Celebrity brand valuation report 2020 embracing the new normal

Embracing the New Normal
C E LE B R IT Y B R A N D VA LUATI O N R E P O R T 2 0 2 0

Celebrity Brand Valuation Study 2020
Contents
01 Foreword____________________________________________________________ 03
02 Celebrity Brand Values________________________________________________ 04
03 Celebrity Brand Ranking_______________________________________________ 05
04 Introduction__________________________________________________________ 06
Media and Entertainment Industry
Segment Highlights
Overview of Celebrity Endorsements
Celebrity Endorsement Highlights
05 Key Trends in Celebrity Endorsement Space_____________________________ 16

Rise of Sports Celebrities
Education Technology (EdTech) and Celebrity Endorsers
06 Industry Speaks______________________________________________________ 29
07 Valuation Methodology________________________________________________ 34
08 Valuation Conclusion_________________________________________________ 38
Duff & Phelps 2

Dear Reader,
It gives me great pleasure to present the sixth edition of our study on India’s most valuable
celebrity brands. The theme of this year’s study is, “Embracing the New Normal,” which
recognizes the impact of COVID-19 not only on our brand value rankings but on the
entire celebrity endorsement space. Celebrity power continues to hold value in a country
where movie and sports stars are widely followed and often seen as role models. This
year, brands turned to social media and online platforms, thereby redefining the entire
advertising mix.
We witnessed several digital platforms paving a new path for celebrity collaborations.
With stars from multiple verticals such as music, comedy, movies and sports, these
platforms aim to connect brands with potential brand ambassadors in an authentic and
personalized manner. This also led to a shift from established celebrities to up and coming
and buzzworthy influencers across the advertising and media industry over the past year.
Our 2019 report, “New is Gold,” recognized Virat Kohli’s reign at the top for the third
year in a row, followed by Akshay Kumar and the power couple Deepika Padukone and
Ranveer Singh.
The trend continued this year, with Kohli, Kumar and Singh retaining the top three positions
in our rankings and continuing to be the primary choice of product brands seeking to
engage and attract consumers. While established celebrities continue to dominate our
rankings, notable millennials continue to climb the ladder. The overall brand value of the
top 20 celebrities in 2020 is estimated at USD 1 billion (bn), a decline of about 5% from
last year.
Meanwhile, it has been an exciting year for Duff & Phelps. We achieved carbon neutrality
across all our 25 global offices and are now a CarbonNeutral®
company, certified in
accordance with The CarbonNeutral Protocol. Duff & Phelps expanded its Business
Services division globally with the acquisition of Blackrock Expert Services Group, a
London-headquartered disputes and expert advisory specialist firm of construction,
technology, accounting and financial services professionals. Duff & Phelps also acquired
Borrelli Walsh, a leading specialist restructuring, corporate recovery, insolvency and
forensic accounting firm. The combination of Duff & Phelps and Borrelli Walsh strengthens
the firm’s restructuring offerings for clients in Asia, the Caribbean and around the world.
Last year, we released our insights on IPL brand valuation, titled “COVID-19 Impact on
IPL Ecosystem Value.” 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
Foreword
Duff & Phelps 3

Celebrity Brand Values
3.
Photo
Courtesy:
BCCI
Photo
Courtesy:
Dabboo
Ratnani
Photo
Courtesy:
Errikos
Andreou
2.
1. Virat Kohli
Virat Kohli consistently tops the charts for the fourth time in a row
as India's most valued celebrity with a brand value of USD 237.7 mn.
Akshay Kumar
Akshay Kumar retains his second
position from last year, with a
brand value of USD 118.9 mn.
Ranveer Singh
Heartthrob Ranveer Singh takes
up the third position with a brand
value of USD 102.9 mn.

Celebrity Brand Ranking
Celebrity 2020 Brand Rank Brand Value (USD mn) 2019 Brand Rank1
Virat Kohli 1 237.7 1
Akshay Kumar 2 118.9 2
Ranveer Singh 3 102.9 3
Shah Rukh Khan 4 51.1 5
Deepika Padukone 5 50.4 3
Alia Bhatt 6 48.0 7
Ayushmann Khurrana 6 48.0 10
Salman Khan 8 45.0 6
Amitabh Bachchan 9 44.2 8
Hrithik Roshan 10 39.4 11
Mahendra Singh Dhoni 11 36.3 9
Varun Dhawan 12 35.2 12
Anushka Sharma 13 26.7 18
Kareena Kapoor Khan 14 26.6 19
Tiger Shroff 15 26.3 17
Aamir Khan 16 26.2 16
Rohit Sharma 17 25.7 20
Ranbir Kapoor 18 25.2 14
Priyanka Chopra 19 15.9 13
Kartik Aaryan 20 14.9 New
USD 1.0 bn
1
Previous rank as determined in the fifth edition of this report, titled “New is Gold,” published in February 2020
Duff Phelps 5

The COVID-19 pandemic has resulted in an economic
slowdown, which in turn had a severe impact on the Indian
media and entertainment (ME) industry. In FY20 (i.e., year
ended 31 March 2020), the Indian ME sector reached
a size of INR 1,751 bn, a growth rate of 7% over the past
year, as compared to a 13% growth rate registered in the
previous year.
According to a KPMG report, “A Year Off Script,” the
Indian ME sector is expected to contract by 20% in
FY21 to INR 1,402 bn, with segments like TV, print and
film impacted the most. The sector is expected to reach a
market size of INR 1,866 bn by FY22 and a CAGR of 3.2%
over FY20-22, owing primarily to the growth in the digital
segment (now the third largest segment), ease in lockdown
restrictions and the festive season in Q3 2020.
With COVID-19 gripping the entire nation, the ME
sector took a hit and witnessed significant slowdown in
advertising spends post March 2020 as traditional media
and outdoor entertainment formats were severely impacted
by lockdown and travel restrictions.
As per a report issued by Dentsu Aegis Network2
, FMCG
spent the highest amount on advertisements across various
channels, amounting to INR 201.8 bn or 29.5% of the total
market share. The e-commerce industry made the second
largest contribution of 10.1%, followed by the automotive
industry (8.5%) and consumer durables (5.9%).
Media Entertainment Industry
TV
778
714
652
596
306
308
319
333
86
121
173
218
183
183
159
145
101
62
74
88
90
62
44
32
31
29
32
34
25
24
26
28
19
13
14
17
900
800
700
600
500
400
300
200
100
0
Print Digital Films Animation
and VFX
Gaming OOH Radio Music
• FY 17 • FY 18 • FY 19 • FY 20
ME Industry - Market Size (INR bn)
Source: KPMG “A Year Off Script: India’s Media and Entertainment Report 2020”
FY: April 1 to March 31 of respective years
Introduction
2
Dentsu Aegis Network India: “Digital Advertising in India 2020”
Duff Phelps 6

While TV remains the largest segment in the advertising
space, digital continues to be one of the fastest growing
segments. During the fiscal year 2020, digital advertising
marginally overtook print to be the second largest segment,
as the latter continues to be negatively impacted by the shift
toward digital, especially as a result of COVID-19.3
Television
• Advertising revenues increased by 4.2% in FY20,
reaching INR 262 bn, primarily driven by three major
events in the given timeline: the Indian Premier League,
the national general elections and the ICC Cricket World
Cup 2019. These events increased TV viewership,
leading to more ad content through this medium. While
TV viewership saw a sharp growth in the lockdown,
advertising spends saw a decline during this period as
many industries advertising were adversely impacted.
• With OTT on the rise among audiences and the
disruption this pandemic has brought to the outdoor
shoots, the TV segment is expected to decline by
8.9%, from INR 778 bn in FY20 to INR 708 bn in FY21.
Meanwhile, in FY22, TV is expected to recover as
revenues are expected to grow at 8.6% from INR 708 bn
to INR 769 bn, considering a potential shift in ad spends
from print and out of home (OOH) segments to TV.
Segment Highlights
3
KPMG India: “A Year Off Script: India’s Media and Entertainment Report 2020”
Duff Phelps 7

