NEW IS GOLD - Duff & Phelps, A Kroll Business

NEW IS GOLDC E L E B R I T Y B R A N D VA LUAT I O N S T U DY 2 019

ContentsForeword

Celebrity Brand Values

Celebrity Brand Ranking

IntroductionMedia and Entertainment Industry

Advertising Industry

Segment Highlights

Overview of Celebrity Endorsements

Current Celebrity Endorsements

New Is GoldNew Faces

New Age Brand Endorsements and New Concepts

#starvestors

Key Trends in Celebrity Endorsement SpaceRise of the OTT

Celebrity Consciousness Curve

South India: A Tectonic Shift

Industry Speaks

Valuation Methodology

Valuation Conclusion

The Pseudo Awards

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02

03

04

05

06

07

08

09

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06

07

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52

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, films or startups, millennial and Gen Z stars have performed exceptionally well

in the past year. They seem to be the preferred choice for brand endorsements as companies increase

their focus on youth, leveraging their new-age personality attributes.

For an advertiser, being associated with a celebrity who is consistently performing is a key factor in

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 Virat Kohli’s reign at the top for the

second year in a row, Deepika Padukone’s meteoric rise and the emergence of power couples.

The trend continued this year, with Virat Kohli, Akshay Kumar 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 Akshay Kumar jumped a spot higher to No. 2, the buzzing Gully Boy, Ranveer Singh,

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 Ayushmann Khurrana, dancing wizard Tiger Shroff and Hitman Rohit Sharma 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 Hyderabad’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 Indian

Premier League. The report was very well received by both our readers and the media. I 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

Varun Gupta

Managing Director and Asia Pacific Leader Valuation Advisory Services Duff & Phelps

Duff & Phelps 5


Celebrity Brand Values

3. Deepika Padukone and Ranveer SinghThe dynamic power couple, Ranveer and Deepika, claim the third spot with a brand value of USD 93.5 mn each

Pho

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Photo Courtesy

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Akshay Kumar2.Akshay Kumar takes the second position,

with a brand value of USD 104.5 mn

Virat Kohli1.Virat Kohli scores a hat trick as India’s most valuable celebrity with a brand value of USD 237.5 mn


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

USD 1.1 Bn

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 Khan 5 66.1 5

Salman Khan 6 55.7 6

Alia Bhatt 7 45.8 8

Amitabh Bachchan 8 42.5 7

Mahendra Singh Dhoni 9 41.2 12

Ayushmann Khurrana 10 40.3 New

Hrithik Roshan 11 38.9 10

Varun Dhawan 12 35.2 9

Priyanka Chopra 13 32.2 19

Ranbir Kapoor 14 27.0 16

Sachin Tendulkar 15 25.1 14

Aamir Khan 16 24.9 11

Tiger Shroff 17 24.2 New

Anushka Sharma 18 23.9 13

Kareena Kapoor Khan 19 23.7 17

Rohit Sharma 20 23.0 New

Celebrity Brand Ranking

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

Deepika Padukone and Ranveer Singh

Duff & Phelps 7


IntroductionIf India were a cocktail event, celebrities would be the ones

who make the most heads turn. So it’s no surprise that

celebrities continue to play matchmaker between buyers and

sellers. Association of a product brand with a celebrity not only

generates a higher brand recall but also increases the credibility

of the product. Celebrity brand ambassadors add value to the

product’s brand image and positioning by influencing consumer

purchase decisions, creating awareness, attracting potential

customers and increasing the likeability of the associated brand.

The celebrity is considered based on the identity and

personality of the brand and what it aims to depict to its target

audience. Before analyzing the celebrity endorsements space

and key trends therein, we begin by discussing an overview

of the larger Media & Entertainment Industry followed by the

Advertising Industry.

“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


Over the previous decade, India has become a highly attractive

media and entertainment (M&E) market, driven by favorable

demographic and economic factors. In 2019, the M&E industry

reached a size of INR 1,631 bn, a growth of 13% over the past

year. While TV continued to be the largest segment in absolute

terms, the digital segment saw the fastest growth rate.

According to KPMG’s report, India’s Digital Future: Mass of

Niches, the Indian M&E industry is expected to grow at a

compound annual growth rate (CAGR) of 13.5% between

FY19 and FY24, with advertising revenues expected to grow at

a CAGR of 14.5% during the same period.

Media & Entertainment Industry

TV

552 59

5 652

714

319

333

228 30

8

137

145

159 18

3

65 86 121 17

3

53 62 74 88 28 32 44 62

26 29 32 34 23 24 26 28 11 13 14 17

800

700

600

500

400

300

200

100

0Print Films Digital Animation

& VFXGaming OOH Radio Music

• FY 16 • FY 17 • FY 18 • FY 19

M&E Industry - Market Size (INR Bn)

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

Duff & Phelps 9


The advertising industry, which is considered the fuel that

drives the M&E industry, also saw a substantial growth in the

past year. Digital saw the maximum growth in FY19 of 37.6%

over the prior year. The second spot was retained by the

heavyweight TV at 12.1%, followed by radio at 6.2%. Both print

and out-of-home (OOH) advertising recorded minuscule growth

of about 5% due to consumers’ increasing preference for data

consumption through digital platforms.

Advertising Industry

TV Print Digital OOH Radio

300

250

200

150

100

50

0

• FY 15 • FY 16 • FY 17 • FY 18 • FY 19

160

184 20

3 224

251

221

160

34

204

211

8611

6

180 19

2

4765

22 26 29 32 20 23 24 23 28

Advertising Industry - Market Size (INR Bn)

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

Duff & Phelps 10


According to a 2019 report on celebrity endorsements issued

by TAM Media Research, more than 50% of the ads endorsed

by celebrities were dominated by three sectors: Personal Care/

Personal Hygiene, Food and Beverages (F&B), and Hair Care,

as shown in the following chart.

The average endorsing ratio by male and female celebrities

for the top 10 sectors was 51:49. The leading sector, Personal

Care/ Personal Hygiene, was dominated by the female

celebrities with a 68% share. F&B sector witnessed nearly an

equal ad share between male and female celebrities.

Personal Accessories

Personal Care/Personal Hygiene

Food &Beverages

Hair Care

Services

HouseholdProducts

PersonalHealthcare

Industrials

Durabes

Auto

3%

25%

19%

11%

10%

9%

8%

5%

5%

5%

Celebrity Endorsements: Top Sectors (% share)

Source: AdEx India, A Division of TAM Media Research

Duff & Phelps 11


As discussed earlier, the top three segments in the advertising

space continued to be television, print and digital. Digital has

registered the highest growth out of the three segments.

Television • Growth in TV ad volume depends on a variety of

events, such as cricket, elections, higher penetration

of regional channels, launch of new channels and new

distinct programming.

• TV revenues grew 9.5% in FY19, reaching INR 714 bn.

This lower-than-expected growth was due to new tariff

order implementation, which disrupted the subscription

and advertisement revenues in the last quarter.

• TV advertising revenues grew by 12.1% in FY19 to

reach INR 251 bn. Advertising spends suffered from a

consumption slowdown due to a slowing economy overall.

• TV viewership rose with the launch of multiple new

channels, of which 70% had regional content.

Print• The print industry in India has a significant cost advantage,

as newspaper prices are affordable and have possibly the

widest reach. Print is one of the oldest mediums and an

effective method to target tier 2 and tier 3 cities.

• Print revenues grew at a sluggish 4.5% in FY19, reaching

INR 333 bn. While advertising remained the growth

driver, lower circulation growth was observed as a

result of decreasing English circulation and increasing

digital adoption.

• Print is expected to grow at a CAGR of 4.2% (FY19–

FY24) as Hindi and regional advertising continue to drive

revenues and circulation of these mediums remains stable.

Segment Highlights

Duff & Phelps 12


• Regional viewership rose and saw maximum growth in

advertisement, followed by Hindi and English.

• Digital has been eating into the print industry and is

anticipated to take over in the coming years. This is part

of a global trend, with English publications taking the

major hit.

