideally also becomes the face of the product or service of the investee company. Celebrities today get involved in discussions at the CMO level to see if the vision of the company aligns with their personalities.

Further celebrities are taking investment exposures across sectors from to healthcare to grooming segments

Karan Johar created a buzz when he launched Tyaani, the first ever online Polki jewelry store. , who is known for his eclectic, haute couture fashion decided to breakaway and invest in fine jewelry company for the contemporary woman.

“The definition of a gentleman has thankfully evolved today, and I believe men should be comfortable to embrace their vulnerability and their weaknesses. It doesn’t make them less of a man. I immediately connected with the philosophy of The Man Company and consider the company as a progressive and extremely inclusive brand whose products I love using. The company has impeccable business insights, and I will be deeply invested in ensuring that the company grows from strength to strength in the years to come.”

Ayushmann Khurrana on his investment in The Man Company Photo Courtesy: House of Pixels

Duff & Phelps 31 Celebrity Brand Valuation Study 2019

Deepika Padukone: From star to #starvestor In an interview with Duff & Phelps, Nitin shares the vision of Deepika Padukone’s brand as the “commercialization of innovation”. This strategy resonates with her recent investments in startup companies such as Bellatrix Aerospace and Blu Smart. Founded in 2015, Bellatrix Aerospace works on developing orbital launch vehicles and electric propulsion systems using water and similar alternatives as fuel for . Blu Smart is an electric vehicle mobility startup that raised an angel round of USD 3 mn from KA Enterprises, among others. As these investee companies come to size, they could benefit from a unique strategic relationship with Deepika Padukone, contributing to their accelerated commercialization.

“We strive for innovation and impact in everything we do! With the industry evolving at a rapid pace, we are bringing our A game out and aim to provide our viewers with some thought-provoking yet entertaining content both on cinema as well as endorsements. We are always looking to do things differently, seriously and proactively. With Deepika’s increasing popularity, she is getting numerous offers for brand endorsements. However, keeping our larger strategy in mind, we are cognizant of our choices and [their] impact on the larger public, and thus [are] restricting it to only those we truly believe in.”

Nitin Kanchan CEO, KA Enterprises Photo Courtesy: KA Enterprises

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Key Trends in the Celebrity Endorsement Space Rise of the OTT

Gone are the days when entertainment was confined to grand Big media players like Networks, , Eros Bollywood movies and ‘all-star’ casts. With the advent of International and many others followed the trend and launched technology and reasonably priced net tariff charges, 2019 saw their OTT platforms, including Sony Liv in 2013, in the rise of digital platforms. OTT media services offer direct 2015 and in 2015. streaming services to their viewers and have reached new Global OTT platforms like (2015) and Amazon Prime heights in India. After all, they address the mindset of youth (2016) entered the Indian market around the same time as well. —“I want it when I want it and how I want it”—to perfection! With ease of access to content and convenience, it was only a Evolution of OTT matter of time before Indian viewers decided to migrate from The first OTT player in the Indian market was BIGFlix, launched connected TV to OTT. by in 2008. Although it began as a physical distribution center, the company shifted its operations to pure subscription-based video on demand (SVOD) in 2011.

Duff & Phelps 33 Celebrity Brand Valuation Study 2019

Different Strokes for Different Folks OTT platforms use different business models, which vary in • Ease of access and exclusivity to content: With cost but are still significantly lower than TV charges. movies and TV shows releasing on OTT platforms as well, Indian viewers are cutting the cord and shifting to internet • Subscription Video on Demand (SVOD): Netflix and streaming services. Further, with Amazon Prime, Hotstar, Amazon Prime operate under this business model, in Netflix and other providers launching exclusive content which users pay a monthly subscription fee in exchange for for their subscribers, OTT platforms are rapidly gaining unlimited access to the streaming platform’s content. popularity among Indian audiences.

• Advertising Video on Demand (AVOD): YouTube • Recent policy changes: With the Telecom Regulatory operates under this model, in which users can access Authority of India proposing a new tariff order, the the platform’s content in exchange for watching subscription charges for TV may increase, which is another advertisements. catalyst for Indian audiences to shift to OTT platforms.

• Transactional Video on Demand (TVOD): Hotstar • Relative affordability: Netflix has recently launched its works under this model, in which users pay for certain mobile-friendly subscription charges of INR 199 per month, exclusive content, while other content can be accessed as whereas a movie ticket costs anywhere between INR 250 per AVOD. to INR 500 per person. Consequently, with web streaming

That said, most of the OTT content providers work on hybrid apps bringing more regional content under their umbrella, models, which allows their customers to customize as per OTT is attracting a wider demographic segment in India. their needs.

The “Small Screen” Is Not So Small After All “OTT has changed my life because suddenly my Per KPMG’s report India’s Digital Future, the digital segment audience is everywhere. It empowers me to be has shown a CAGR of 38.5% from FY15 to FY19, whereas more complex, denser and [to not have] to explain the TV segment registered a CAGR of 9.9%. Additionally, the so much. I don’t have to alter my way of looking digital segment is projected to grow at a CAGR of 29.1% from FY19 to FY24, whereas the TV segment is expected to grow at at the world.” a CAGR of only 11.2% in the same period. The higher growth in Anurag Kashyap the OTT market can be attributed to the following factors: Co-director of Netflix’s first Indian original web • India’s digital demography: According to BBC News, show “” India has more than 630 mn internet subscribers and is In an interview to on YouTube home to the world’s second largest internet user base, largely owing to the country’s cheap mobile data prices. Further, with the increase in population of younger audiences, traditional TV viewing has declined further.