• Digital continues to perform well, registering a growth
rate of 26% in FY20, mainly attributable to the increase in
subscription revenues of various OTT platforms, from INR
12 bn in FY19 to INR 19 bn in FY20, a growth rate of 47%.
• Digital advertising revenues continued to increase at a strong
rate of 24% in FY20, reaching INR 199 bn, mainly due to
the growing popularity and ease of access of this segment.
• Advertising revenues declined by 10.3% in FY20, reaching
INR 198 bn, primarily due to a decline in circulation of
English newspapers and magazines given the emergence
of digital media, where the penetration of English-based
content is the highest.
• Overall the print segment suffered a decline of 8.3%
in FY20 reaching INR 306 bn. Going forward in FY21,
COVID-19 is expected to significantly impact the growth
trajectory of this segment considering that since the
national lockdown had been enforced in March 2020,
many readers were skeptical of doorstep dailies in fear
of contracting the virus which has led to an overall
decline in circulation.
Digital Print
8

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—a fixed fee and term
engagement model or a 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 (IP) is partly or
fully owned by the celebrity and the partner operates under
a profit-sharing model. Usually, an annual endorsement
contract includes the celebrity’s availability for two to four
days (eight hours a day), during which time the advertiser
may schedule an event, a photo ad shoot or a video ad
shoot depending on the campaign.
Brands, with the requisite budget, targeting the utilization
of a celebrity for multiple campaigns usually block the
celebrity for a higher number of days in the contract to get
a better cost-per-day deal. There is also an annual floor
“cost of association,” which factors in a minimum number of
days, irrespective of actual utilization 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 payments, celebrity endorsement
contracts may also include an “in-kind” payment. The product
Overview of Celebrity Endorsements
Duff Phelps 9

being endorsed is supplied to the celebrity for free for a
specific term. This is particularly prominent in 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 advertisement’s
production. 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.
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, which
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
symbol. Celebrities with a high stature often prefer to endorse
a company that matches their own status. Endorsing a product,
which can be hazardous to health such as carbonated and
alcoholic beverages, cigarettes, etc. creates a negative impact
on the celebrity’s image. Celebrities tend to charge a much
higher endorsement fees for such products.
Duff Phelps 10

One of the biggest changes during the lockdown is that
celebrity brand engagements have become more digital-
oriented now. An endorsement deal would traditionally focus
more on in-person offline appearances at launch events,
shoots, fan engagements and shows, which constitutes
about 80% of the earnings. With that now gone, a celebrity’s
deliverables remain restricted mostly to digital (especially
during lockdown), which constitutes up to 5% of the total fee.
The fact that advertising and marketing budgets have been
reduced drastically in some cases reflects that the Indian
celebrity’s endorsement space might see a reduction of
15% to 20%.4
In the current scenario, brands and celebrity endorsers are
discussing innovative ways of collaboration. With limited
access to the traditional methods of advertising, many
celebrities have switched to shooting in their homes, with
limited or no access to professional sets and equipment. We
witnessed Karan Johar’s “Shot at Home” ad for Godrej Expert
Hair Color and Ayushmann Khurrana’s Kitkat advertisement
revolving around the new normal. Moreover, many celebrities
have also shot their cover photos for various magazines at
home, proving that the Indian ME industry has adapted to
the pandemic shock over time.
An industry spokesperson elaborated, “With the new normal,
brands are taking things up a notch by rejigging the existing
structures, celebrities are doing their own makeup, houses
have become the new studios, advertisements are being shot
without physically gathering of actors with more emphasis on
working smarter given the revised marketing spends. Social
media is the new currency and brands are experimenting. Ads
have been democratized with every brand having the opportunity
to choose and experiment with different artistes in the digital
space on different target audience across different platforms
with their revised budgets. While the bigger endorsement
campaigns involving A-listers have shrunk in the past six-
months, industry experts feel the curve may change in the
coming months. Even for existing campaigns, the timelines
have been revised but not cancelled and certain brands
continue to stay loyal to the established celebrities and their
marketing strategies.”
COVID-19 and the Celebrity Endorsement Space
“The days of basic collaboration deals are
in the past. Celebrities have become more
informed and surer of the products they wish
to endorse, and are aligning themselves to the
brand and the target audience while keeping
in mind that the communication is an extension
of their personalities. Even brands are seeking
more involvement and immersive digital
content from their endorsers. Specially
in the time of COVID-19, penetration of digital
OTT platforms and escalation of social media
have increased as a marketing tool. Celebrities
have continued to actively endorse products
and services during the pandemic, while also
being socially aware. An example would be
Kohli’s recent association with Vize sanitizers,
where he promoted the use of sanitizers to
prevent the spread of COVID-19. He chose to
donate all his profit to proceeds to help those
affected by the pandemic.”
Jogesh Lulla
Chief Operating Officer
Cornerstone
4
Media story by Times Now News
Duff Phelps 11

COVID-19 also saw several creative non-celebrity
advertisements. One such noteworthy advertisement
is that of Cadbury Dairy Milk. The company recently
launched an online campaign promoting indigenous
vendors during Diwali. Every time the ad is viewed by
someone in Ahmedabad, Delhi, Indore, Lucknow, Mumbai
or Pune, it displays the local stores carrying the product.
This prompts users to buy from these stores. Other brands
like Airtel, Zomato and Unacademy have also launched
various ad campaigns promoting social messages during
the pandemic.
As the country emerged from the shadows of lockdown,
there was a new mindset being instilled among fellow
citizens on “Be Indian buy Indian brands” to create a wave
of self-reliance and boost the economy. This was reflected
in social media campaigns as well as new start-up ventures
by celebrities. In October 2020, Alia Bhatt launched her
own sustainable kids clothing venture called Ed-a-Mamma.
The brand focuses on a range of naturally sourced ethical
clothing for children in the age group of 2-14 years. The
clothes are environment friendly, made from natural fibers
with plastic free buttons and trims, echoing Alia’s vision of
nurturing a love for nature among children. More importantly
it is also positioned as a home-grown, ‘vocal for local’
brand striking the right chord with new consumer preferences
in a post COVID-19 era.
Photo
Courtesy:
Alia
Bhatt
Instagram
handle
12
Duff Phelps

Top Segments Using Celebrity Endorsers
Personal Care Food and Beverages E-Commerce Healthcare Automotive
Top Advertising Product Brands
Lux Soap Boost Byjus Vicks TVS
Harpic Bingo MPL Volini Hero
Santoor Sunfeast PhonePe Mankind Kia
Godrej Fortune Flipkart Suthol Apollo Tyres
Colgate Lays Myntra Zandu Nityam Toyota
Top Endorsers
Akshay Kumar Virat Kohli Shah Rukh Khan Virat Kohli Amitabh Bachchan
Kareena Kapoor Khan Ranveer Singh Virat Kohli Amitabh Bachchan MS Dhoni
Anushka Sharma Akshay Kumar MS Dhoni Akshay Kumar Virat Kohli
Alia Bhatt Salman Khan Aamir Khan Kareena Kapoor Khan Ayushmann Khurrana
Varun Dhawan MS Dhoni Alia Bhatt Hrithik Roshan Tiger Shroff
As part of our analysis, we examined the top 20 celebrity
brands in India. These celebrities endorsed over 300 product
brands across 20 different industry segments during the
12 months ending November 2020. Some of the key
highlights of the research are presented below:
Celebrity Endorsement Highlights
Source: TAM media data for the period December 2019 to November 2020, Duff Phelps analysis
Rankings are based on secondages—The number of seconds the celebrity appears on TV for a product brand—on TV Channels
Television Endorsements
Duff Phelps 13