Digital• Digital, which serves as a powerhouse of content, includes

digital advertising and subscription revenues from over-

the-top (OTT) video and audio.

• It continues to be the leader in the space, with 43.4%

growth in FY19, taking the overall segment revenues to

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

forming a key part of media strategies across industry

verticals. The growth in regional consumption also led to

emergence of new avenues for digital advertising.

• With changing consumption patterns of consumers and

upgrades in technology, digital has the potential to be

the second-largest segment by total revenue and the

largest by advertising revenue in the Indian M&E industry,

particularly with the rise in smartphones and cheap

mobile data.

• Total internet subscribers rose by 29%, with growth in

rural users being about three times the growth in urban

areas for FY19. Also, Hindi surpassed English as the most

used language on the internet in India.

13Duff & Phelps


The first step in building a methodology to assess celebrity

brand value is to understand how celebrity endorsements

are structured. Based on our analysis, we understand that a

celebrity may be engaged by a corporation or an advertiser in

two key engagement models: Fixed Fee and Term Engagement

Model, or One-Time Engagement Model.

Fixed Fee and Term Engagement Model

In the first and the more popular model, a celebrity will be

contracted for a specified term (usually one or two years)

for a fixed-fee payment that may be made through an initial

signing amount, with the balance to be paid upon completion

of specified activities. These agreements may also involve a

royalty component. These celebrities are referred to as “brand

ambassadors”, owing to their long-term association with the

endorsed product. Recently, there have been certain deals

where the intellectual property is partly or fully owned by the

celebrity, and the partner operates under a profit-sharing

model. Normally, an annual endorsement contract includes

the celebrity’s availability for a two- to four- day period (eight

hours a day), during which time the advertiser may schedule an

event, photo advertisement shoot or video advertisement shoot,

depending on the campaign.

Brands planning to use a celebrity for multiple campaigns

usually book the celebrity for a higher number of days in the

contract to get a better cost-per-day deal. There is also a floor

“cost of association”, which is annual in nature and factors in

a minimum number of days regardless of actual use of the

celebrity for the brand. Exclusivity provisions ensure that the

celebrity does not promote a rival product brand for a certain

period after termination of the contract. However, it is common

for rival advertisers to buy out these exclusivity provisions.

One-Time Engagement Model

The second and less popular form of engagement is a one-time

appearance by a celebrity for a specified event. This may be in

the form of a single photo/video advertisement shoot or even

an event attendance. A celebrity may also be cast as “acting

talent” for a specified advertisement. Such engagements are

charged by the day, with the rates being significantly different

for annual contracts versus one-time endorsements.

Other Elements of Engagement

Apart from the regular fee, celebrity endorsement contracts

may also include an “in-kind” payment. The product being

endorsed is supplied to the celebrity for free for a specific term.

This is particularly prominent in the case of high-end luxury

brands. Often celebrities who endorse fashion brands are

spotted wearing them to enhance the appeal of the product.

The contract may also have additional benefits which may

cover all expenses incurred by the celebrity during the

production of the advertisement (for example, expenses related

to first-class airfare, hotel accommodations and luxury meals).

The endorsement deals may also provide for insurance of the

celebrity, such as commercial general liability insurance, which

is issued to cover them against any injuries arising during

the shoot. Alternatively, the terms may include an umbrella

liability insurance, which protects the celebrity from certain

personal liability situations that may arise because of the

endorsement contract.

Product Brand and Celebrity Fit

With celebrities endorsing and investing in the brands that

correlate with their social image, advertising has evolved in

terms of platform, content and engagement of the celebrity

with the brand.

Overview of Celebrity Endorsements

Duff & Phelps 14


One such major example is Sachin Tendulkar 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 Mukherjee

Chief Executive Officer

SRT Sports Management Company

Photo Courtesy: True Blue

Duff & Phelps 15


One noteworthy part of the campaign was the story of two

young girls in Banwari Tola, Uttar Pradesh, the daughters of a

paralyzed barber. They dressed up as men to provide grooming

services. The heartwarming story of dissent to acceptance by

the community touched many. Tendulkar, who has never been

shaved by anyone else, wanted the girls to give him a shave

to amplify the messaging around breaking stereotypes. The

campaign received wide coverage and was even called “Shave

of the Century” by a leading media publication. Gillette created

a digital campaign around the story and was launched using

Sachin Tendulkar’s social media channels that resonated with

their clarion call for #ShavingStereotypes.

Recently, Pepsi hired Salman Khan as its brand ambassador.

In its endeavor to constantly reinvent itself in order to create

experiences that connect with consumer passions, Pepsi

seems to merge the brand fit of the soft drink with that

of Khan. The company is also trying to capture millions of

potential customers that Salman Khan may bring through

his massive fan base. Over the past year, “swag” has been

the underlying message throughout Pepsi’s campaigns,

celebrating the innate self-belief of the Indian consumer today.

Salman’s recent release was from the “Dabangg” franchise.

As per various articles, in the year 2020 Pepsi will create a

360-degree campaign that will reflect the self-confidence of

today`s youth in a manner that is as effortlessly cool as Salman.

The key is to match the right celebrity with the right product

and create an ad campaign that marries the attributes of the

celebrity brand and the product brand.

Social Media Influence

Social media has undeniably changed the entire landscape

of brand endorsements. With influencers like Bhuvan Bam,

Lilly Singh, Prajakta Koli and Sejal Kumar entering the digital

screen frame, companies have been spoiled for choice for their

brand ambassadors.

Celebrity brand endorsements typically result in a higher

degree of consumer recall. Thus, choosing a celebrity as the

face of a brand requires a lot of strategic due diligence to

correlate the celebrity’s brand image with that of the product.

As per recent trends, companies have been targeting a more

diverse audience through niche digital platforms like Instagram,

Snapchat, Tiktok, etc. Such targeted advertisements have

resulted in creating the right buzz a brand needs vis-à-vis

utilizing just the traditional advertising techniques. The silver

lining being the much lower cost of digital advertising versus

traditional TV advertising.

With stricter regulations and greater consumer awareness,

celebrities are increasingly conscious of the relationship

between their personal image with that of the brands and

social campaigns. The companies too have been treading with

caution with their celebrity associations. Brands carry out their

independent due-diligence and investigate various aspects of

social reach, social media engagement and their influence on

the digital audience.

As per Jaagriti Seth, Director, Meltwater, “Social media has

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


“Digital and social media are

culture-creation hubs – providing

brands a way to insert themselves

seamlessly into consumer

conversations, and engage in an

intimate yet scalable way that is

not feasible through traditional channels.

Brands are not just corporations today, they have to be

friends, acquaintances, connections – an influencing

voice in conversations online. Having a celebrity lead

these conversations lends extra weight and potency to

the brand voice. In the example of Puma, the

collaboration with Virat Kohli is not just a serendipitous

partnership but a serious coming together of two

brands that transcend sports and have strong voices.”

Vidya Venkateswaran

VP and Head of Strategy

DDB Mudra South

The table below highlights the product brands which have

garnered the maximum digital impressions and brand mentions

over 2019 for the top 5 celebrities. A ‘Digital Impression’ is the

number of times the content is shown in an individual’s social

media feed whereas a ‘Brand Mention’ involves the situation

when a brand is referenced, or “mentioned” on the web. Hence,

while impressions depict brand awareness, mentions potray the

engagement between the celebrity and the brands. Amongst

all such endorsements, Puma appears to have created the

maximum impact on digital media.

180

160

140

120

100

80

60

40

20

0

Dig

ital I

mpr

essi

ons

(Mn)

Brand Mentions (Thousands)

0 10 20 30 40 50 60

AB

A

A

A

B

BA

B B

Top 5 Celebrities: Product Brands with Maximum Digital Media Impact

Virat Kohli Akshay Kumar Deepika Padukone Ranveer Singh Shah Rukh Khan

Puma (A) GoQii (A) Epigamia (A) Xiaomi (A) D Décor (A)

Mobile Premier League (B) Honda (B) Asian Paints (B) Thums Up (B) ICICI Bank (B)

Source: Meltwater and Duff & Phelps Analysis

Duff & Phelps 17

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 actor. 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

much higher endorsement fees for such products.