Duff & Phelps 34 Celebrity Brand Valuation Study 2019

OTT - The Pie Getting Bigger As any industry moves from monopoly to duopoly to oligopoly, While some OTT providers are bringing in popular shows like it becomes mandatory to differentiate yourself from the “Friends” and “How I Met Your Mother” to attract multiple age competition. Although technology, financial strength and groups, others are differentiating with new original content management play their part, the idiom “content is king” is here created specifically for the OTT platform. to stay!

OTT: Market Share by Installation (March 2019)

23.80%

46.60%

17.70%

5.40% 21.50% 8.80%

• Hotstar • Jio TV • MX Player • Amazon Prime Netflix • Others Source: Data from KalaGato

Duff & Phelps 35 Celebrity Brand Valuation Study 2019

The Relaunch of Bollywood Stars in OTT While mega stars are partnering with OTT platforms, a string of Anurag Kashyap, Karan Johar and , are creating Bollywood actors have taken the OTT route. Actors like Bhumi content frequently, exclusively for GenOTT. Pednekar, , Nawazuddin Siddiqui, Saif Ali Khan As one can see in the table below, it’s not just current and Vicky Kaushal have given some noteworthy performances mainstream actors—many senior actors, like , on the digital platform. Saif Ali Khan and Oberoi have also gone the OTT route The growing popularity of the digital platform can be gauged for a new feather in their and their second innings. from the fact that not only actors, but also notable directors like

Popular Web Series Notable Cast Anticipated Web Series Notable Cast

“Breathe” Season 2 “Bard of Blood” (Netflix) Emraan Hashmi (Amazon Prime)

“Hostages” (Hotstar) , “Ghost Stories” (Netflix) Janhvi Kapoor

“Inside Edge” Season 2 “Mirzapur” Season 2 , Richa Chaddha (Amazon Prime) (Amazon Prime) Saif Ali Khan, Nawazuddin “Sacred Games” (Netflix) “Mrs. Serial Killer” (Netflix) Jacqueline Fernandez Siddiqui “The Family Man” “The Family Man” Season 2 Manoj Bajpayee Manoj Bajpai (Amazon Prime) (Amazon Prime)

Source: Secondary Research and Duff & Phelps Analysis

Duff & Phelps 36 Celebrity Brand Valuation Study 2019

The most noteworthy example of the rise of an OTT star would “Oh! TT” - Is it the Way Forward? be . We all remember when Netflix tweeted, TV as a platform continues to survive. For instance, the best “Whatever the role, Radhika apt hai”, establishing Radhika Apte regional content is still on TV, attracting a larger segment of as an actor who knows the success mantra, “OTT as the new regional viewers. Further, TV is still getting the majority share Blockbuster”. Thanks to her increasing popularity, Radhika of advertisement spends, since brands still rely on mature Apte has bagged endorsements of brands like Clinique and advertisement mediums like TV to build their image. Further, rural Daniel Wellington. India is still predominately a TV market, and hence will continue to rely on the platform for the foreseeable future. And it’s not just Bollywood—brands have also tweaked their marketing strategies based on recent trends. Brands have So is OTT the future of entertainment? While OTT will started doing paid collaborations with OTT stars for better unquestionably continue to grow as a platform, it will be engagement of their product in the Indian market. OTT content interesting to see OTT capturing the share of TV’s pie and creators have been trying to leverage their following by other segments of the media industry. How they embrace the engaging in more targeted advertisements for their audience to challenge is something we’ll “subscribe” to! increase a specific product’s visibility and likeability.

“I find the experience of watching a movie on a “All the magic of three to four years gone in one 13-inch screen more intimate than going to the to two weeks makes you feel low! … OTT has theatre and watching with popcorn distractions” given me a shelf.”

Shakun Batra Director of the movie, “Kapoor & Sons” Director of movies like “” and “” In an interview to Anupama Chopra on YouTube In an interview to Anupama Chopra on YouTube

Famous YouTuber Bhuvan Bam has been associated with brands like Arctic Fox, Beardo, Lenskart, Mivi, Pizza Hut, Tasty Treats and Tissot, mostly on a short-term contractual basis. Similarly, Prajakta Koli, known through her YouTube channel, “MostlySane”, has received brand endorsements from , Pulse Candy and Xiaomi India. OTT actors like Barkha Singh, Dhruv Sehgal, and Sumeet Vyas have also become major icons among today’s youth and may be increasingly considered by niche brands focusing on a specific target segment.