Top Segments Using Celebrity Endorsers
E-Commerce Food and Beverages Personal Care Automotive Smartphones
Top Advertising Product Brands
Upgrad Kwality Walls Nivea Tata Motors Realme
Dream11 Too Yumm Garnier Gulf iQOO
Uber Premier Pepsi TRESemme Kia Oppo
PhonePe Snicker Maybelline TVS Vivo
Tiktok Thums Up Godrej Apollo Tyres Samsung
Top Endorsers
Rohit Sharma Alia Bhatt Anushka Sharma Akshay Kumar Salman Khan
Virat Kohli Virat Kohli Alia Bhatt MS Dhoni Virat Kohli
MS Dhoni Salman Khan Ranveer Singh Tiger Shroff MS Dhoni
Aamir Khan MS Dhoni Tiger Shroff Amitabh Bachchan Aamir Khan
Ayushmann Khurrana Ranveer Singh Ayushmann Khurrana Alia Bhatt Ranbir Kapoor
We also analyzed the digital presence of the top 20
celebrities on more than 100 websites like YouTube, Zee,
Rediff, Yahoo, MSN, BBC, etc. As compared to advertisement
on television, the digital advertisement space is expected
to witness an explosive growth (CAGR of 27.4% from 2019
to 2025, compared with YoY growth from 2019 to 2020
of 10% for television)5
. Some of the key highlights of the
research are presented below:
Digital Endorsements
Source: TAM media data for the period December 2019 to November 2020, Duff Phelps analysis
Rankings are based on secondages—The number of seconds the celebrity appears on TV for a product brand—on TV Channels
5
Dentsu Aegis Network India: “Digital Advertising in India 2020”
Duff Phelps 14

Product Brand Endorsements by the Top 20 Celebrities
Source: Duff Phelps’ analysis based on endorsements of the top 20 celebrities
400
350
300
250
200
150
100
50
0
CAGR – 16.3%
Y-o-Y – (3.5%)
2016
235
2017
272
2018
314
2020
357
2019
370
Cumulative Number of Endorsements by Top 20 Celebrities
The cumulative number of product brand endorsements
by the top 20 celebrities increased from 235 in 2016 to
370 in 2019, representing a CAGR of 16.3% over the last
four years. However, due to the pandemic and subsequent
lockdown restriction we saw the number of endorsements
declined from 370 in 2019 to 357 in 2020 for the top 20,
showing a decline in the growth rate of 3.5%.
Duff Phelps 15

While COVID-19 did put a temporary halt on spending
power, marketers continue engaging with celebrities to
reach the masses and amplify their brand presence. With
uncertainty lurking, multiple permutations and combinations
are being adopted by agencies and businesses to
capture the attention of audience. With a massive shift
of consumers to digital and OTT especially during the
pandemic, the demand for digital ads has spiraled. OTT
stars and influencers are currently sharing the spotlight
for digital ads.
Brands are aggressively leveraging social media
platforms and inclining towards influencer marketing.
Existing influencers for each industry and celebrities
with a strong social media presence are becoming big
beneficiaries. Ads have been democratized, with every
brand having the opportunity to choose and experiment
with different influencers on different target audiences
across different platforms with their revised budgets.
“The Social Need”
Over the last six months, celebrities have been continuously
engaging with their fans through live chat sessions, short
films, hashtag challenges etc. Even brand management
agencies have adopted creative and unique marketing
strategies. Recently, Flipkart roped in actor Varun Dhawan
to promote its stay-at-home reality show, Entertainer No.1,
launched under Flipkart Originals. The actor was seen
posing in his shot-at-home ads, driving home the show’s
concept of creativity while social distancing.
The COVID-19 pandemic has also highlighted that a
strong social media presence is no longer a “good to
have” but rather a “must have” in the celebrity endorsement
space. Certain celebrities like Kumar, Amitabh Bachchan,
Sonu Sood have gained immense appreciation for their
philanthropic contributions during the pandemic as they
were seen spreading public awareness about COVID-19
through their social media handles.
In 2020, we also saw Kareena Kapoor Khan joining
Instagram to cater to the growing demand from both her
fans and advertisers. She has 5.5 mn followers within 42
weeks of her joining Instagram, a testament to her strong
popularity.
The top five gainers (from the top 20 Celebrity Brands6
) in
the number of followers across social media platforms are
listed below:
Key Trends in the Celebrity Endorsement Space
Celebrity December 2019 (mn) November 2020 (mn) Annualized Growth
1 Tiger Shroff 30.1 57.2 107.7%
2 Kartik Aaryan 14.5 24.3 82.1%
3 Ayushmann Khurrana 17.4 27.0 69.5%
4 Akshay Kumar 90.9 133.4 60.1%
5 Virat Kohli 112.8 165.0 59.6%
Source: Duff Phelps research
6
As per Celebrity Brand Valuation Report 2019 titled ‘New is Gold’ issued by Duff Phelps in February 2020
Duff Phelps 16

Ayushmann Khurrana, known for movies with social
messages, has also recently been appointed as UNICEF’s
celebrity advocate for children’s rights campaign, joining the
likes of former football legend David Beckham. It is believed
that his social media reach and following among the masses
will help in creating greater awareness around the risk of
violence and abuse against children.
Not only has Ayushmann been endorsing several brands
during the lockdown, he has also kept his fans entertained
with his poetry on Instagram, leading to an increase in his
followers by 69.5% (annualized) from 17.4 mn December
2019 to 27.0 mn in November 2020.
With his affable and boy-next-door image, Ayushmann
makes it easier for the audience to connect with him. Along
with socially relevant issues, he talks through his movies
and brand advertisements, the message reaches the public
‘loud and clear’ and stays beyond screen time.
Given the indefinite absence from the silver screen, it will
be interesting to see how celebrities continue to engage
with their followers and how advertisers continue to adopt
creative advertising strategies.
Photo
Courtesy:
Shivam
Gupta
Duff Phelps 17

Instagram has unequivocally emerged as the most
entertaining and engaging platform in recent times, owing
to the plethora of content and creative visual aids available
on the platform. Owing to its popularity among the millennials,
even A-list celebrities are often seen posting frequently
on Instagram.
With the ban of TikTok in India, Instagram also launched
its own short video feature called Reels. The new feature
lets users create videos on the app, add creative filters
and music, and share it beyond their regular followers.
While we have seen these celebrities’ following increase
over all three social media platforms, Facebook, Instagram
and Twitter, we take a closer look at the Instagram
engagement of the top five celebrity brands.
While these celebrities’ followers count reflects their
likeability among their fans (who are curious to know
about their lives), the engagement index displays how much
their fans find their content gripping and appealing. Brand
companies look at both these metrics to decide on their
campaign and marketing strategies and judge the level of
likeability and influence these celebrities may have on their
target customers.
7

Quality audience: reflects the number of followers whose activity is not identified as suspicious. We observe that the quality audience count has increased
for our top five celebrities during the last year.
8