Photo Courtesy: Rohan Shrestha

Duff & Phelps 18


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 Mountain Dew Flipkart Lux VIP

TRESemmé Priyagold MakeMyTrip Bata Lloyd

Lakmé Vimal Bigbasket Amul Macho Orient

Colgate Tropicana Spotify Relaxo Cello

Top Endorsers

Akshay Kumar Ranveer Singh Shah Rukh Khan Janhvi Kapoor Alia Bhatt

Deepika Padukone Katrina Kaif MS Dhoni Vicky Kaushal MS Dhoni

Jacqueline Fernandez Alia Bhatt Alia Bhatt Ranveer Singh Amitabh Bachchan

Ranveer Singh Hrithik Roshan Ishaan Khatter Parineeti Chopra Varun Dhawan

Kareena Kapoor Khan Taapsee Pannu Priyanka Chopra Varun Dhawan Kareena Kapoor Khan

As part of our analysis, we examined the top 60 Bollywood

celebrities. These celebrities endorsed over 600 product

brands across 20 different industry segments during the 12

months ending October 2019. Some of the key highlights of

the research are presented below.

Current Celebrity Endorsements

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


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.

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

400

350

300

250

200

150

100

50

02016 2017 2018 2019

15.7%

15.4%

17.8%

235

272

314

370

Cumulative Number of Endorsements by Top 20 Celebrities

20


New Faces

New Is Gold

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 actors, such as Ayushmann

Khurrana, Kartik Aaryan and Tiger Shroff, and female actors,

like Disha Patani, Kriti Sanon and Taapsee Pannu, attracted

major attention.

Bobbi Brown Cosmetics, a leading global makeup brand, hired

Tara 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: Avinash

GowarikarPhoto Courtesy: Avinash Gowarikar

Duff & Phelps 21

“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

New Poster Boys of Bollywood

Millennial and Gen Z stars have become a new force to reckon

with and are providing stiff competition to older celebrities,

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 “Raazi” kept the “Josh high”

among audiences nationally and globally. He also appeared on

Google’s top 10 most searched celebrities for year 2019 (along

with Tara Sutaria), 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.


Pho

to C

ourt

esy:

Hou

se o

f Pix

els

Duff & Phelps 22

Several millennial and Gen Z stars were able to bag multiple

product endorsements in 2019.


Pho

to C

ourt

esy:

Rah

ul J

hang

iani

“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 film, 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

Celebrity No. of Movies No. of Endorsements

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

Duff & Phelps 23

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 Jacqueline Fernandez,

Kartik Aaryan and Disha Patani have also launched their own

YouTube channels recently which are flourishing and many have

ventured into the investment space.


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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”.

Upcoming Celebrities - Social Media Followers

Celebrity Facebook Instagram Twitter 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

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

Instagram and Facebook, a means of survival for today’s

younger generations, are embedded in every gadget. Through

these mediums one can magnify their reach and awareness

about products, services, campaigns and even politics.

Millennials and Gen Z’ers rely heavily on social media for

communicating about their whereabouts and provide fodder to

their followers by putting up engaging content.

Duff & Phelps 25


New Age Brand Endorsements

Indian brands have started collaborating with names like

Ananya Panday, Janhvi Kapoor, Sara Ali Khan and Taapsee

Pannu for their endorsements. The primary reason for this shift

can be attributed to the demography of the Indian audience.

Traditionally, mature and big brands have always roped in

established actors because of their trustworthiness. However,

it’s the season of change, and new celebrities are increasingly

getting opportunities to endorse established brands, whereas

established celebrities are trying their hands at startup

product brands.

We looked at some interesting cases of new celebrities for

established product brands and established celebrities for new

product brands.

New Celebrities

Ananya Panday: This new student in B-Town has captured

the attention of not only Indian audiences but also some well-

known product brands. With brands like Lakmé, Gillette and

Cadbury in her kitty, she is likely to excel with good grades.

Ayushmann Khurrana: From being a TV host to starring in

multiple hits in Bollywood, Khurrana has come a long way.

He is linked to big product brands like Coca-Cola, Daniel

Wellington, Titan, Samsung and Turtle.

Kartik Aaryan: With his famous monologue in “Pyaar Ka

Punchnama”, Aaryan came under the radar of established

brands like Manyavar (one of the few brands with multiple

celebrity engagements). Now, the “Sonu” is on his way to

making it big after sharing the screen with Amitabh Bachchan

in a commercial for Lux Inferno in 2019.

Kriti Sanon: The “Bareilly Ki Barfi” and “Housefull 4” star

has been associated with well-known product brands like

Parachute, UrbanClap, Bata, Cadbury and Whirlpool for quite

some time now.

Established Celebrities

Shah Rukh Khan: Although SRK has long been associated

with many established brands like Lux and Vanesa, he has

endorsed brands like BigBasket and BYJU’S to promote his

image as a tech-driven celebrity.

MS Dhoni: Why should Captain Cool be left behind? Dhoni

has made smart investments in new age brands such as

Cars24 and Dream11.

New Age Brand Endorsements and New Concepts

“India is a young country, with a large population

between the age group of 18 to 30 years. So,

brands target celebrities who are also in the

same age group to attract as many customers

as possible. Also, as these youngsters are new

in the business, even the audience wants to see

more of them, be it in movies, ad commercials or

reality shows.”

Prahlad Kakkar

Indian Ad Filmmaker

Extract from The Asian Age, October 7, 2019

Duff & Phelps 26


New Concepts

2019 has been the year of “New”. With new faces entering the

mainstream industry and newer companies gathering attention,

this has been a year of transition from the old.

Further, Indian audiences have recently witnessed a change in

the media platform. Although OTT as a platform has existed for

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.

Mainstream celebrities like Anurag Kashyap, Karan Johar,

Nawazuddin Siddiqui, Saif Ali Khan, Shah Rukh Khan and Vicky

Kaushal have already entered this space. Both celebrities and

brands have tweaked their digital presence per the mindset of

today’s youth—who want “it” when and how they want it—and

to perfection!

Although OTT has made significant contributions as a

platform for entertainment (through its web series, movies,

etc.), social media has emerged as a potential medium for

brand endorsements. We have observed celebrities endorsing

brands exclusively on their Instagram or Facebook pages

Although these ads do not appear on traditional TV, they have

been attracting a large audience. Brands like Boat, Calvin

Klein, Daniel Wellington and MAC do not run commercials on

traditional TV, but are actively endorsing on social platforms

and creating buzz around their products through different

media engagements. Further, with endorsements on social

media, they have become more targeted, focused and specific

to the viewer.

As mentioned earlier, we also witnessed several celebrities

connecting with their followers through mediums like YouTube.

Actors like Alia Bhatt, Jacqueline Fernandez and Disha Patani

launched their own YouTube channels to give fans a sneak peek

into their lives. Social media allows them to connect with their

admirers and followers at a more personal and unfiltered level.

“In real terms, the definition

of a celebrity has changed.

Today, anyone with a

substantial social media

following can be dubbed a

celebrity – at least for

endorsement purposes. What businesses are

looking for are influencers and having a 5 mn

strong Twitter following surely makes you one.

Also, digital endorsements are less time

consuming. It costs a celebrity absolutely nothing

to tweet about a product or a service. Most of

the time mega-popular celebrities don’t even

have an idea about what they are associated

with or endorsing: their agents and managers

mostly take care of it. It’s the reality.”

Dr. Sandeep Goyal

Chief Mentor

Indian Institute of Human Brands (IIHB)

Duff & Phelps 27


The social media advertisement as a trend has been observed

across all the celebrities covered in our report. The chart

below shows some of these trends wherein it appears that

some of the new celebrities have a much higher percentage of

endorsements on digital media as a medium.

Interestingly, upcoming celebrities such as Kartik Aaryan

and Disha Patani have a greater proportion of their total

endorsements on digital media platforms compared to

established celebrities such as Deepika Padukone and Akshay

Kumar.