Duff & Phelps 37

Celebrity Brand Valuation Study 2019

Celebrity Consciousness Curve

Consumers today are increasingly realizing the importance Food). Although Makeup and Beauty still occupies a larger of “health and wellness”. The phrase is in reference to a more share, endorsements in Health and Wellness are on a steady holistic state of being in which one’s mental, physical and rise. Secondages for Health and Wellness endorsements emotional health are in sync. In an era of Instagram stories and increased by 50.0% from 3.30 mn to 4.95 mn in 2018, as Facebook posts, the new luxuries of looking great, feeling good compared to a 27.9% increase in secondages of Makeup and and sleeping well are what consumers are seeking. Celebrities Beauty from 5.24 mn to 6.71 mn. want to be perceived as embodiments of these values and to be the face of the top health and wellness brands in the country. In addition, products related to the Health and Wellness experienced a significant increase of 87.5% from eight We analyzed celebrity endorsements and investments over endorsements in 2018 to 15 in 2019 as compared to a 23.5% the past three years for the top 20 celebrities across two increase in the Makeup and Beauty from 17 endorsements in segments: Makeup and Beauty, and Health and Wellness 2018 to 21 in 2019. (including Athleisure, Sports/Gym/Yoga Centers, and Organic Products Endorsed (Category-wise)

2 21 19 1 20 1 1 10

uber o

rodut ndored 0 201 201 2019

aeu Beauty ealt ellne

Source: TAM Media Research and Duff & Phelps Analysis

Endorsement Secondages

2019

201 ear 201

2 9 uber n n ealt ellne aeu Beauty Source: TAM Media Research and Duff & Phelps Analysis

Duff & Phelps 38

Celebrity Brand Valuation Study 2019

According to a survey by Euromonitor, consumers are Percentages below indicate respondents whose buying increasingly looking for natural or organic products when it decisions were influenced by the following health and wellness comes to hair care, skin care and cosmetics. attributes:

Attribute Hair Care Skin Care Cosmetic Average

Natural ingredients 68% 71% 66% 68%

Organic ingredients 55% 57% 52% 55%

Botanical ingredients 38% 37% 33% 36%

“Free from” label claims 35% 35% 31% 34%

Not tested on animals 28% 29% 27% 28%

Fragrance free 25% 25% 25% 25%

Gluten free 23% 23% 25% 24%

Religious compliance 15% 15% 17% 16%

Source: Euromonitor

Duff & Phelps 39 Celebrity Brand Valuation Study 2019

We observed that an increasing consumer consciousness has The unique selling proposition of this segment is that it appeals led to an upward-sloping curve of celebrity consciousness in to the greater self. It is not only an endorsement of a product or their choice of endorsements. Also, celebrities with specific service, it’s an endorsement of a better and healthier lifestyle. attributes of fitness (represented by a well-built body, healthy And who doesn’t want that? diet, workout routines and so on) are being preferred over The table below looks at some “fit” celebs, along with their others. These celebrities are typically associated with fitness- Health & Wellness endorsements, investments and attributes: related events, such as posting videos on healthy food recipes or workout routines.

Celebrity Endorsement Investments Celebrity Attribute

Akshay Kumar Revital GOQii • Fitness routine

• Fit (chiseled body) Hrithik Roshan Mi Band HRX edition HRX • Fashionable

Malaika Arora USA Pears Diva Yoga • Promotes mindfulness

• Fit (chiseled body) Ranveer Singh BigMuscles Protein Powder NA • Unique style

Cult Fitness • Fit (chiseled body) Tiger Shroff ASICS India PROWL • Dance fitness

One8 Virat Kohli Boost • Workout routine Puma

Source: Secondary Research and Duff & Phelps Analysis

Duff & Phelps 40 Celebrity Brand Valuation Study 2019

Further, it is not only physical and mental health that have message or narrating an untold story. The table below lists a received attention; celebrities are also trying to touch a deeper few such movies: cord with their fans by signing up for movies with a social

Movie Celebrity Social Message Release Date

“” Deepika Padukone Inspirational story of an survivor 2020

Mars Orbiter Mission by the Indian Space Research “” Akshay Kumar 2019 Organisation

“Dream Girl” Ayushmann Khurrana Challenging the stereotypical image of a “man” 2019

“Article 15” Ayushmann Khurrana Caste discrimination 2018

Awareness around menstruation and the importance “Pad Man” Akshay Kumar 2018 of affordable sanitary napkins

“” Ayushmann Khurrana Geriatric pregnancy 2018

“Toilet: Ek Katha” Akshay Kumar Importance of sanitation 2017

“” Ayushmann Khurrana Erectile dysfunction 2017

Source: Secondary Research and Duff & Phelps Analysis

It is rightly said that with great power comes great responsibility. With the power that celebrities hold to influence “Movies are a type of communication that is Indian consumers today, they are making endorsement and consumed by the majority of people not only in investment decisions responsibly, consciously and with a long- India but also internationally. It is a way of not term vision. It appears that celebrities are focused not only on only reaching out to the masses but also at times monetary gain, but also on choosing more responsible and educating them. I feel there is no point of being sustainable endorsements. an influencer if you can’t make the best use of Celebrities are being conscious and actively involving your platform to improve the country. This is my themselves in social campaigns. For example, Alia Bhatt’s way of giving back.” initiative, Coexist, focuses on the issues of animal and ecological welfare. With Coexist, she has taken initiatives Akshay Kumar on water conservation, sustainable fashion and sustainable In a statement to Indo-Asian News Service solutions to electrify remote villages to educate and engage communities where man and nature can live in harmony.