Engagement rate (ER): denotes the percent of the audience who like or comment on the posts (engage with the content). We observe that while the
engagement rate for celebrities like Ranveer Singh and Virat Kohli has decreased, the ER rate has increased significantly for celebrities like Akshay Kumar,
Deepika Padukone and Shah Rukh Khan.
Celebrity Quality Audience7
(mn)
(Dec 2019)
Quality Audience
(mn)
(Dec 2020)
Engagement
Rate8
(Dec 2019)
Engagement
Rate
(Dec 2020)
1 Virat Kohli 41.9 75.1 6.0% 3.3%
2 Akshay Kumar 29.6 41.8 2.0% 2.0%
3 Ranveer Singh 23.9 27.3 3.2% 1.5%
4 Shah Rukh Khan 15.8 19.1 4.3% 5.0%
5 Deepika Padukone 34.8 41.0 0.9% 3.3%
The #Instagram Story
Source: HypeAuditor Report
Duff Phelps 18

The table below highlights product brands that have
garnered the maximum digital Impressions and brand
mentions over 2020 for the top five celebrities. A digital
impression is the number of times the content is shown in
a user’s social media feed whereas a brand mention means
a brand is referenced, or “mentioned” on the web. Hence,
“impressions” depict brand awareness, while “mentions”
portray the engagement between the celebrity and the
brands. Amongst all such endorsements, Flipkart (based
on digital impressions), Byju’s and GoQii (based on brand
mentions, with and without Twitter) appear to have created
the maximum impact on digital media.
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Digital
Impressions
(Mn)
Brand Mentions (Thousands)
A and B denote the top 2 brands pertaining to the featured celebrity with maximum digital media impact.
0 5 10 15 20 25
A
A
B
A
B
B
A A
B B
Top 5 Celebrities: Product Brands with Maximum Digital Media Impact
Virat Kohli Akshay Kumar Ranveer Singh Shah Rukh Khan Deepika Padukone
Audi Q2 (A) GoQii (A) Bingo (A) Hyundai Creta (A) Flipkart (A)
MRF (B) Kurkure Snacks (B) Redmi Note 7 Pro (B) Byjus (B) Louis Vuitton (B)
Source: Meltwater and Duff Phelps analysis
Social Media Influence
Duff Phelps 19

“The last year has shown the biggest spike
in digitization, automation, and creation of
technology solutions globally, including in
India. Even a 7 year-old has adopted digital-first
education in COVID-19 times. For the expanse
and depth of internet consumption, these have
been unprecedented times. Brands that took
stock of the crisis and monitored trends and
consumer psychographics have emerged as
profitable winners in 2020.
Social media monitoring and listening have
been pivotal in creating healthcare, sanitary
and COVID-19 safety-compliant products and
services. Brands that use services like digital
monitoring efficiently to stay on top of trends
have seen growth. We also noticed that brand
campaigns built on social insights gain more
traction and conversions, especially true for
brands that used influencers and celebrities as
authentic authority figures to drive messaging.
With the film and production industry on hold—
remote influencer campaigns have been success
drivers for marketing. Our consumption patterns
across demographics have changed, and some
changes are here to stay. Brands that still fail
to understand and optimize digital mediums are
missing out on the digital revolution.”
TCA Jayant
Managing Director
India South Asia
Meltwater
Duff Phelps 20

While the lockdown halted brand shoots and affected many
celebrity endorsement deals, social media influencers saw
an opportunity to promote their content and increase their
following base.
In a global report issued by Kroll, a division of Duff Phelps9
,
the survey highlighted that more than a fifth (22%) of
marketers at FMCG companies spend USD 1.1 mn-USD
5 mn on influencer marketing. The survey found that nearly
half (46%) of respondents expect to spend 31%-50% of
their total marketing budget on influencers by 2021. This
reflects an increase of more than 20% compared to the
average advertising spend on influencers in 2018-2020,
indicating the influence of strong online presence.
In India, not just Bollywood celebrities, but other well-
known names are also emerging as influencers in 2020.
One such example is Mira Kapoor, wife of actor Shahid
Kapoor, who is now a top celebrity influencer. She has
made a mark on Instagram as a lifestyle and wellness
enthusiast. She is the first Indian celebrity to have her
own Amazon landing page, which led to a spike in sales
in the products that were featured.
Mira has also created an intellectual property (IP), ‘The India
Edit’, a video series that is written and hosted by her and is
featured on her IGTV channel. This series covers lifestyle,
beauty, wellness and fashion via candid conversations
and fun banter, with guests and experts ranging from
internationally renowned chefs, fashion designers and yoga
experts. This show aims to bring to the fore the relevance
and potential of the country we live in today.
Further, brand management companies have also shifted
the reach of their advertisements through these promising
channels. Recently, OTT actress Mithila Palkar was
signed on as the brand ambassador for “Mia by Tanishq”.
8
Media story by Inc42
Photo
Courtesy:
Mira
Rajput’s
Instagram
Handle
Influence of the Influencers
9
Kroll’s “Face Value Report: An Analysis of Influencer Marketing in the

FMCG Industry”
Duff Phelps 21

10
Media story by Inc42
Further, luxury brand MAC Cosmetics India launched
a Diwali festive makeup range in collaboration with
Shreya Jain, a well-known beauty blogger. The brand
had earlier collaborated with Bollywood actress Disha
Patani to launch its lipstick range. Further, brands like
Oppo, Samsung, amongst others also ran parallel brand
promotions with these influencers on social media channels.
While the number of advertisements increased for these
social media influencers, an article by Inc4210
, reported a
decline in the influencers’ earnings by 60%-70% amidst
lockdown. Interestingly, the Kroll report highlighted that
while marketers at FMCG companies in Italy spend the
most per influencer, they saw the lowest sales increase from
their best influencer campaign at USD 408,703 compared
to respondents in other countries. Brand companies in India
may also be looking to maintain or increase their average
ROI from influencers’ endorsement deals. While each brand
management agency may adopt a different marketing and
promotional strategy—either engaging with an established
celebrity or an aspiring influencer or both, the end game
continues to be increasingly driven by ever-changing
consumer behavior patterns.
Source: Kroll’s Face Value Report: An Analysis of Influencer Marketing in the FMCG Industry
Global Influencers’ Sales-Expense Analysis in the FMCG Industry
UAE
$15,612
$18,415
$13,153
$22,104
$22,622
$24,861 $26,337
$24,952
$29,972
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
UK US France Germany Spain Netherlands Ireland Italy
Cost per Influencer (USD/Year) Sales Increase from Best Influencer Experience (USD)
1,006,651
1,246,039
891,131
408,703
655,094
736,809
949,304
921,567
524,311
Duff Phelps 22

Over the years, sports such as badminton, football and
kabaddi have become more relevant than before. However,
Indians continue to worship cricket, largely driven by the IPL.
IPL 13 registered seven billion viewing minutes for the first
41 matches aired across 21 channels, 28% higher than
IPL 12, which received 5.5 billion viewing minutes for 44
matches aired across 24 channels.11
Some notable endorsements signed by cricket celebrities in
2020 include Virat Kohli’s partnerships with Great Learning
and iQOO and Rohit Sharma’s partnerships with Cadbury
Bournvita and BharatPe.
Another noteworthy development in the last year was
Mahendra Singh Dhoni announcing his retirement from
international cricket. However, despite being retired, Dhoni
was still a favorite for brands during the IPL 13, leading the
pack with 10 endorsements.
Rise of Sports Celebrities
IPL-12 Growth% IPL-13
98 mn
Cume
Reach12
11%
108 mn
Cume
Reach
5.5 bn
Viewing
Min
28%
7.0 bn
Viewing
Min
“The connect that any sports celebrity makes
with the audience cannot be compared to that
of a movie celebrity. While the brand connect
of Indian movie stars may evolve with every new
movie, a sports celebrity expands the brand
connect through his/her whole career journey
with the audience. The beauty of sports is that
it is a seamless way for brands to connect with
their target audience, in a space that fans like
and are emotional about.”
11
As per estimates provided by Broadcast Audience Research Council