ViratKohli

30

35

30

25

20

15

10

5

0

70%

40 80%

60%

50%

40%

30%

20%

10%

0%

12

40%

23%

18%

31%

20%

35%

31%

69%73%

43%

6

3

9

3

11 11

6 6

1415

16161715

5

26

17

29

AkshayKumar

ESTABLISHED CELEBRITIES UPCOMING CELEBRITIES

DeepikaPadukone

RanveerSingh

Shah RukhKhan

AyushmannKhurrana

TigerShroff

KartikAaryan

DishaPatani

KritiSanon

% of Endorsements on Digital vs OverallTotal Brand Endorsments Endorsements on Digital Media only

Established vs. Upcoming Celebrities: Endorsements on Digital Media Only

Source: Duff & Phelps Analysis and TAM Media Research

Duff & Phelps 28


Another major brand which grabbed eyeballs was MyGlamm

with its breakthrough campaign “#TestedOnSid”. Siddharth

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.

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!

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“Casting Sidharth Malhotra 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

Duff & Phelps 29



With more and more stars turning into investors—or, as we

like to call them, #starvestors—“celebrity investment” (not

just celebrity endorsement) is the new buzzword. In the past,

celebrities have looked at mature businesses for investments

that could outrun their careers. Today, celebrities are

increasingly investing in new companies and startups.

We analyzed recent celebrity investments and noticed a trend

toward investments in companies with unusual ideas, fresh

perspectives and progressive thought processes. Technology,

e-commerce and healthcare product segments remain

favorites. The table below lists a few of these investments:

#starvestors3

Investment Date Startup Investment Celebrity Description

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

December 2019 FoodCloud Arjun Kapoor Food delivery 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 cars

July 2019 Ambee Aishwarya Rai Bachchan Environmental intelligence for the world

June 2019 Bellatrix Aerospace Deepika Padukone Aerospace manufacturer and small satellite 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 Malaika Arora Yoga-focused health and fitness community

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

March 2019 Bastian Hospitality Shilpa Shetty Hospitality chain

March 2019 IncInk Ranveer Singh Music record label

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


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 education to healthcare to grooming segments

Karan Johar created a buzz when he launched Tyaani, the first

ever online Polki jewelry store. Karan Johar, 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

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Deepika Padukone: From star to #starvestor

In an interview with Duff & Phelps, Nitin Kanchan 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

satellites. 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


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Gone are the days when entertainment was confined to grand

Bollywood movies and ‘all-star’ casts. With the advent of

technology and reasonably priced net tariff charges, 2019 saw

the rise of digital platforms. OTT media services offer direct

streaming services to their viewers and have reached new

heights in India. After all, they address the mindset of youth

—“I want it when I want it and how I want it”—to perfection!

Evolution of OTT

The first OTT player in the Indian market was BIGFlix, launched

by Reliance Entertainment 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.

Big media players like Sony Pictures Networks, Star India, Eros

International and many others followed the trend and launched

their OTT platforms, including Sony Liv in 2013, Hotstar in

2015 and Eros Now in 2015.

Global OTT platforms like Netflix (2015) and Amazon Prime

(2016) entered the Indian market around the same time as well.

With ease of access to content and convenience, it was only a

matter of time before Indian viewers decided to migrate from

connected TV to OTT.

Rise of the OTT

Key Trends in the Celebrity Endorsement Space

Duff & Phelps 33


Different Strokes for Different Folks

OTT platforms use different business models, which vary in

cost but are still significantly lower than TV charges.

• Subscription Video on Demand (SVOD): Netflix and

Amazon Prime operate under this business model, in

which users pay a monthly subscription fee in exchange for

unlimited access to the streaming platform’s content.

• Advertising Video on Demand (AVOD): YouTube

operates under this model, in which users can access

the platform’s content in exchange for watching

advertisements.

• Transactional Video on Demand (TVOD): Hotstar

works under this model, in which users pay for certain

exclusive content, while other content can be accessed as

per AVOD.

That said, most of the OTT content providers work on hybrid

models, which allows their customers to customize as per

their needs.

The “Small Screen” Is Not So Small After All

Per KPMG’s report India’s Digital Future, the digital segment

has shown a CAGR of 38.5% from FY15 to FY19, whereas

the TV segment registered a CAGR of 9.9%. Additionally, the

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

a CAGR of only 11.2% in the same period. The higher growth in

the OTT market can be attributed to the following factors:

• India’s digital demography: According to BBC News,

India has more than 630 mn internet subscribers and is

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.

• Ease of access and exclusivity to content: With

movies and TV shows releasing on OTT platforms as well,

Indian viewers are cutting the cord and shifting to internet

streaming services. Further, with Amazon Prime, Hotstar,

Netflix and other providers launching exclusive content

for their subscribers, OTT platforms are rapidly gaining

popularity among Indian audiences.

• Recent policy changes: With the Telecom Regulatory

Authority of India proposing a new tariff order, the

subscription charges for TV may increase, which is another

catalyst for Indian audiences to shift to OTT platforms.

• Relative affordability: Netflix has recently launched its

mobile-friendly subscription charges of INR 199 per month,

whereas a movie ticket costs anywhere between INR 250

to INR 500 per person. Consequently, with web streaming

apps bringing more regional content under their umbrella,

OTT is attracting a wider demographic segment in India.

“OTT has changed my life because suddenly my

audience is everywhere. It empowers me to be

more complex, denser and [to not have] to explain

so much. I don’t have to alter my way of looking

at the world.”

Anurag Kashyap

Co-director of Netflix’s first Indian original web

show “Sacred Games”

In an interview to Anupama Chopra on YouTube

Duff & Phelps 34


OTT - The Pie Getting Bigger

As any industry moves from monopoly to duopoly to oligopoly,

it becomes mandatory to differentiate yourself from the

competition. Although technology, financial strength and

management play their part, the idiom “content is king” is here

to stay!

While some OTT providers are bringing in popular shows like

“Friends” and “How I Met Your Mother” to attract multiple age

groups, others are differentiating with new original content

created specifically for the OTT platform.

Source: Data from KalaGato

• Hotstar • Jio TV • MX Player • Amazon Prime • Netflix • Others

23.80%

17.70%

21.50%8.80%

5.40%

46.60%

OTT: Market Share by Installation (March 2019)

Duff & Phelps 35


The Relaunch of Bollywood Stars in OTT

While mega stars are partnering with OTT platforms, a string of

Bollywood actors have taken the OTT route. Actors like Bhumi

Pednekar, Manoj Bajpayee, Nawazuddin Siddiqui, Saif Ali Khan

and Vicky Kaushal have given some noteworthy performances

on the digital platform.

The growing popularity of the digital platform can be gauged

from the fact that not only actors, but also notable directors like

Anurag Kashyap, Karan Johar and Zoya Akhtar, are creating

content frequently, exclusively for GenOTT.

As one can see in the table below, it’s not just current

mainstream actors—many senior actors, like Emraan Hashmi,

Saif Ali Khan and Vivek Oberoi have also gone the OTT route

for a new feather in their cap and their second innings.

Popular Web Series Notable Cast Anticipated Web Series Notable Cast

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

Abhishek Bachchan

“Hostages” (Hotstar) Tisca Chopra, Ronit Roy “Ghost Stories” (Netflix) Janhvi Kapoor

“Inside Edge” Season 2 (Amazon Prime)

Vivek Oberoi, Richa Chaddha“Mirzapur” Season 2 (Amazon Prime)

Pankaj Tripathi Ali Fazal

“Sacred Games” (Netflix)Saif Ali Khan, Nawazuddin Siddiqui

“Mrs. Serial Killer” (Netflix) Jacqueline Fernandez

“The Family Man” (Amazon Prime)

Manoj Bajpayee“The Family Man” Season 2 (Amazon Prime)

Manoj Bajpai


Duff & Phelps 36


The most noteworthy example of the rise of an OTT star would

be Radhika Apte. We all remember when Netflix tweeted,

“Whatever the role, Radhika apt hai”, establishing Radhika Apte

as an actor who knows the success mantra, “OTT as the new

Blockbuster”. Thanks to her increasing popularity, Radhika

Apte has bagged endorsements of brands like Clinique and

Daniel Wellington.