Duff & Phelps 41 Celebrity Brand Valuation Study 2019

South India: A Tectonic Shift

Not too long ago, nationwide success of the “” Several Bollywood movies have adapted storylines from franchise made Bollywood take notice of its underdog cousin regional cinema. In the last 10 years, Bollywood has re-created from the south. Today, the South Indian film industry is on 38 South Indian films, 18 of which have been successful.5 The the cusp of a strong phase of growth, backed by an increase trend has now extended to the star cast, as actors transcend in consumer demand for freshness of content. Even brand their original dialects to work in other regions. For instance, strategists no longer prefer to use auto-translated audio to air , , and the same advertisement across multiple regions. With growing have made their mark in Bollywood. Likewise, and awareness of the unique attributes of each consumer segment, Akshay Kumar collaborated for “2.0”, which was released in today “regional” is the new “national”! multiple languages, and Aamir Khan is in talks to team up with Sethupathi for another movie remake. Gone with the South The second biggest film industry after Bollywood is Kollywood, The country’s largest multiplex chain, PVR Cinemas, seems to which is based in . Kollywood is followed by be backing South Indian cinema as indicated by its recent Tollywood, in Hyderabad.4 INR 633 crore deal with -based SPI Cinemas. This probably makes sense, because has the highest Movies from these industries cater only to regional audiences, per capita movie consumption in India.6 but their storylines have managed to capture global interest as well. There has been a drift in these industries from the Following is a list of select regions from South India that have conventional action-packed thrillers to real life-based stories. notable film industries, along with regional celebrities.

Region Industry Regional Celebrities

Kannada Sandalwood Puneeth , ,

Malayalam Mollywood Dulquer Salman, , , , Parvathy Thiruvothu

Tamil Kollywood , , Haasan,

Allu Arjun, Junior NTR, , , Rana Daggubati, , Tamannah Telugu Tollywood Bhatia,

Source: Secondary Research and Duff & Phelps Analysis

4 Media Story in News18 on ‘The Streams of South India Cinema’ 5 Media Story in Masala Magazine on ‘South India Remakes Rule Bollywood With 18 Hits Over the Last 10 Years’ 6 Media Story in Quartz on ‘PVR Wants a Piece of the 42 Billion South Indian Film Market’

Duff & Phelps 42 Celebrity Brand Valuation Study 2019

Emerging OTT for the South Most OTT players have significant regional-specific content, In addition, Reliance Jio’s movie application, JioCinema, is in with an aim to cater to a nation-wide audience. The eight well talks with Sun NXT, an online video-streaming platform from known OTT players have regional content in Tamil, Telugu, Sun Television Network, for getting access to provide viewers and . with over 4,000 movies across regional languages such as Tamil, Telugu, Kannada and Malayalam.

Zee 5 Sony Liv Hotstar Alt Balaji Amazon Prime Eros Now Netflix

Tamil Y Y Y Y Y Y Y Y

Telegu Y Y Y Y Y Y Y Y

Malayalam Y Y Y N Y Y Y Y

Kannada Y N Y Y N Y Y Y

Source: KPMG’s India’s Digital Future: Mass of Niches report, 2019

Duff & Phelps 43 Celebrity Brand Valuation Study 2019

Communicating in New Languages Investments by the South By roping in regional stars, brands expect a shorter payback Like Bollywood celebrities, South Indian celebrities have also period and a higher return on investment. Realizing the transformed into #starvestors, buying stakes in business potential in this space, agencies such as Kwan have set up a ventures. For instance, Mahesh Babu and Samantha Akkineni separate wing focusing exclusively on regional endorsements. are launching their own private brands on fashion e-commerce portal Spoyl, which is backed by Sequoia Capital and TLabs. Some brands have also started roping in actors from the south Rana Daggubati signed a deal with Anthill Studios to mentor for their national endorsement campaigns, due to their strong budding business ideas in the tech field for the M&E sector. regional fan following as indicated below: As celebrities from South India continue to increase their share South Indian Celebrity Brands in the overall M&E industry, it will be interesting to see brands as National Face communicating in new languages with their unique and diverse Acnestar, Crizal Lenses target audience. Amstrad India Dulquer Salman

Ayush Lever, Jolly Ranchers Tamannaah Bhatia Domex Toilet Cleaner, “Tollywood is the largest cinema Rana Daggubati Glaceau Smartwater in the regional film market. The Himalaya Kajal Aggarwal drivers for its success are strong Source: Secondary Research and Duff & Phelps Analysis partnerships between South Marketers look to engage and retain consumers with Indian producers and corporates hyperlocal marketing, a niche marketing approach that like , Dharma caters to all regions individually. For instance, Kalyan Productions, . What has also Jewellers recently made news by looping in several helped is the revamping of storylines and celebrities to deepen its brand image nationally: complementary value added services like Endorsers for Film Industry subtitling, , closed captioning, film curation (2019) allied services to make the whole transition from Amitabh Bachchan Bollywood one industry to other more faster, cheaper Bollywood and seamless.” Katrina Kaif Bollywood MNVVK Chaitanya Ganesan Kollywood (Tamil) Associate Professor-Master of Media Business Akkineni Tollywood (Telugu) Administration, Annapurna College of Film and Shiva Rajkumar Sandalwood (Kannada) Media, Hyderabad Manju Warrier Mollywood (Malayalam)

Source: Secondary Research and Duff & Phelps Analysis

Duff & Phelps 44 Celebrity Brand Valuation Study 2019

Industry Speaks

Harish Bijoor Brand Guru & Founder, Harish Bijoor Consults Inc.

