And so, it happened. According to the global brand valuation firm Brand Finance, Apple has lost its title as the most valuable brand in the world to global eCommerce and tech giant Amazon after a two years streak.
Overtaking Apple in the top spot is Amazon despite its brand value falling 15% this year from $350.3 billion to $299.3 billion, said the report. The company held the title in the 2020 report with a value of $220.8 billion but lost ground to Apple in 2021 and 2022.
Apple only came second this year with a value of $297.5 billion, down by 16.2% yearly.
“Technology brands across the world have lost significant value in response to shifting demand patterns,” said David Haigh, Chairman and CEO of Brand Finance.
He added that “inflation has affected brands across many sectors, but as consumer habits partially revert to pre-pandemic patterns, demand for the services of technology brands has been hit particularly hard. Additionally, disrupted supply chains, labor shortages, and greater obstacles to financing have left their mark.”
Apple bested a total of 48 tech brands that featured in the ranking, two down from the 50 places in 2022 after Snapchat and Twitter dropped out due to issues they faced the last year.
There are other tech-focused brands to lose value, including Korean brand Samsung Group (brand value down 7% to $99.7 billion), Chinese brands Alibaba.com (brand value down 56% to $10.0 billion) and WeChat (brand value down 19% to $50.2 billion), as well as Facebook (brand value down 42 percent to $59.0 billion).