And it’s not just Bollywood—brands have also tweaked their

marketing strategies based on recent trends. Brands have

started doing paid collaborations with OTT stars for better

engagement of their product in the Indian market. OTT content

creators have been trying to leverage their following by

engaging in more targeted advertisements for their audience to

increase a specific product’s visibility and likeability.

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 Amazon

Prime Video, Pulse Candy and Xiaomi India. OTT actors like

Barkha Singh, Dhruv Sehgal, Mithila Palkar 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.

“Oh! TT” - Is it the Way Forward?

TV as a platform continues to survive. For instance, the best

regional content is still on TV, attracting a larger segment of

regional viewers. Further, TV is still getting the majority share

of advertisement spends, since brands still rely on mature

advertisement mediums like TV to build their image. Further, rural

India is still predominately a TV market, and hence will continue

to rely on the platform for the foreseeable future.

So is OTT the future of entertainment? While OTT will

unquestionably continue to grow as a platform, it will be

interesting to see OTT capturing the share of TV’s pie and

other segments of the media industry. How they embrace the

challenge is something we’ll “subscribe” to!

“I find the experience of watching a movie on a

13-inch screen more intimate than going to the

theatre and watching with popcorn distractions”

Shakun Batra

Director of the movie, “Kapoor & Sons”


“All the magic of three to four years gone in one

to two weeks makes you feel low! … OTT has

given me a shelf.”

Shoojit Sircar

Director of movies like “Vicky Donor” and “Piku”


Duff & Phelps 37


Consumers today are increasingly realizing the importance

of “health and wellness”. The phrase is in reference to a more

holistic state of being in which one’s mental, physical and

emotional health are in sync. In an era of Instagram stories and

Facebook posts, the new luxuries of looking great, feeling good

and sleeping well are what consumers are seeking. Celebrities

want to be perceived as embodiments of these values and to be

the face of the top health and wellness brands in the country.

We analyzed celebrity endorsements and investments over

the past three years for the top 20 celebrities across two

segments: Makeup and Beauty, and Health and Wellness

(including Athleisure, Sports/Gym/Yoga Centers, and Organic

Food). Although Makeup and Beauty still occupies a larger

share, endorsements in Health and Wellness are on a steady

rise. Secondages for Health and Wellness endorsements

increased by 50.0% from 3.30 mn to 4.95 mn in 2018, as

compared to a 27.9% increase in secondages of Makeup and

Beauty from 5.24 mn to 6.71 mn.

In addition, products related to the Health and Wellness

experienced a significant increase of 87.5% from eight

endorsements in 2018 to 15 in 2019 as compared to a 23.5%

increase in the Makeup and Beauty from 17 endorsements in

2018 to 21 in 2019.

Celebrity Consciousness Curve

25201510

50

2017

19

68

151721

2018

Makeup & Beauty Health & Wellness

2019

Num

ber o

fP

rodu

cts

End

orse

d

Products Endorsed (Category-wise)

Source: TAM Media Research and Duff & Phelps Analysis

2019

2018

2017

Year

s

• Health & Wellness • Makeup & Beauty

Numbers (In mn)

- 2 4 6 8 9

Endorsement Secondages

Source: TAM Media Research and Duff & Phelps Analysis

Duff & Phelps 38


According to a survey by Euromonitor, consumers are

increasingly looking for natural or organic products when it

comes to hair care, skin care and cosmetics.

Percentages below indicate respondents whose buying

decisions were influenced by the following health and wellness

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

39Duff & Phelps

We observed that an increasing consumer consciousness has

led to an upward-sloping curve of celebrity consciousness in

their choice of endorsements. Also, celebrities with specific

attributes of fitness (represented by a well-built body, healthy

diet, workout routines and so on) are being preferred over

others. These celebrities are typically associated with fitness-

related events, such as posting videos on healthy food recipes

or workout routines.

The unique selling proposition of this segment is that it appeals

to the greater self. It is not only an endorsement of a product or

service, it’s an endorsement of a better and healthier lifestyle.

And who doesn’t want that?

The table below looks at some “fit” celebs, along with their

Health & Wellness endorsements, investments and attributes:

Celebrity Endorsement Investments Celebrity Attribute

Akshay Kumar Revital GOQii • Fitness routine

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

• Fashionable

Malaika Arora USA Pears Diva Yoga • Promotes mindfulness

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

• Unique style

Tiger Shroff ASICS IndiaCult Fitness

PROWL

• Fit (chiseled body)

• Dance fitness

Virat Kohli BoostOne8

Puma• Workout routine



Duff & Phelps 40


Further, it is not only physical and mental health that have

received attention; celebrities are also trying to touch a deeper

cord with their fans by signing up for movies with a social

message or narrating an untold story. The table below lists a

few such movies:

Movie Celebrity Social Message Release Date

“Chhapaak” Deepika Padukone Inspirational story of an acid attack survivor 2020

“Mission Mangal” Akshay KumarMars Orbiter Mission by the Indian Space Research

Organisation 2019

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

“Article 15” Ayushmann Khurrana Caste discrimination 2018

“Pad Man” Akshay KumarAwareness around menstruation and the importance

of affordable sanitary napkins2018

“Badhaai Ho” Ayushmann Khurrana Geriatric pregnancy 2018

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

“Shubh Mangal Saavdhan” Ayushmann Khurrana Erectile dysfunction 2017

“Movies are a type of communication that is

consumed by the majority of people not only in

India but also internationally. It is a way of not

only reaching out to the masses but also at times

educating them. I feel there is no point of being

an influencer if you can’t make the best use of

your platform to improve the country. This is my

way of giving back.”

Akshay Kumar

In a statement to Indo-Asian News Service

It is rightly said that with great power comes great

responsibility. With the power that celebrities hold to influence

Indian consumers today, they are making endorsement and

investment decisions responsibly, consciously and with a long-

term vision. It appears that celebrities are focused not only on

monetary gain, but also on choosing more responsible and

sustainable endorsements.

Celebrities are being conscious and actively involving

themselves in social campaigns. For example, Alia Bhatt’s

initiative, Coexist, focuses on the issues of animal and

ecological welfare. With Coexist, she has taken initiatives

on water conservation, sustainable fashion and sustainable

solutions to electrify remote villages to educate and engage

communities where man and nature can live in harmony.


Duff & Phelps 41


Not too long ago, nationwide success of the “Baahubali”

franchise made Bollywood take notice of its underdog cousin

from the south. Today, the South Indian film industry is on

the cusp of a strong phase of growth, backed by an increase

in consumer demand for freshness of content. Even brand

strategists no longer prefer to use auto-translated audio to air

the same advertisement across multiple regions. With growing

awareness of the unique attributes of each consumer segment,

today “regional” is the new “national”!

Gone with the South

The second biggest film industry after Bollywood is Kollywood,

which is based in Tamil Nadu. Kollywood is followed by

Tollywood, in Hyderabad.4

Movies from these industries cater only to regional audiences,

but their storylines have managed to capture global interest

as well. There has been a drift in these industries from the

conventional action-packed thrillers to real life-based stories.

Several Bollywood movies have adapted storylines from

regional cinema. In the last 10 years, Bollywood has re-created

38 South Indian films, 18 of which have been successful.5 The

trend has now extended to the star cast, as actors transcend

their original dialects to work in other regions. For instance,

Dhanush, Dulquer Salmaan, Rana Daggubati and Tamannaah

have made their mark in Bollywood. Likewise, Rajinikanth and

Akshay Kumar collaborated for “2.0”, which was released in

multiple languages, and Aamir Khan is in talks to team up with

Vijay Sethupathi for another movie remake.

The country’s largest multiplex chain, PVR Cinemas, seems to

be backing South Indian cinema as indicated by its recent

INR 633 crore deal with Chennai-based SPI Cinemas. This

probably makes sense, because South India has the highest

per capita movie consumption in India.6

Following is a list of select regions from South India that have

notable film industries, along with regional celebrities.