#1 What are the major attributes/factors that brands more focused and targeted advertisement of the consider when they associate with a celebrity? product. However, if censorship comes into play, it is A celebrity primarily introduces the product or service bound to have an impact on the brand associations to his/her mass followers across the country. Typically, with the OTT stars. I feel as OTT continues to attract brands loop in celebrities who seem a good fit between more eyeballs, censorship will also grow accordingly. the image of the brand with that of the celebrity. No brand would want to associate with a celebrity whose #3 Some brands have been taking the dual approach social image might mitigate against the underlying idea of regional and national marketing campaigns in of the brand. For instance, when Pepsi (a young brand) recent times. What are your thoughts on this associates with Salman Khan (who is currently 54) for approach and its effectiveness? their endorsement, it comes across as Pepsi believing Gone are the days when one star would capture the the attributes of the drink match perfectly with the imagination of the entire nation. Today, no single persona of Khan. Thus, celebrity picks are a very celebrity can resonate across different regions, due to umbilical way of looking at the connect between the the growing awareness and relevance of the language image of the brand and the celebrity. divide. Each region has their own celebrity who they recall and resonate with more, as compared to a #2 Please share your views on the rise of OTT celebrity from the biggest film industry, Bollywood. celebrities and their usage in digital ad Hence, brands are now focusing on a dual approach campaigns. Also, how do you see the role of wherein they engage with a universal face as the censorship evolve in the OTT space? umbrella brand endorser for the national campaigns OTT as a platform is more niche and unfiltered than and a regional face for more focused regional the traditional media. This primarily stems from little to campaigns. With the growth of other film industries like no censorship on its content yet. With more diverse Kollywood (Tamil) and Tollywood (Telugu), one can and exclusive OTT content, OTT actors have expect secularism to make a comeback to the gradually become noteworthy stars. This has led to advertising industry. their association with several brands looking for a

Duff & Phelps 45 Celebrity Brand Valuation Study 2019

#4 Please share your thoughts on advertising 10 #6 Recently, power couples have won certain good years ago vs. now vs. 10 years from now, endorsements. While couple endorsements are considering the pace at which the endorsement not new, what in your view is driving this uptick in space is evolving. couple endorsements? In the past, advertisements were quite unstructured in I feel the era of power couples is over. While a newly terms of their portrayal and celebrity associations. married/committed couple may initially enjoy a higher Today, things are much more organized and well brand recall and likeability, it eventually depletes over structured. Brands are much more invested in the time. More importantly, with the Indian social norms still portrayal of their image through advertising. Going playing a huge influence on the psychology of the forward, 10 years from now, I believe celebrities may typical Indian consumer, the couple individually tends to become more cautious of endorsing brands subscribing lose their fan following with time as the desirability to an unhealthy lifestyle, and accordingly such brands quotient fades away. This decline is even steeper for may return to having brand mascots instead of having a the female celebrities getting married or pregnant, as celebrity endorser. The era of Fido Dido, Maharaja and they are perceived to lose attributes such as glamour the Butter Girl may ascend again. and desirability during such times. With time, it is usually observed that the brand value of the couple #5 Brands are now roping in a lot of millennial stars gets dragged through the brand image of one of the to target the Gen Z audience. What is your take partners. In Hollywood, the opposite happens, and the on that? value deepens and strengthens over time. Yes! However, roping in of the millennial stars is not only because of the current demography of the Indian #7 Do you see any new trends emerging in the audience. These actors not only come at a lower cost advertising space involving celebrities or as compared to established celebrities, they also bring otherwise? in their followers from the Gen Z segment. Essentially, In the older days, brands would rope in celebrities, millennial stars at times generate a much higher ROI window-dressed their image and used the top-down than the established stars, providing a better “bang for approach wherein the celebrity dictated about the the buck”! product. With time, we’ve transitioned to a mutual dialogue wherein both the celebrity and consumer are at an equal footing. In the future, we’re hoping to attain a level where the celebrity is celebrating the consumer rather than consumer celebrating the celebrity, which would be the bottom-up level.

Duff & Phelps 46 Celebrity Brand Valuation Study 2019

Rohit Ohri Group Chairman & CEO, FCB India

#1 How do brands choose a celebrity which target all #4 Social campaigns like project Streedhan, sections of the society? Shindoor Khela etc. did exceptionally well and There are very few celebrities that appeal to all received tremendous response without a sections of society. We are seeing a rise of appeal of celebrity backing. Do you think the Indian local and regional celebrities. Brands usually look at audience is more content driven rather than celebrities who work across their main markets. celebrity driven? Amitabh Bachchan and Sachin Tendulkar are the few Today the Indian audience has evolved its taste and celebrities with national appeal. preference. Be it movies or advertisements, the focus is shifting towards content and less towards the face #2 Do you see any new trends emerging in the associated with it. With campaigns like Streedhan, advertising space involving celebrities or which raised awareness among Indian women about otherwise? iron deficiency and Khela, which talked about How brands use celebrities going forward will change inclusive celebration of the festival - the message was dramatically. Consumers will not connect with the still powerful with no celebrity association. So, in my marketed image of celebrities. There needs to be a opinion, today good content trumps all. more authentic and genuine brand-celebrity connection. Consumers want to be spoken to as discerning #5 Do brands find it difficult to loop in celebrities individuals and not starry-eyed mindless fans. once their brand image is tarnished? For instance, news relating Maggi. #3 What is your take on celebrity product fit? For It certainly is difficult. With stricter advertising instance, Kalyan Jewelers by Amitabh Bachchan regulations, celebrities today are more conscious while and Pepsi Salman Khan. signing an endorsement deal. So, if the brand image is It is very important for brands to associate with a tarnished, most celebrities would shy away from such celebrity whose personal image and personality traits an association. For example, Priyanka Chopra ended correlate with the brand. Thus, when a brand like her contract with Nirav Modi’s company when Horlicks chooses to bring Tapsee Pannu onboard for allegations of the infamous fraud sprang up. However, Horlicks Women, it was basically targeting to bring out with Maggi on the other hand, since it was still a cult the correlation with the product’s message of providing favorite even after their scandal, they were able to strength to that of Pannu’s image of a strong, revive their image and bring Rajkummar Rao and independent woman. as their brand endorsers.