India (BARC India), in various news articles
12
Number of individuals (‘000s) that viewed at least one of the events

in a set of events
13

Viewers/ viewership per match

IPL 12: 44 matches aired across 24 channels

IPL 13: 41 matches aired across 21 channels
Source: BARC India13
Yashwanth Biyyala
Director
Baseline Ventures
Duff Phelps 23

The rise of sports celebrities can also be seen in the
increased popularity of online gaming. The industry has
benefitted greatly during the pandemic, and as people
continued to stay at home for most of 2020, online gaming
companies increased traction across the country. Further,
many gaming platforms received funding in 2020, with
funding rounds led by Dream11, Mobile Premiere League
and Paytm First Games.
Online Gaming Funding Overview
Source: PrivateCircle database, Duff Phelps analysis
Online Gaming
Funds
Raised
(USD
Mn)
No.
of
Deals
0
50
100
150
200
250
300
350
Q1
(Q4 2020 uptil November)
Q2 Q3 Q4
0
2
4
6
8
10
12
14
16
18
30.9
108.7
20.0 27.3 21.6
320.7
28.2
19.8
9
11 10
11
11
14
8
16
• Funds Raised in 2019
No. of Deals 2019
No. of Deals 2020
Duff Phelps 24

Several online gaming companies are engaging with sports
celebrities to promote e-sports, including Dream11 and
My11Circle who signed Rohit Sharma and Sourav Ganguly
as brand ambassadors in 2020. We analyzed the recent
celebrity deals with gaming and e-sports platforms.
While gaming company Mobile Premiere League has had
Virat Kohli as its celebrity endorser, it also partnered with
Bollywood and regional star Tamannaah Bhatia in 2020.
Gaming companies WinZo and Zupee also raised funds of
USD 14.4 mn and USD 8.1 mn respectively but do not have
celebrity endorsements.
Online fantasy sports (OFS) is one of the leading online
gaming sub-segments with close to 140 operators and
more than 100 million estimated users in 2020, despite
being banned in a few states.3
Brand Funds Raised in 2020
(USD mn)
Celebrity Endorser Comments
Dream 11 223.3
Rohit Sharma Signed in 2020
MS Dhoni Endorsing since 2018
Mobile Premier League 104.1 Virat Kohli Endorsing since 2019
Paytm First Games 15.5 Sachin Tendulkar Signed in 2020
Halaplay 0.4 Krunal and Hardik Pandya Endorsing since 2019
My11Circle - Sourav Ganguly Signed in 2020
Celebrity Endorsements for Online Gaming
“We continue to see sporting legends like Sourav
Ganguly and Sachin Tendulkar on television even
though they have retired. Due to commentary
and a great social media presence, veterans like
Sehwag and Kapil Dev have built an image of
undying loyalty and a fan following over the past
years. The stature of these legends appeals to
brands and consumers, making them a constant
favorite amongst the brands.”
Jogesh Lulla
Chief Operating Officer
Cornerstone
Duff Phelps 25

Abhishek Madhavan
Marketing Head
Mobile Premier League
Over the past few years, the gaming and e-sports industry has
grown exponentially. It was on a steady rise in India even before
the lockdown, and its growth was further accelerated by the turn
of events. The online gaming industry in India is expected to
grow at a CAGR of 47% by FY22. The industry is expected
to grow 41% annually due to the growth of digital infrastructure
and substantial rise in quality and engaging gaming content.
By 2024, the gaming industry in India is set to be valued at
USD 3.75 bn.14
In an interview with Duff Phelps, Abhishek Madhavan,
Marketing Head of Mobile Premier League shared his insight
on the online gaming industry in India.
• Please briefly discuss the impact of COVID-19 on the
online gaming industry from the perspective of brand
marketing and celebrity endorsements.
What the lockdown has done is fast-tracked an already
developing mobile gaming and e-sports ecosystem.
Even before the lockdown, gaming was on the rise
globally and especially in India. Online gaming in India
has seen a year-on-year growth of nearly 30%. Last
year, India overtook the U.S. to become the second
largest game download market in the world with over
five billion installs, and the lockdown has further
accelerated this growth.
Since March 2020, online gaming has seen an accelerated
growth curve and we have seen many celebrities endorse
different online brands. Since online gaming and e-sports
is still a sunrise sector in India, most of these brands
need a dimension of trust and added credibility from the
endorsement of a well-known celebrity.
For brands seeking to reach massive scale in a much shorter
period of time, or trying to establish a new category,
celebrities provide a way to quickly cut through the clutter.
• Please discuss MPL’s ideology behind partnering with
Virat Kohli and Tamannaah, stars from different industries,
to represent the brand. What are some of the factors
you consider before choosing a celebrity endorser?
Virat Kohli is an inspiration and a role model for youth
today. We have seen him lead our under-19 team to
the World Cup and take Indian cricket to great heights
across formats as captain of the senior men’s team. He
represents trust and dependency and his appeal is pan-
India, which is rare for a celebrity. Virat has the same
traits as MPL—young, bold, aggressive and competitive,
so he was a perfect brand fit for us as we looked to scale
rapidly from a younger brand to a household name.
Tamannaah Bhatia is one of the rare actors popular in all
four southern states, which is why we use her extensively
in our campaigns across the South India. South India is
an important market for us, so signing Bhatia, along with
Kohli, has worked well for us.
• Please share your short and long-term outlook on the
future of online/mobile gaming in India.
Mobile gaming is a sunrise sector and is growing
exponentially. According to Mobile Marketing Association,
the revenue from the mobile gaming industry in India will
be worth USD 943 mn by 2022. This is a growth of more
than 200% over a period of six years from USD 466 mn
in 2016. This growth is supported by a similar increase
in the number of mobile gamers, which will reach 368 mn
by 2022, up from 269 mn in 2019.
As the gaming market matures, we will see even more
home-grown games, such as Rogue Heist and World
Cricket Championship, and developers gain traction in
India and maybe even abroad.
Also, because of the ubiquity of smartphones, as e-sports
supersedes physical sports over the next few years,
we will hopefully see the emergence of global gaming
superstars coming from India.
14
Media story by Financial Express
Duff Phelps 26

As COVID-19 negatively impacted most of the traditional
industries, it proved to be a boon for certain new-age
technology industries. One of the greatest beneficiaries
were EdTech companies, driven by the closure of educational
institutions and disruption to standard education delivery.
Convenience and cost efficiency were the other drivers,
placing the online education sector in the spotlight.
EdTech was also one of the most funded industry in 2020
as close to 50 EdTech startups raised funds during March
to November 2020. The funding rounds were primarily led
by Byju’s, Unacademy and Vedantu.
With an improving digital infrastructure, the top 12 EdTech
companies spent more than USD 27 mn on advertising in the
first half of 2020 and are estimated to spend another USD
40.5 mn during the second half of 202015
. Several EdTech
companies signed on celebrities as brand ambassadors to
attract consumers and increase brand awareness.
EdTech and Celebrity Endorsers
EdTech Funding Overview
“The descent of celebrities in some of the
largest VC funded EdTechs’ advertisements
have brought Bollywood and sports (mainly
cricket) stars to education. It also shows the
need for more reach, as these companies are
gunning for faster growth fueled by VC money.
The trend is being seen largely in B2C focused
companies, which had earlier reached (maybe)
the top 1% of the addressable market and are
now broadening their reach to millions more,
with COVID-19 bringing more legitimacy to
digital learning than any advertisement could.”
Funds
Raised
(USD
Mn)
No.
of
Deals
0
200
400
600
800
1000
Quarter 1
(Q4 2020 uptill November)
Quarter 2 Quarter 3 Quarter 4
1200
0
5
10
15
20
25
30
35
23 25
27
22
19
31
15
28
No. of Deals 2019
No. of Deals 2020
90.1
318.8
73.5
346.9
1043.6
11.7
74.8
423.4
Debleena Majumdar
Cofounder of Kahaniyah and
Story Ed and ET Prime contributor
15
Media story by Live Mint
Duff Phelps 27