Region Industry Regional Celebrities

Kannada Sandalwood Puneeth Rajkumar, Shiva Rajkumar, Yash

Malayalam Mollywood Dulquer Salman, Mammootty, Manju Warrier, Mohanlal, Parvathy Thiruvothu

Tamil Kollywood Nayanthara, Sathyaraj, Shruti Haasan, Vijay Sethupathi

Telugu TollywoodAllu Arjun, Junior NTR, Kajal Aggarwal, Mahesh Babu, Rana Daggubati, Samantha Akkineni, Tamannah

Bhatia, Vijay Deverakonda

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’

South India: A Tectonic Shift


Duff & Phelps 42


Emerging OTT for the South

Most OTT players have significant regional-specific content,

with an aim to cater to a nation-wide audience. The eight well

known OTT players have regional content in Tamil, Telugu,

Malayalam and Kannada.

In addition, Reliance Jio’s movie application, JioCinema, is in

talks with Sun NXT, an online video-streaming platform from

Sun Television Network, for getting access to provide viewers

with over 4,000 movies across regional languages such as

Tamil, Telugu, Kannada and Malayalam.

Zee 5 Sony Liv Hotstar VOOT 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

43Duff & Phelps


Communicating in New Languages

By roping in regional stars, brands expect a shorter payback

period and a higher return on investment. Realizing the

potential in this space, agencies such as Kwan have set up a

separate wing focusing exclusively on regional endorsements.

Some brands have also started roping in actors from the south

for their national endorsement campaigns, due to their strong

regional fan following as indicated below:

Marketers look to engage and retain consumers with

hyperlocal marketing, a niche marketing approach that

caters to all regions individually. For instance, Kalyan

Jewellers recently made news by looping in several

celebrities to deepen its brand image nationally:

Investments by the South

Like Bollywood celebrities, South Indian celebrities have also

transformed into #starvestors, buying stakes in business

ventures. For instance, Mahesh Babu and Samantha Akkineni

are launching their own private brands on fashion e-commerce

portal Spoyl, which is backed by Sequoia Capital and TLabs.

Rana Daggubati signed a deal with Anthill Studios to mentor

budding business ideas in the tech field for the M&E sector.

As celebrities from South India continue to increase their share

in the overall M&E industry, it will be interesting to see brands

communicating in new languages with their unique and diverse

target audience.

BrandsSouth Indian Celebrity as National Face

Acnestar, Crizal Lenses Shruti Haasan

Amstrad India Dulquer Salman

Ayush Lever, Jolly Ranchers Tamannaah Bhatia

Domex Toilet Cleaner,

Glaceau SmartwaterRana Daggubati

Himalaya Kajal Aggarwal

Endorsers for Kalyan Jewellers (2019)

Film Industry

Amitabh Bachchan Bollywood

Jaya Bachchan Bollywood

Katrina Kaif Bollywood

Prabhu Ganesan Kollywood (Tamil)

Akkineni Nagarjuna Tollywood (Telugu)

Shiva Rajkumar Sandalwood (Kannada)

Manju Warrier Mollywood (Malayalam)

“Tollywood is the largest cinema

in the regional film market. The

drivers for its success are strong

partnerships between South

Indian producers and corporates

like Viacom18, Dharma

Productions, Excel Entertainment. What has also

helped is the revamping of storylines and

complementary value added services like

subtitling, dubbing, closed captioning, film curation

allied services to make the whole transition from

one industry to other more faster, cheaper

and seamless.”

MNVVK Chaitanya

Associate Professor-Master of Media Business

Administration, Annapurna College of Film and

Media, Hyderabad



Duff & Phelps 44


#1 What are the major attributes/factors that brands

consider when they associate with a celebrity?

A celebrity primarily introduces the product or service

to his/her mass followers across the country. Typically,

brands loop in celebrities who seem a good fit between

the image of the brand with that of the celebrity. No

brand would want to associate with a celebrity whose

social image might mitigate against the underlying idea

of the brand. For instance, when Pepsi (a young brand)

associates with Salman Khan (who is currently 54) for

their endorsement, it comes across as Pepsi believing

the attributes of the drink match perfectly with the

persona of Khan. Thus, celebrity picks are a very

umbilical way of looking at the connect between the

image of the brand and the celebrity.

#2 Please share your views on the rise of OTT

celebrities and their usage in digital ad

campaigns. Also, how do you see the role of

censorship evolve in the OTT space?

OTT as a platform is more niche and unfiltered than

the traditional media. This primarily stems from little to

no censorship on its content yet. With more diverse

and exclusive OTT content, OTT actors have

gradually become noteworthy stars. This has led to

their association with several brands looking for a

more focused and targeted advertisement of the

product. However, if censorship comes into play, it is

bound to have an impact on the brand associations

with the OTT stars. I feel as OTT continues to attract

more eyeballs, censorship will also grow accordingly.

#3 Some brands have been taking the dual approach

of regional and national marketing campaigns in

recent times. What are your thoughts on this

approach and its effectiveness?

Gone are the days when one star would capture the

imagination of the entire nation. Today, no single

celebrity can resonate across different regions, due to

the growing awareness and relevance of the language

divide. Each region has their own celebrity who they

recall and resonate with more, as compared to a

celebrity from the biggest film industry, Bollywood.

Hence, brands are now focusing on a dual approach

wherein they engage with a universal face as the

umbrella brand endorser for the national campaigns

and a regional face for more focused regional

campaigns. With the growth of other film industries like

Kollywood (Tamil) and Tollywood (Telugu), one can

expect secularism to make a comeback to the

advertising industry.

Industry Speaks

Harish BijoorBrand Guru & Founder, Harish Bijoor Consults Inc.

Duff & Phelps 45

#4 Please share your thoughts on advertising 10

years ago vs. now vs. 10 years from now,

considering the pace at which the endorsement

space is evolving.

In the past, advertisements were quite unstructured in

terms of their portrayal and celebrity associations.

Today, things are much more organized and well

structured. Brands are much more invested in the

portrayal of their image through advertising. Going

forward, 10 years from now, I believe celebrities may

become more cautious of endorsing brands subscribing

to an unhealthy lifestyle, and accordingly such brands

may return to having brand mascots instead of having a

celebrity endorser. The era of Fido Dido, Maharaja and

the Butter Girl may ascend again.

#5 Brands are now roping in a lot of millennial stars

to target the Gen Z audience. What is your take

on that?

Yes! However, roping in of the millennial stars is not

only because of the current demography of the Indian

audience. These actors not only come at a lower cost

as compared to established celebrities, they also bring

in their followers from the Gen Z segment. Essentially,

millennial stars at times generate a much higher ROI

than the established stars, providing a better “bang for

the buck”!

#6 Recently, power couples have won certain good

endorsements. While couple endorsements are

not new, what in your view is driving this uptick in

couple endorsements?

I feel the era of power couples is over. While a newly

married/committed couple may initially enjoy a higher

brand recall and likeability, it eventually depletes over

time. More importantly, with the Indian social norms still

playing a huge influence on the psychology of the

typical Indian consumer, the couple individually tends to

lose their fan following with time as the desirability

quotient fades away. This decline is even steeper for

the female celebrities getting married or pregnant, as

they are perceived to lose attributes such as glamour

and desirability during such times. With time, it is

usually observed that the brand value of the couple

gets dragged through the brand image of one of the

partners. In Hollywood, the opposite happens, and the

value deepens and strengthens over time.

#7 Do you see any new trends emerging in the

advertising space involving celebrities or

otherwise?

In the older days, brands would rope in celebrities,

window-dressed their image and used the top-down

approach wherein the celebrity dictated about the

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


Rohit OhriGroup Chairman & CEO, FCB India

#1 How do brands choose a celebrity which target all

sections of the society?

There are very few celebrities that appeal to all

sections of society. We are seeing a rise of appeal of

local and regional celebrities. Brands usually look at

celebrities who work across their main markets.