Duff & Phelps 47 Celebrity Brand Valuation Study 2019

Valuation Methodology

r Ara Anna Aa Brand Ana Endrn Rn Brand

eterine relatie erae endoreent e aliable brand ultile brand ranin on te ee ultilied by rereent te aitaliation bai o ariou te nuber o rate adu or reent araeter endoreent deal ue and oularity

In assessing celebrity brand value, we faced several challenges from films and production houses that they run. We contend that one would not normally encounter when valuing a that while these aspects do impact their earning capacity, corporate brand using conventional and generally accepted they have no direct bearing on the celebrity’s income from valuation methodologies. Most importantly, a celebrity brand is endorsements alone. Our assessment represents the brand not an indefinite-lived asset. value of a celebrity based purely on their earnings potential from product brand endorsements. In addition, a celebrity brand cannot be monetized through a licensing arrangement. While it may be argued that celebrities In order to adequately capture the definite life of a celebrity can earn royalties from products that they have associated brand, we considered several conventional methodologies. their names and likenesses with, such arrangements are limited However, we did not think it was appropriate to simulate to a few participating celebrities. increases/decreases in forward earnings in our methodology, since the popularity of a particular celebrity is limited to the In India, similar arrangements are gaining popularity, as present and the recent past. Bad brand management (e.g., a explained in the section on celebrity-backed merchandising year of flops or bad performances) by the celebrity can quickly brands. However, we have not considered merchandising result in a lower demand for their services as a brand endorser. earnings in the current analysis, as the earnings from a product brand’s endorsements would still represent the largest Our assessment is based on the relative brand rankings of contributor to a celebrity’s brand. celebrities, average endorsement fee rates, number of annual endorsements and applicable brand multiples. Further, it is important to note that as part of our analysis, we have not taken into consideration the amount celebrities earn

Duff & Phelps 48 Celebrity Brand Valuation Study 2019

Celebrity Brand Analysis There are several sources and agencies that use proprietary industry, we found that several of these rankings ignore a tools and methodologies to rank celebrities. For our celebrity’s social media involvement. Social media may not be assessment, we have used a combination of rankings the most important aspect when selecting a celebrity, but it available in the public domain. However, over the course of our plays a huge role in building credibility and in developing a fully discussions with experts from the celebrity endorsement engaged fan base. Some celebrities have achieved reasonable success with carefully planned social media programs.

Top 5 Celebrities’ Social Media Following across Facebook, Twitter and Instagram over Last 3 Years (In Mn)

CAGR 2 CAGR 1200 CAGR CAGR 2 1000 220 112

00 1009 909 900

1 CAGR

9 11

00 9 2

00 11 2 1 o o olloer n o o olloer

200 2

Virat oli ay uar eeia aduone aneer Sin Sa u an 201 201 2019 *CAGR: Compounded Annual Growth Rate Source: Duff & Phelps Analysis

Duff & Phelps 49 Celebrity Brand Valuation Study 2019

Our celebrity social media rankings are based on the number As per Meltwater, the engagement per post metric is computed of Twitter, Facebook and Instagram followers and the by considering all forms of engagement (reactions, comments engagement per post provided by our partner, Meltwater. and shares on Facebook; replies, retweets and likes on Twitter; and likes and comments on Instagram) since the inception of the account and dividing it by the number of posts.

Total Engagement Twitter Facebook Instagram Rank Celebrity Followers per Post Followers Followers Followers (in Mn) (in Mn)

1 Virat Kohli 32.1 37.0 43.7 112 . 8 2.2

2 Akshay Kumar 32.6 25.7 32.6 90.9 1.1

3 Deepika Padukone 26.6 33.8 40.4 100.8 1.2

3 Ranveer Singh 12.9 10.7 28.0 51.6 1.3

5 Shah Rukh Khan 39.2 29.4 19.2 87.8 1.1

Source: Meltwater

The table above shows the social media presence for the available in the public domain. The celebrity brand rank so top celebrities in India as of November 2019. Our concluded computed has been accounted for in the popularity index celebrity brand rankings are based on a weighted average of adjustment (see “Applicable Brand Multiple” section). the social media presence and various rankings from sources

“Cricket and Bollywood are the embrace this influence with well-crafted social media two national passions for India. strategies can maintain relevance, build more intimate These celebrities have a god-like relationships with fans, and also garner real-time status and are part of a diverse feedback on their work. Today, the relevance of a sphere of conversations online - celebrity is not guesswork but a measured reality within from press coverage to fan a few clicks.” accounts and from serious discussion forums to meme Jaagriti Seth pages. Celebrities are the fodder that feeds creativity Director – India and conversations of the masses. Celebrities who Meltwater