We analyzed the recent celebrity endorsements for EdTech
companies and observed that startups like Great Learning
and Eduauraa signed Virat Kohli and Ranveer Singh as
celebrity brand ambassadors. Further, Vedantu, WhiteHat Jr
and Gradeup (also backed by strong VC investments) also
signed celebrity endorsements during the second half of 2020.
While EdTech unicorn Byju’s has Shahrukh Khan as
its celebrity endorser, it also signed Kannada superstar
Sudeep Sanjeev in 2020 to launch their first TV ad
campaign in Karnataka. Byju’s also has Mahesh Babu
as another regional celebrity endorser.
In addition to having Aamir Khan as a celebrity endorser,
Vedantu (who raised more than USD 135.9 mn in 2020)
also conducted a Master Class with Deepika Padukone
and Vidya Balan. Further, Unacademy, who raised more
than USD 258.5 mn in 2020, has not had any celebrity
brand ambassadors to date. However, it also conducted
Master Class sessions with Virat Kohli and Anushka
Sharma in 2020.
As the EdTech industry continues to grow exponentially,
it will be interesting to see how the celebrity brand
association evolves in parallel.
Source: PrivateCircle database and Duff Phelps analysis
Brand Funds Raised in
2020 (USD mn)
Celebrity Endorser Comments
Byju’s 908 Shah Rukh Khan Endorsing since 2018
Vedantu 136 Aamir Khan Signed in 2020
WhiteHat Jr 19 Hrithik Roshan Signed in 2020
Gradeup 3 Kartik Aaryan Signed in 2020
Great Learning - Virat Kohli Signed in 2020
Eduauraa - Ranveer Singh Signed in 2020
Tutorix - Ayushmann Khurrana Signed in 2020
Celebrity Endorsements for EdTech Brands
Duff Phelps 28

Industry Speaks
Duff Phelps 29

Vinit Karnik
Business Head
GroupM ESP
#1 Please discuss the impact of COVID-19 on
the celebrity endorsement business, and
what has been the strategy to overcome this
situation (from a brand deal perspective)?
COVID-19 has not impacted the endorsement
business significantly. Celebrities have been extremely
engaged throughout the lockdown period and have
been adding value in the form of social media posts,
virtual shoots, etc. Hence the deal size in respect of
the monetary value hasn’t taken a big hit. Most A-list
and new age celebrities from Bollywood and sports
have added newer deals or brand engagements to
their portfolio this year.
#2 You mentioned that sports celebrity
endorsements have seen a spike this year.
Could you briefly elaborate on the evolution
of sports celebrities in terms of brand
endorsements, given the cancellation of
majority of the sporting events this year?
One big difference between film stars and sports
stars is that sports stars are our national heroes
and make India look good by winning medals
or tournaments. Sports celebrities are seen as
ambassadors of positive and socially relevant
messaging, especially during lockdown when the
country was overwhelmed by negative news.
#3 How much weight would brand managers
typically ascribe to a strong social media
presence when choosing to engage with a
celebrity? Do you witness a trend in new age
celebrities being favored over A-listers on
digital media?
Social media engagement is one of the most
important elements for brand communication.
Therefore, it’s important that celebrities stay active on
social media. Endorsement fees of a celebrity is linked
to and aligned with their social media numbers and
engagement with fans. Barring very few celebrities,
most have built their fanbase around a very structured
approach to social media and this certainly builds
a case for the celebrity in the evaluation stage.
The decision to pick the right celebrity to endorse
a product totally depends on brand fit and the
celebrity’s ability to influence the consumer for a
particular brand category with a very strong focus
on the credibility quotient. For tactical and short-term
campaigns, new age celebrities make it to the final
cut based on their social media engagement, but
brand fit and credibility among the audience are
non-negotiable aspects.
#4 How would you summarize key changes in
marketing strategies pre- vs. post COVID-19?
Digital and social media have gone from being one
of the elements in the overall media mix, to become
the main medium. Influencer campaigns have been
on the rise over the past 3 years, but COVID-19
has certainly given brands a new definition to the
influencer campaign and scaled up the usage and
frequency. Most of the brands could not shoot during
the lockdown and hence influencer campaigns with
virtual/home shoots became critical and also the
economical solution. Production deals with respect to
cost of shoots will be evaluated fairly post COVID-19.
#5 How do you see the [growing] association
of emerging sectors and celebrity endorsers
playing out in the short-term (1-2 years) and
long term? In 2020, sectors such as EdTech
and online gaming saw a spike in funding and
celebrity endorsers. Please share your views.
The emergence of new sectors is a cyclical process.
While COVID-19 may have helped in prioritizing some
of the sectors and categories by giving them wings,
the emergence of newer categories has increased the
demand for celebrity endorsement. The prime reason
for this trend is it gives instant recognition, acts as a
differentiator and most importantly breaks the clutter
in a competitive marketplace.
Duff Phelps 30

Sandeep Bhushan
Director and Head of Global Marketing Solutions
Facebook India
#1 How has COVID-19 changed the influencer
marketing landscape? Why are brands turning
to influencers during the pandemic?
Since the pandemic began, there’s been a
fundamental change in digital consumption, be it for
education, payments, business or communication.
Culture has truly gone virtual, as witnessed by
the more active use of the Facebook family of
apps. In many countries hit hardest by the virus,
total messaging increased by more than 50% on
WhatsApp and Messenger in March. Similarly,
voice and video calling doubled on Messenger and
WhatsApp. In India, there was a 60% rise in Instagram
Live views in March on a week-on-week basis.
As a result, businesses need to communicate with
customers in creative ways using digital platforms,
while driving efficiency with every dollar. As
consumers seek surrogate experiences, where they
can’t touch and feel a product, they could be offered a
more immersive ad. Similarly, they can’t ask questions
in a physical store, but they can to an influencer.
As per a BCG-Facebook “Turn-The-Tide” report,
digital influence has increased significantly in urban
consumers—up to 70% for mobiles, 55%-60% for
apparel and up to 20-25% for the non-food consumer
packaged goods (CPG) categories.
Instagram is the place where people express
themselves creatively, and there’s a natural affinity to
interact with public figures, creators and brands. In
fact, 90% of people on Instagram globally follow a
brand. Engaging with influencers is a way for brands
to showcase their value meaningfully and with greater
business impact. We’re seeing this happen already.
For example, Hyundai Aura launched with influencers
and saw a 5-point lift in awareness. Similarly, a 2.3
point increase in purchase intent for Cadbury Cocoa
when they used influencers.
#2 How do you think social media advertising
and influencer marketing are going to
evolve post COVID-19, then things start
to normalize?
Since the start of the pandemic, there have been
several changes for businesses. Some of those are
short term in nature. For instance, if people still aren’t
stepping outside to dine, online delivery will pick up.
Another relates to hygiene, which may or may not
go back. There are fundamental changes in digital
consumption, be it for education, payments, business
or communication and we believe they are here to stay.
We know mobile consumption and interactions on
social media have increased significantly. Mobile
influence, which is the impact and interaction on
mobile devices, is up. We have the privilege of hosting
over three billion people on our platforms globally,
and we know usage has increased. Engaging with
influencers is one more layer, where they can be the
voice of a brand, especially in the situation we’re in
today, and we’re seeing brands on this journey already.
There are also brands that, in a way, are born on
Instagram i.e., who’re prominently using Instagram to
build their business, like Wingreen Farms and Bunaai.
So, whether it’s a big or small business, influencer
marketing on Instagram is driving business impact,
and that’s why it’s set to grow.
#3 Do you witness a trend in new age celebrities
being favored over A-listers on digital media?
Brands are essentially looking for one thing and that is
business impact. This could be in the form of sales or
salience. Any influencer marketing campaign should
deliver on either or both of these.
So, the approach isn’t about using a public figure or
a nano-influencer, it’s about using the authentic voice
Duff Phelps 31