Amitabh Bachchan and Sachin Tendulkar are the few

celebrities with national appeal.

#2 Do you see any new trends emerging in the

advertising space involving celebrities or

otherwise?

How brands use celebrities going forward will change

dramatically. Consumers will not connect with the

marketed image of celebrities. There needs to be a

more authentic and genuine brand-celebrity connection.

Consumers want to be spoken to as discerning

individuals and not starry-eyed mindless fans.

#3 What is your take on celebrity product fit? For

instance, Kalyan Jewelers by Amitabh Bachchan

and Pepsi Salman Khan.

It is very important for brands to associate with a

celebrity whose personal image and personality traits

correlate with the brand. Thus, when a brand like

Horlicks chooses to bring Tapsee Pannu onboard for

Horlicks Women, it was basically targeting to bring out

the correlation with the product’s message of providing

strength to that of Pannu’s image of a strong,

independent woman.

#4 Social campaigns like project Streedhan,

Shindoor Khela etc. did exceptionally well and

received tremendous response without a

celebrity backing. Do you think the Indian

audience is more content driven rather than

celebrity driven?

Today the Indian audience has evolved its taste and

preference. Be it movies or advertisements, the focus

is shifting towards content and less towards the face

associated with it. With campaigns like Streedhan,

which raised awareness among Indian women about

iron deficiency and Sindoor Khela, which talked about

inclusive celebration of the festival - the message was

still powerful with no celebrity association. So, in my

opinion, today good content trumps all.

#5 Do brands find it difficult to loop in celebrities

once their brand image is tarnished? For

instance, news relating Maggi.

It certainly is difficult. With stricter advertising

regulations, celebrities today are more conscious while

signing an endorsement deal. So, if the brand image is

tarnished, most celebrities would shy away from such

an association. For example, Priyanka Chopra ended

her contract with Nirav Modi’s company when

allegations of the infamous fraud sprang up. However,

with Maggi on the other hand, since it was still a cult

favorite even after their scandal, they were able to

revive their image and bring Rajkummar Rao and

Sanya Malhotra as their brand endorsers.

Duff & Phelps 47


Determine relativebrand ranking on the

basis of variousparameters

CelebrityBrand Analysis

The applicable brand multiplerepresents the capitalization

rate adjusted for recent success and popularity

ApplicableBrand Multiple

Average endorsementfee multiplied bythe number of

endorsement deals

Average AnnualEndorsement Revenue

In assessing celebrity brand value, we faced several challenges

that one would not normally encounter when valuing a

corporate brand using conventional and generally accepted

valuation methodologies. Most importantly, a celebrity brand is

not an indefinite-lived asset.

In addition, a celebrity brand cannot be monetized through a

licensing arrangement. While it may be argued that celebrities

can earn royalties from products that they have associated

their names and likenesses with, such arrangements are limited

to a few participating celebrities.

In India, similar arrangements are gaining popularity, as

explained in the section on celebrity-backed merchandising

brands. However, we have not considered merchandising

earnings in the current analysis, as the earnings from a

product brand’s endorsements would still represent the largest

contributor to a celebrity’s brand.

Further, it is important to note that as part of our analysis, we

have not taken into consideration the amount celebrities earn

from films and production houses that they run. We contend

that while these aspects do impact their earning capacity,

they have no direct bearing on the celebrity’s income from

endorsements alone. Our assessment represents the brand

value of a celebrity based purely on their earnings potential

from product brand endorsements.

In order to adequately capture the definite life of a celebrity

brand, we considered several conventional methodologies.

However, we did not think it was appropriate to simulate

increases/decreases in forward earnings in our methodology,

since the popularity of a particular celebrity is limited to the

present and the recent past. Bad brand management (e.g., a

year of flops or bad performances) by the celebrity can quickly

result in a lower demand for their services as a brand endorser.

Our assessment is based on the relative brand rankings of

celebrities, average endorsement fee rates, number of annual

endorsements and applicable brand multiples.

Valuation Methodology

Duff & Phelps 48


Celebrity Brand Analysis

There are several sources and agencies that use proprietary

tools and methodologies to rank celebrities. For our

assessment, we have used a combination of rankings

available in the public domain. However, over the course of our

discussions with experts from the celebrity endorsement

industry, we found that several of these rankings ignore a

celebrity’s social media involvement. Social media may not be

the most important aspect when selecting a celebrity, but it

plays a huge role in building credibility and in developing a fully

engaged fan base. Some celebrities have achieved reasonable

success with carefully planned social media programs.

120.0

100.0

80.0

60.0

40.0

20.0

-

• 2017 • 2018 • 2019

Virat Kohli Akshay Kumar Deepika Padukone Ranveer Singh Shah Rukh Khan

72.7

90.0

112.

8

61.1

76.3

90.9

75.9

87.1

100.

9

26.4

36.8

51.6

54.2

81.1 87

.8

24.5%

CAGR

5.3%

CAGR

39.8%

CAGR

27.3%

CAGRCAGR22.0%

No

of F

ollo

wer

s (m

n)

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

*CAGR: Compounded Annual Growth Rate

Source: Duff & Phelps Analysis

Duff & Phelps 49


Our celebrity social media rankings are based on the number

of Twitter, Facebook and Instagram followers and the

engagement per post provided by our partner, Meltwater.

As per Meltwater, the engagement per post metric is computed

by considering all forms of engagement (reactions, comments

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.

The table above shows the social media presence for the

top celebrities in India as of November 2019. Our concluded

celebrity brand rankings are based on a weighted average of

the social media presence and various rankings from sources

available in the public domain. The celebrity brand rank so

computed has been accounted for in the popularity index

adjustment (see “Applicable Brand Multiple” section).

Rank CelebrityTwitter Followers

Facebook Followers

Instagram Followers

Total Followers (in Mn)

Engagement per Post (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

“Cricket and Bollywood are the

two national passions for India.

These celebrities have a god-like

status and are part of a diverse

sphere of conversations online -

from press coverage to fan

accounts and from serious discussion forums to meme

pages. Celebrities are the fodder that feeds creativity

and conversations of the masses. Celebrities who

embrace this influence with well-crafted social media

strategies can maintain relevance, build more intimate

relationships with fans, and also garner real-time

feedback on their work. Today, the relevance of a

celebrity is not guesswork but a measured reality within

a few clicks.”

Jaagriti Seth

Director – India

Meltwater

Duff & Phelps 50


Average Annual Endorsement Revenue

Average annual endorsement revenue is computed as the

product of average endorsement fee and the number of

endorsement deals for each celebrity.

In estimating the average endorsement fee, we partnered

with the Indian Institute of Human Brands and also consulted

industry experts from talent management agencies, advertising

agencies, as well as leveraged secondary sources such as

news and media articles.

The number of endorsement deals for each celebrity is

primarily based on actual advertisements on television, in print

media and on social media. We have also considered various

secondary sources as part of our research.

Applicable Brand Multiple

This brand multiple represents the rate of capitalization for

celebrity brands, adjusted for the following parameters:

• Age: We have adjusted for the age of the celebrity in

conjunction with the current and typical peak age. Although

there are few female celebrities over the age of 40 who

continue to endorse products, it should be noted that

stars such as Kajol are active brand endorsers despite not

making it to the list of top celebrity endorsers. On the other

hand, aging male celebrities in India continue to remain

in high demand for endorsements, mainly driven by a late

peak age and continued film successes. For example,

77-year-old Amitabh Bachchan continues to remain among

the most sought-after celebrities for endorsements.

• Recent success: This factor is analyzed by reviewing the

number of hits (good performances) versus the number of

flops (bad performances) a celebrity has had over their last

10 movies.

• Popularity index: This adjustment index is computed

by looking at celebrity brand rankings (based on data

from social media platforms, Forbes, etc.) and average

secondages per product brand per month.

Celebrity Brand Value

Finally, celebrity brand value has been computed as the

adjusted average annual endorsement revenue earned by

a celebrity (after deducting relevant costs, including taxes)

multiplied by the adjusted celebrity brand multiple so derived.