Duff & Phelps 50 Celebrity Brand Valuation Study 2019

Average Annual Endorsement Revenue Average annual endorsement revenue is computed as the stars such as are active brand endorsers despite not product of average endorsement fee and the number of making it to the list of top celebrity endorsers. On the other endorsement deals for each celebrity. hand, aging male celebrities in India continue to remain in high demand for endorsements, mainly driven by a late In estimating the average endorsement fee, we partnered peak age and continued film successes. For example, with the Indian Institute of Human Brands and also consulted 77-year-old Amitabh Bachchan continues to remain among industry experts from talent management agencies, advertising the most sought-after celebrities for endorsements. agencies, as well as leveraged secondary sources such as • Recent success: This factor is analyzed by reviewing the news and media articles. number of hits (good performances) versus the number of The number of endorsement deals for each celebrity is flops (bad performances) a celebrity has had over their last primarily based on actual advertisements on television, in print 10 movies.

media and on social media. We have also considered various • Popularity index: This adjustment index is computed secondary sources as part of our research. by looking at celebrity brand rankings (based on data from social media platforms, , etc.) and average Applicable Brand Multiple secondages per product brand per month. This brand multiple represents the rate of capitalization for celebrity brands, adjusted for the following parameters: Celebrity Brand Value • Age: We have adjusted for the age of the celebrity in Finally, celebrity brand value has been computed as the conjunction with the current and typical peak age. Although adjusted average annual endorsement revenue earned by there are few female celebrities over the age of 40 who a celebrity (after deducting relevant costs, including taxes) continue to endorse products, it should be noted that multiplied by the adjusted celebrity brand multiple so derived.

Duff & Phelps 51 Celebrity Brand Valuation Study 2019

Valuation Conclusion

The total brand value of the top 20 celebrities in India is USD 1.1 bn, which represents a 25% increase as compared to last year.

Brand Value of Top 5 Celebrities (USD Mn)

00

00

00 2

00 1 11 00 10

10 102 200 9 9 9 100 2 1 0 201 201 2019 Virat oli ay uar eeia aduone aneer Sin Sa u an

Indian skipper Virat Kohli has proved time and again that The “” of Bollywood, Akshay Kumar has jumped one he commands the international cricket like no one else. spot to the second position with a brand value of The number one ODI and Test batsmen has maintained the USD 104 mn. With back-to-back blockbuster movies, Akshay top position in our rankings, which can be attributed to his Kumar has been able to increase his brand value primarily extraordinary on-field performance and off-field charisma. due to his extraordinary on-screen performance and is widely He is the most valuable celebrity brand in India, with brand considered as the most successful star in his league. The value of USD 237 mn. The “run machine” enjoys a massive fan National award-winning actor has come a long way in the base across the globe and has become the primary choice of industry, shifting from action to comedy and now majorly product brands to engage and attract consumers. He also tops taking up socially relevant movies. Further, the actor is often the social media presence and has the best engagement rate. celebrated as one of the fittest actors of Bollywood.

Duff & Phelps 52 Celebrity Brand Valuation Study 2019

We have the power couple Deepika Padukone and Ranveer Further, Ayushmann Khurrana debuts on our list at the 10th Singh tied at the third spot this year, each with a brand value of position. The versatile actor is becoming one of the most USD 93 mn. credible and bankable actors of Bollywood, having delivered back-to-back hits. From startups to mobile, from personal Deepika Padukone has retained her most valuable female grooming to clothing, from deodorants to watches, Ayushmann celebrity status for the second time in a row. With its unique Khurrana is endorsing more than a dozen top brands. positioning, brand Deepika Padukone can be expected to remain a favorite for the product brands in the coming year. Association with a celebrity for a brand endorsement is What also helps is her caliber to enact myriad different roles, typically to create wider awareness among the audience and thus being able to cater to different brands and target through the celebrity’s own personality. The millennial and audiences. Gen Z stars are on the rise, bagging a significant number of endorsements owing to their popularity and influence over their And our “Gully Boy” Ranveer Singh, with a power-packed target audiences. With a combination of their unique personal performance this year, has moved a rank up to join Deepika attributes, new stars Ayushmann Khurrana, Tiger Shroff and Padukone at the third position. Known for his unconventional Kriti Sanon (among many more) seem to be the new faces of and outlandish style, Ranveer Singh has rightly been called multifaceted brands as we enter the decade of NEW IS GOLD. “The People’s Superstar”.

“Being new is the new gold in today’s celebrity endorsements space. While the established celebs like Virat Kohli and Akshay Kumar continue to rule the brand valuation charts, the new faces of Ayushmann Khurrana and Tiger Shroff have made a stellar entry in our top 20 list this year.”

Aviral Jain, CFA Managing Director Duff & Phelps

Duff & Phelps 53 Celebrity Brand Valuation Study 2019

The Pseudo Awards

While we have estimated the value of celebrity brands in the country, we believe not all achievements can be captured scientifically. As valuation is a blend of art and science, we thought of launching our very own Pseudo Awards.

We have chosen a mix of established as well as upcoming celebrities, in line with our theme, New Is Gold.

Put your hands together for first edition of The Pseudo Awards.