of the influencer, who could represent the brand’s
message, and bring it alive in his or her content. Puma
is a great example, as they partnered with Kareena
Kapoor Khan to promote their collection this year,
coinciding with her joining Instagram. They extensively
used their brand ambassador, Virat Kohli, for a variety
of campaigns, along with other prominent sports stars
like KL Rahul and Mary Kom. They’ve also engaged
with emerging Instagram creators like Eshna Kutty
(from the ‘Saree flow’ fame).
What is crucial is that brands work with influencers
early in their campaign and thereafter use regular
media principles to amplify the same. Through media
planning, brands can achieve the desired reach and
frequency, because branded content ads deliver
on both.
#4 How have creators leveraged Instagram and
Facebook as social media platforms to stay
connected with their audiences? We saw Ins-
tagram introducing multiple new features like
Reels and Guides, especially following the
TikTok ban.
2020 has been an extremely dynamic year for
influencers. While on one hand, they’ve felt the same
challenges as everyone else, like being constrained to
their homes and restricted from travelling, on the other,
it has provided opportunities to be discovered, grow
and test the levels of their creativity.
Creators have been focused on keeping their
communities informed and inspired. This began with
social messages delivered through challenges like
the #SafeHandsChallenge and the use of the “Stay
Home” sticker. It went on to keep people inspired, like
when Deepika Padukone and The Live Laugh Love
Foundation which released a guide on Instagram that
focused on mental health. Another example is when
national and regional musicians, such as Armaan Malik
and Lisa Mishra, performed in live music concerts
called “Live In Your Living Room.”
This progressed to leveraging new opportunities
with short form content, offered by new features like
Reels. This has helped uncover a new generation of
influencers who’ve grown exponentially on Instagram.
Creators have also used Reels to work with brands,
like Myntra which published “How To” reels featuring
creators. Some creators have also launched their own
collections in association with brands. For example,
online fashion retailer Alaya by Stage3 worked with
fashion influencer, Sakshi Sindwani, to launch a range
of festive wear ahead of Diwali.
#5 What are some of the industry triggers for the
platform to constantly evolve? Any upcoming
initiatives or strategies for the Indian market
that you would like to share?
Influencers leverage Instagram for their creativity in
content and amazing social video moments. They
inform and inspire their community through their
pursuit of passion. This highlights the opportunity for
brands who can meaningfully engage with the creator
community. We want to spur this interaction between
creators and brands, in a way that redefines the
ecosystem and allows stories to be told with greater
business impact.
We launched Instagram’s first business marketing
campaign—Love Runs Deep—and invited brands to
submit their briefs. Five of them will be chosen to have
exclusive access to 25 creators to work with them free
of cost, in addition to support to run their campaigns.
To help increase transparency, we recently launched
the Branded Content tag for Reels, and we will begin
testing it on ‘Instagram Live’ in the coming weeks.
Duff Phelps 32

Karthik Srinivasan
Communications Consultant
#1 What are the major attributes/factors
considered by brands when they associate
with a celebrity?
The primary factor is usually visibility and clutter
breaking. The simple thumb-rule is if the celebrity
is swapped with a normal model, would it break
the clutter and make the target audience spend
that extra second in the communication? That’s
the first need for a well-known person in brand
communication of any sort.
#2 Please share your views on the rise of Over
the Top media (OTT) celebrities and their use
in digital ad campaigns. Also, will it still rise
once the pandemic is over?
I don’t differentiate between film celebrities or
OTT celebrities. Actors who frequent TV shows are
enormously popular in the West (for instance, stars
from Game of Thrones) and this is a good opportunity
for India too, though many stars who act in TV shows
also dabble in mainstream movies. OTT-first stars, by
nature of their shows doing enormously well, could
appeal to a wide audience too. For instance, Pratik
Gandhi who plays Harshad Mehta in Scam 92 could
be that kind of a breakout star given the popularity
of the show.
#3 Do the brands perceive bloggers to have
a bigger influence on social platforms
than A-list or mid-category celebrities?
I think so, yes. Celebrities who have harnessed fame
by tools other than social media are different from
those who have built their fame entirely on social
media. The former depends on their offline work
(movies, TV shows, etc.) being in the limelight, while
occasionally using the social media tools to be in front
of people—their primary draw is their actual source of
fame. Whereas bloggers have nailed the art of using
social channels to be in limelight consistently, a skill
lucrative for brands to dip into.
#4 With the rise in consumer shift to digital
platforms, are campaigns now being
structured to accommodate more digital and
less traditional media space and how are the
elements of social media addressed in these
endorsement contracts?
The earlier methods were very cookie-cutter, primarily
driven by influencer marketing agencies and
middlemen who define deliverables in linear terms
(number of posts etc.). The shift is towards a better
way to integrate influencer marketing in the overall
marketing mix—they are a part and they need to be
seen as one of the many contributors to the metrics.
They increase the number of touchpoints through
which brands can reach target users, and also serve
as a human connection to brand communication. In
terms of engagement, brands and agencies need to
think long-term, and focus on not just about one-off
efforts because they are increasingly being seen as
disingenuous.
Duff Phelps 33

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
a celebrity can earn a royalty from products that they
have associated his or her name and likeness with, such
arrangements are limited to a few participating celebrities.
While in India, similar arrangements are gaining popularity,
we have not considered merchandising earnings in the
current analysis, as the earnings from a product brand
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 forecast
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
(for example, a year of flops or bad performances) by the
celebrity can quickly result in a lower demand for his or her
services as a brand endorser. That said, we have kept in
consideration the ongoing pandemic and its effect on both
the ongoing and prospective celebrity brand engagements,
given our discussion with industry partners.
Our assessment is based on the relative brand rankings
of celebrities, average endorsement fee rates, normalized
number of annual endorsements and applicable brand
multiples.
Valuation Methodology
Determine relative
brand ranking on the
basis of various
parameters
Celebrity
Brand Analysis
The applicable brand multiple
represents the capitalization
rate adjusted for recent
success and popularity
Applicable
Brand Multiple
Average endorsement
fee multiplied by
the number of
endorsement deals
Average Annual
Endorsement Revenue
Duff Phelps 34

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.
In 2020, social media/digital platforms played a crucial
role in connecting celebrities with their followers during
the COVID-19 pandemic.
0
20
40
60
80
100
120
140
160
180
165.0
90.0
112.8
76.3
90.9
133.4
36.8
51.6
61.9
81.1
87.8
106.4
87.1
100.9
126.1
• 2018 • 2019 • 2020
35.4%
CAGR
32.3%
CAGR
29.7%
CAGR
14.5%
CAGR
20.3%
CAGR
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
Celebrity Brand Analysis
Duff Phelps 35

