Tue, Jun 18, 2024
This year’s study recognizes the expansion of celebrity-owned startups across various industries and the spectacular rise of Indian celebrities as global ambassadors of reputed global brands. The year 2023 witnessed Bollywood’s powerful comeback to the film industry, with blockbusters such as “Gadar 2,” “Pathaan” and “Animal” breaking records to cross the USD 100 million (mn) mark - reestablishing Bollywood’s dominance in the film industry.
“Celebrities are increasingly transitioning from mere brand faces to entrepreneurs, leveraging their personal brand or life stage (as in case of Alia Bhatt and Ed-a-Mamma) and, in turn, attracting private equity and venture funds interest. They're playing key roles in building their ventures ground up, and then diluting their stakes at opportune time while maintaining some involvement. From PEs and venture funds point-of-view, investment in these ventures depends on the category's growth potential and the celebrity's influence (and involvement), marking a shift towards a more strategic, symbiotic relationship between celebrity entrepreneurship and investment support. In summary, the evolving market dynamics suggest that more celebrities are likely to venture into entrepreneurship, build brands and bring in strategic investment support to continue on the growth path.”
“While sequels have been largely successful, all the above-mentioned sequels had been greenlit a while back. And yes, this will continue to be the strategy for Bollywood to create successful films. As for brands, they are excited if any of the established stars’ films are successful, whether it is original or a sequel. And yes, they also feel confident if stars have announced or are filming sequels of successful films which help onboard stars for associating with brands.”
“Celebrity endorsement space saw the use of Artificial Intelligence (AI) for hyper personalization, Computer- generated imagery (CGI), short format videos and metaverse activations etc. We feel technology will play a big role in the evolution of celebrity endorsements, to make them more personalized and consumer-centric than ever. The utilization of short format videos is also seen to be effective as it caters to the decreasing attention span of viewers but at the same time delivers content in an easily consumable, engaging, attention-grabbing crisp manner. As we head into 2024, we predict the following top marketing trends which will be carried forward into the new year: Hyper Personalization | Video Marketing (Short format) |Influencer Collaborations | Voice Optimization | AI/AR/CGI Metaverse Activations.”
“The landscape of endorsements and digital partnerships is constantly evolving, along with consumer preferences, needs, and brand strategies. Gen Z stars, particularly those with a robust online presence, often attract a large global and loyal following. Brands aiming to connect with a wide international audience might focus on Gen Z personalities who have worldwide appeal. Orry is a prime example with his rise to fame serving as an excellent case study in personal marketing. The endorsement and digital realm will undoubtedly expand to include more collaborations and strategic partnerships with Gen Z stars.”
“India presents an exciting opportunity as one of the fastest growing markets for luxury and premium goods. This trend is being fueled by various factors, including the growing number of Ultra High Net Worth Individuals (UHNWIs), the expansion of the middle-income class, the introduction of entry-level luxury products by global brands, increased demand from Tier 2 and 3 cities, the proliferation of e-commerce platforms and the projected economic growth trajectory for India over the next decade.India’s luxury market is projected to grow 3.5 times by 2030 touching $ 200 billion with growth coming from categories such as personal care, automobiles, real estate, watches and accessories.
Global brands are keen to tap into this market using Sport and Entertainment as the two pillars on which brands are built in India and we can expect luxury brands to continue partnering with celebrities that resonate with their brand values and targeted audience.
Some recent examples include iconic brands such as Omega and Tommy Hilfiger partnering with Neeraj Chopra, Kartik Aryan endorsing Armani Exchange, Deepika Padukone representing Louis Vuitton etc. , testament to the growing trend which should also see a lot of women athletes including the likes of PV Sindhu, Jemimah Rodriguez, Nikhat Zareen ,Smriti Mandhana and Aditi Ashok getting interest from this sector.”
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