The Pseudo Awards

Disclaimer

The Pseudo Awards is a work of fiction and is meant only as a Award titles are purely a work of fiction and any resemblance tribute from the Duff & Phelps (DPIPL) team to the awardees of the Pseudo Award titles to actual products, brands, events for their notable achievements in the year 2019. DPIPL has or persons, living or dead, is entirely coincidental. The Pseudo evaluated ‘achievements’ on various parameters that have Awards is not based on factual data and is not an endorsement created a significant impact including their performances in of the awardees in any manner. DPIPL is not liable or movies, endorsements, their career graph, among others. responsible for any decision that you may take based on the Pseudo Awards.

Duff & Phelps 54 Celebrity Brand Valuation Study 2019

The The The Golden Bicycle Choti City Kodak Award Bada Talent Award Award

Akshay Kumar Ayushmann Khurrana Deepika Padukone for being the topmost brand endorser of for cracking the formula of playing an for ‘capturing’ the imagination of her fans healthy living, and for inspiring millions by his underconfident small-town boy to perfection from both a reel and a real standpoint, impactful movies and endorsements. time and again, and for being widely referred and for continuing to ‘click’ magic with her to as “Mr. ROI” by his colleagues. performances over the years!

The The The #burrahhhh Mitron Honeybee Award Award Award

Diljit Dosanjh Kartik Aaryan Kriti Sanon for successfully balancing Punjabi and Hindi for being the go-to man for for spreading ‘sweetness’ in memorable movies, and for creating a niche for himself speeches in Bollywood. and successful performances in movies like in the latter space as well. Bareilly Ki ‘Barfi’ and “Houseful 4”.

The The The Airline Miles Bollywood Black Label Award Award Award

Priyanka Chopra Ranveer Singh for being the one true blue global icon from for his incredible journey from (potentially) for delivering a career-best the Hindi cinema who has established a being the biggest fan of Bollywood to now ’tipsy’ on-screen performance. strong foothold in the West today. RULING IT!

The The The Fire and Ice Beanbag High-Flyer Award Award Award

Taapsee Pannu Tiger Shroff Vicky Kaushal for beautifully ‘balancing’ each other’s craft for being able to take up any shape for keeping the Josh high throughout the in their memorable characters in while exercising and dancing, year with his National award-winning “”. both on- and off-screen. performance in “Uri”.

Duff & Phelps 55 Celebrity Brand Valuation Study 2019

Limitation of the Study

The analyses and estimates presented in this report are based The valuation of intangible assets is not a precise science, on extensive research on secondary sources of information and and the conclusions arrived at in many cases will of necessity are limited primarily to discussions with industry participants. be subjective and dependent on the exercise of individual We have not undertaken any independent verification or carried judgment. There is therefore no indisputable single value, and out any due diligence on the data used or considered, nor have we normally express our opinion on the value as falling within we verified its factual accuracy in the current context. Brand a likely range. However, for the said purpose, we have provided values may differ based on actual information available with a single value. Under normal circumstances, our assumptions agencies that engage with celebrities directly. The conclusions and methodologies are supplemented by discussions with the provided in this report shall not be construed as marketing management and insights provided by them on the most likely advice, and the valuations provided shall not be used for any course of business/brand over the near term. Our current purpose other than general research and media consumption. assumptions for the valuation are based on information derived Duff & Phelps and its affiliates expressly disclaim all liability and analyzed from a combination of primary interviews and for any loss or damage of whatever kind that may arise from secondary sources. Accordingly, our assessment and estimates any person acting on any information and opinions or analyses are based on market perceptions and the most likely trends of relating to the valuations contained in this report. popularity of individual celebrities. Others may place a different value on the various celebrity brands. All trademarks, trade names and logos referenced herein are the property of the respective companies and owners.

Duff & Phelps 56 Celebrity Brand Valuation Study 2019

Credits

Scanning the In-talks with Capturing the Working with Market Industry Trends Numbers

Star Cast Aditi Sharma Aakriti Gupta Khyati Gujrathi Vedant Rathi

Directing the Writing the Show Script

Writing & Direction Aviral Jain Vibhor Nayar

Production Censor Leader Board

Production & Quality Varun Gupta Gary Roland

Spreading Designing the Word it All

Marketing & Distribution Disha Hoskote Rakesh Shetty

Duff & Phelps 57 INDUSTRY PARTNERS

CONTACTS

Varun Gupta Aviral Jain Managing Director and Asia Pacific Leader Managing Director Valuation Advisory Services City Leader, New [email protected] [email protected]

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About Duff & Phelps M&A advisory, capital raising and secondary market advisory services in the Duff & Phelps is the global advisor that protects, restores and maximizes value for clients are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is in the areas of valuation, corporate finance, investigations, disputes, cyber security, a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary compliance and regulatory matters, and other governance-related issues. We work with market advisory services in the are provided by Duff & Phelps Securities clients across diverse sectors, mitigating risk to assets, operations and people. With Kroll, Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. M&A a division of Duff & Phelps since 2018, our firm has nearly 3,500 professionals in 28 advisory and capital raising services in Germany are provided by Duff & Phelps GmbH, countries around the world. For more information, visit www.duffandphelps.com. which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the © 2020 Duff & Phelps, LLC. All rights reserved. DP200002 Securities and Exchange Board of India.