Our celebrity social media rankings are based on the
number of Twitter, Facebook and Instagram followers as
of November 2020 and the engagement per post provided
by 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 below shows the social media presence for
the top celebrities in India as of November 2020. Our
concluded celebrity brand rankings are based on a
weighted average of the social media presence and
engagement per post on social platforms. The celebrity
brand rank so computed has been accounted for in the
popularity index adjustment (see “Applicable Brand
Multiple” section).
Rank Celebrity Twitter
Followers
(in mn)
Facebook
Followers
(in mn)
Instagram
Followers
(in mn)
Total
Followers
(in mn)
Engagement
per Post
(in mn)
1 Virat Kohli 39.0 43.4 82.6 165.0 2.8
2 Akshay Kumar 39.7 46.7 46.9 133.4 1.5
3 Ranveer Singh 13.8 13.9 34.2 61.9 1.0
4 Shah Rukh Khan 41.3 41.6 23.4 106.4 1.0
5 Deepika Padukone 27.7 46.1 52.3 126.1 0.7
Source: Meltwater and Duff Phelps analysis
Duff Phelps 36

Average annual endorsement revenue is computed as the
product of average endorsement fee and the normalized
number of endorsement deals for each celebrity. Further, the
number of endorsement deals for each celebrity is primarily
based on actual advertisements on television and social media.
In estimating the average endorsement fee and the number
of endorsements, we acknowledge the contribution of
GroupM ESP as an industry contributor. Further, we
also consulted other industry participants and reviewed
secondary sources such as news and media articles.
Applicable Brand Multiple
The adjusted 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 certain stars 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, 78-year-old Amitabh Bachchan continues
to remain among the most sought-after celebrities for
endorsements.
• Popularity index: This adjustment index is computed
by looking at celebrity brand rankings (based on data
from social media platforms, etc.). The relevance of
an adjustment on account of social media followers
continues to gain substantial importance stemming
from the ongoing pandemic.
• 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 the last 10 movie performances or relative on the
field performance of sports celebrity. The factor has
been adjusted keeping in mind the COVID-19 lockdown
which led to almost no box office releases this year.
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.
Average Annual Endorsement Revenue
Duff Phelps 37

2017 2018 2019 2020
0
100
200
300
400
500
600
144
47
42
106
93
102
94
50
51
103
119
238
66
94
105
238
61
63
67
171
Brand Value of Top 5 Celebrities (USD Mn)
The total brand value of the top 20 celebrities in India is USD 1 bn, which represents a de-growth of about 5% as
compared to last year.
Virat Kohli claimed the throne yet again with a brand value
of USD 237.7 mn. His exceptional performance on the
cricket field and an unwavering audience connect makes
him an obvious choice for brands. With a roster of more
than 30 brands in his portfolio, the Indian skipper continues
to remain a favorite with brands across industries. The
Indian cricket team captain also tops the social media
ranking and has the best engagement rate amongst all
celebrities that we valued.16
Even when the pandemic halted show business, Akshay
Kumar managed to combat the hurdle by venturing into
the OTT space and delivered an OTT runaway hit, Laxmii.
He is the only Indian actor to be featured on the prestigious
Forbes Celebrity 100: The World’s Highest-Paid Celebrities
2020 list with earnings of USD 48 mn17
. Being a social and
philanthropic figure, he also partnered and participated in
social initiatives such as the #DilSeThankyou campaign to
thank the police force, medical workers, vendors and others
for their services during the pandemic, and starred in a
COVID-19 awareness campaign for the Ministry of Health.
Kumar retained his second spot, with a brand value of
USD 118.9 mn.
Valuation Conclusion
16
As per Meltwater, the engagement per post metric is computed by taking into account all forms of engagement (reactions, comments and

shares on Facebook; replies, retweets and likes on Twitter; and likes and comments for Instagram) since the inception of the account and

divides it by the number of posts.
17
Media Story by Bollywood Hungama
Duff Phelps 38

The powerhouse of Bollywood Ranveer Singh landed the
third spot on our list with a brand value of USD 102.9 mn.
With ten years of experience in the industry, Ranveer Singh
has left millions imprinted with his on-screen charisma and
fashion choices. He has grown exponentially as an actor
playing several challenging roles and has successfully
attracted brands with his style and substance. Recently,
the versatile actor has been made the brand ambassador
of Eduauraa, operating in the EdTech space.
Further, Ayushmann Khurrana climbed the ladder to the
sixth spot demonstrating that patience, perseverance and
fearlessness never fail to deliver. He was also featured in
TIME magazine’s 100 Most Influential People of 2020 list.
With an OTT release of Gulabo Sitabo alongside veteran
actor Amitabh Bachchan, he ensured audiences were
entertained during the pandemic. From startups to mobile,
from beverages to clothing, from grooming products to
watches, Ayushmann is endorsing more than two dozen
top brands.
Sharing the sixth position with Ayushmann is the recently
turned entrepreneur Alia Bhatt. While the lockdown halted
box office releases, Alia has been creating a buzz with
her recent ventures. In October 2020, she invested an
undisclosed amount in the lifestyle retail brand Nykaa and
from investor to entrepreneur launched her own conscious
clothing apparel brand for children, Ed-a-Mamma.
2020 has been a roller coaster ride that none of us signed
up for. The year saw a massive shift in consumer demand
from traditional media to digital and OTT, and celebrities
adapting by engaging with their audiences in new and
unique ways. With the future still a bit uncertain, we hope
that people stay home, stay safe and stay tuned as we
“Embrace the New Normal” in 2021.
“While established celebrities continue to
dominate our rankings, notable millennials
with a strong social media presence continue
to climb the ladder. Ayushmann Khurrana,
Tiger Shroff and Rohit Sharma all jumped a
few spots to grab the No. 6, No. 15 and No.17
spots, respectively. Further, Kartik Aaryan
debuts on our list at No. 20. These rising
millennial celebrities were in greater demand
during the pandemic owing to their popularity
among the youth.”
Aviral Jain, CFA
Managing Director
Duff Phelps
Duff Phelps 39

Limitation of the Study
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. Further, this study
does not take into consideration the amounts celebrities
earn outside of product brand endorsements. 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.
Duff Phelps 40

Star Cast
Working
with Numbers
Vedant Rathi
Scanning
the Market
Aditi Sharma
In-talks
with Industry
Priyanshi Parekh
Credits
Writing and
Direction
Marketing and
Distribution
Designing
it All
Haris Khanche
Designing
it All
Mona Bagla
Spreading
the Word
Disha Hoskote
Production
and Quality
Censor
Board
Gary Roland
Production
Leader
Varun Gupta
Writing
the Script
Vibhor Nayar
Directing
the Show
Aviral Jain
Capturing
the Trends
Aakriti Gupta
Duff Phelps 41
C E L E B R I T Y B R A N D VA L U AT I O N R E P O R T 2 0 2 0

About Duff Phelps
Duff Phelps is the world’s premier provider of governance, risk and transparency
solutions. We work with clients across diverse sectors in the areas of valuation, corporate
finance, disputes and investigations, cyber security, claims administration and regulatory
compliance. With Kroll, the leading global provider of risk solutions, and Prime Clerk, the
leader in complex business services and claims administration, our firm has nearly 4,000
professionals in 25 countries around the world.
For more information, visit www.duffandphelps.com.
© 2021 Duff Phelps, LLC. All rights reserved. DP203653
MA 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. MA 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.
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.
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Aviral.Jain@duffandphelps.com
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