Duff & Phelps 51


700

600

500

400

300

200

100

0

2017

42 61

63

67

171

102

47

93

106

144

2018 2019

66

93

93

104

237

• Virat Kohli • Akshay Kumar • Deepika Padukone • Ranveer Singh • Shah Rukh Khan

Brand Value of Top 5 Celebrities (USD Mn)

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.

Indian skipper Virat Kohli has proved time and again that

he commands the international cricket like no one else.

The number one ODI and Test batsmen has maintained the

top position in our rankings, which can be attributed to his

extraordinary on-field performance and off-field charisma.

He is the most valuable celebrity brand in India, with brand

value of USD 237 mn. The “run machine” enjoys a massive fan

base across the globe and has become the primary choice of

product brands to engage and attract consumers. He also tops

the social media presence and has the best engagement rate.

The “Khiladi” of Bollywood, Akshay Kumar has jumped one

spot to the second position with a brand value of

USD 104 mn. With back-to-back blockbuster movies, Akshay

Kumar has been able to increase his brand value primarily

due to his extraordinary on-screen performance and is widely

considered as the most successful star in his league. The

National award-winning actor has come a long way in the

industry, shifting from action to comedy and now majorly

taking up socially relevant movies. Further, the actor is often

celebrated as one of the fittest actors of Bollywood.

Valuation Conclusion

Duff & Phelps 52


We have the power couple Deepika Padukone and Ranveer

Singh tied at the third spot this year, each with a brand value of

USD 93 mn.

Deepika Padukone has retained her most valuable female

celebrity status for the second time in a row. With its unique

positioning, brand Deepika Padukone can be expected to

remain a favorite for the product brands in the coming year.

What also helps is her caliber to enact myriad different roles,

and thus being able to cater to different brands and target

audiences.

And our “Gully Boy” Ranveer Singh, with a power-packed

performance this year, has moved a rank up to join Deepika

Padukone at the third position. Known for his unconventional

and outlandish style, Ranveer Singh has rightly been called

“The People’s Superstar”.

Further, Ayushmann Khurrana debuts on our list at the 10th

position. The versatile actor is becoming one of the most

credible and bankable actors of Bollywood, having delivered

back-to-back hits. From startups to mobile, from personal

grooming to clothing, from deodorants to watches, Ayushmann

Khurrana is endorsing more than a dozen top brands.

Association with a celebrity for a brand endorsement is

typically to create wider awareness among the audience

through the celebrity’s own personality. The millennial and

Gen Z stars are on the rise, bagging a significant number of

endorsements owing to their popularity and influence over their

target audiences. With a combination of their unique personal

attributes, new stars Ayushmann Khurrana, Tiger Shroff and

Kriti Sanon (among many more) seem to be the new faces of

multifaceted brands as we enter the decade of NEW IS GOLD.

“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


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

The Pseudo Awards is a work of fiction and is meant only as a

tribute from the Duff & Phelps (DPIPL) team to the awardees

for their notable achievements in the year 2019. DPIPL has

evaluated ‘achievements’ on various parameters that have

created a significant impact including their performances in

movies, endorsements, their career graph, among others.

Award titles are purely a work of fiction and any resemblance

of the Pseudo Award titles to actual products, brands, events

or persons, living or dead, is entirely coincidental. The Pseudo

Awards is not based on factual data and is not an endorsement

of the awardees in any manner. DPIPL is not liable or

responsible for any decision that you may take based on the

Pseudo Awards.

Duff & Phelps 54


The Golden Bicycle

Award

Akshay Kumarfor being the topmost brand endorser of

healthy living, and for inspiring millions by his

impactful movies and endorsements.

The Choti City

Bada Talent Award

Ayushmann Khurranafor cracking the formula of playing an

underconfident small-town boy to perfection

time and again, and for being widely referred

to as “Mr. ROI” by his colleagues.

The Kodak Award

Deepika Padukonefor ‘capturing’ the imagination of her fans

from both a reel and a real standpoint,

and for continuing to ‘click’ magic with her

performances over the years!

The #burrahhhh

Award

Diljit Dosanjhfor successfully balancing Punjabi and Hindi

movies, and for creating a niche for himself

in the latter space as well.

The Mitron Award

Kartik Aaryanfor being the go-to man for

speeches in Bollywood.

The Honeybee

Award

Kriti Sanonfor spreading ‘sweetness’ in memorable

and successful performances in movies like

Bareilly Ki ‘Barfi’ and “Houseful 4”.

The Airline Miles

Award

Priyanka Choprafor being the one true blue global icon from

the Hindi cinema who has established a

strong foothold in the West today.

The Bollywood

Award

Ranveer Singhfor his incredible journey from (potentially)

being the biggest fan of Bollywood to now

RULING IT!

The Black Label

Award

Shahid Kapoorfor delivering a career-best

’tipsy’ on-screen performance.

The Fire and Ice

Award

Taapsee Pannu

Bhumi Pednekar for beautifully ‘balancing’ each other’s craft

in their memorable characters in

“Saand Ki Aankh”.

The Beanbag

Award

Tiger Shroff

for being able to take up any shape

while exercising and dancing,

both on- and off-screen.

The High-Flyer

Award

Vicky Kaushal

for keeping the Josh high throughout the

year with his National award-winning

performance in “Uri”.

55Duff & Phelps


The analyses and estimates presented in this report are based

on extensive research on secondary sources of information and

are limited primarily to discussions with industry participants.

We have not undertaken any independent verification or carried

out any due diligence on the data used or considered, nor have

we verified its factual accuracy in the current context. Brand

values may differ based on actual information available with

agencies that engage with celebrities directly. The conclusions

provided in this report shall not be construed as marketing

advice, and the valuations provided shall not be used for any

purpose other than general research and media consumption.

Duff & Phelps and its affiliates expressly disclaim all liability

for any loss or damage of whatever kind that may arise from

any person acting on any information and opinions or analyses

relating to the valuations contained in this report.

The valuation of intangible assets is not a precise science,

and the conclusions arrived at in many cases will of necessity

be subjective and dependent on the exercise of individual

judgment. There is therefore no indisputable single value, and

we normally express our opinion on the value as falling within

a likely range. However, for the said purpose, we have provided

a single value. Under normal circumstances, our assumptions

and methodologies are supplemented by discussions with the

management and insights provided by them on the most likely

course of business/brand over the near term. Our current

assumptions for the valuation are based on information derived

and analyzed from a combination of primary interviews and

secondary sources. Accordingly, our assessment and estimates

are based on market perceptions and the most likely trends of

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.

Limitation of the Study

Duff & Phelps 56


Star Cast

Capturing the Trends

Khyati Gujrathi

Working with Numbers

Vedant Rathi

Scanning the Market

Aditi Sharma

In-talks with Industry

Aakriti Gupta

Credits

Writing & Direction

Writing the Script

Vibhor Nayar

Directing the Show

Aviral Jain

Marketing & Distribution

Designing it All

Rakesh Shetty

Spreading the Word

Disha Hoskote

Production & Quality

Censor Board

Gary Roland

Production Leader

Varun Gupta

Duff & Phelps 57

About Duff & Phelps

Duff & Phelps is the global advisor that protects, restores and maximizes value for clients

in the areas of valuation, corporate finance, investigations, disputes, cyber security,

compliance and regulatory matters, and other governance-related issues. We work with

clients across diverse sectors, mitigating risk to assets, operations and people. With Kroll,

a division of Duff & Phelps since 2018, our firm has nearly 3,500 professionals in 28

countries around the world. For more information, visit www.duffandphelps.com.

© 2020 Duff & Phelps, LLC. All rights reserved. DP200002

M&A advisory, capital raising and secondary market advisory services in the United States

are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is

a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary

market advisory services in the United Kingdom are provided by Duff & Phelps Securities

Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. M&A

advisory and capital raising services in Germany are provided by Duff & Phelps GmbH,

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

Securities and Exchange Board of India.

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Valuation Advisory Services

[email protected]

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Managing Director

City Leader, New Delhi

[email protected]

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