Celebrity Brand Valuation Study by Duff & Phelps, A Kroll Business

Digital Acceleration 2.0
Celebrity Brand Valuation Report 2021

Contents
01 Foreword ...................................................................................................................................................... 03
02 Celebrity Brand Value ................................................................................................................... . . 04
03 Celebrity Brand Ranking .............................................................................................................. 05
04 Introduction ............................................................................................................................................... 06
Media & Entertainment Industry
Segment Highlights
Overview of Celebrity Endorsements
Current Celebrity Endorsements
05 Digital Acceleration 2.0 ............................................................................................................... . . 17
FinTech – Revolutionizing Digital Payments
Emergence of New Age Social Media/OTT Platforms
D2C – The Next Level of Shopping
06 Key Trends in Celebrity Endorsement Space ......................................................... . . 31
Brands Shoot for Olympic Stars
Marketing in the Digital Era
07 Industry Speaks ..................................................................................................................................... 40
08 Valuation Methodology .................................................................................................................. 48
09 Valuation Conclusion ....................................................................................................................... 52

3
Foreword
Dear Reader,
It gives me great pleasure to present the seventh edition of our study on India’s most valuable
celebrity brands. The theme of this year’s study is “Digital Acceleration 2.0” which recognizes
the evolving Indian media & entertainment industry in the second year of the pandemic and its
impact on the overall celebrity endorsement space. This year again, businesses and brands have
heavily leveraged social media and online platforms for advertising and promotions, and continued
below par weightage to traditional platforms, thereby redefining the entire marketing mix.
Emerging digital business segments like FinTech and direct-to-consumer (D2C) have witnessed
tremendous growth in terms of the number of startups and also in terms of the funds raised during
2021. These well-funded new age companies have led to significant growth in the number of
endorsements of the top 20 celebrities, increasing by more than 50% from 2020, and constituting
about 12% in the overall brand portfolio.
With a splendid performance at Tokyo Olympics and yet another successful IPL season, Indian
sportspersons are emerging as the leading brand endorsers. Not only have sportspersons witnessed
a significant jump in the number of endorsement deals, but also they enjoy a massive social media
fan following and engagement benefiting as a result of lower competition from movie stars
with limited theatrical releases.
Our 2020 report, Embracing the New Normal, recognized Virat Kohli’s reign at the top for the
fourth consecutive year, followed by Akshay Kumar and Ranveer Singh at the second and third
spot respectively.
The trend continued this year, with Virat Kohli retaining the top position in our rankings and
continuing to be the primary choice of product brands seeking to engage and attract consumers.
Ranveer Singh jumped a spot to rank No.2 this year, while Akshay Kumar came down to the
third spot. The “Gangubai Kathiawadi” actor Alia Bhatt, at No.4, became the most valued female
celebrity this year. Amongst sports celebrities, MS Dhoni entered the top-5 club this year, while
Olympic silver medalist PV Sindhu ranked No.20. The overall brand value of the top 20 celebrities
in 2021 is estimated at USD 1.2 billion (bn), an increase of about 12.9% from last year.
Meanwhile, it has been an exciting year for our company. Globally, we are rebranding and
transitioning the company name to Kroll. Unifying under the Kroll name allows us to represent
the full suite of services we provide to our clients, and our cohesive approach to delivering
tech-forward solutions to the market. Our Kroll “lens,” the focal point of our new logo, represents
the perspective we bring when we help to address our clients’ most complex challenges. We have
also expanded our cloud security capabilities globally with the acquisition of Security Compass
Advisory, a leading provider of cyber security solutions and advisory services headquartered
in Canada. Kroll was also recognized as a leader in the ‘IDC MarketScape: Worldwide Incident
Readiness Services 2021’ report.
We hope you find our analysis interesting, and we look forward to your feedback.
Yours sincerely,
Varun Gupta
Varun Gupta
Managing Director
& Asia Pacific Leader,
Valuation Advisory
Services,
Duff & Phelps,
A Kroll Business
3

Celebrity Brand Value – Our Top 5
We present our top 5 celebrity brands below:
Rank 1
Rank 2
Rank 3
Rank 4
Rank 5
Virat Kohli
Ranveer Singh
Akshay Kumar
Alia Bhatt
MS Dhoni
Virat Kohli
consistently
tops the charts
for the fifth
time in a row
as India's most
valued celebrity
with a brand
value of
USD 185.7 mn.
Ranveer Singh
moved a rank
up this year
with a brand
value of
USD 158.3 mn. Akshay Kumar
landed the
third position
this year
with a brand
value of
USD 139.6 mn.
Alia Bhatt
moved up
two ranks this
year with a
brand value of
USD 68.1 mn. MS Dhoni
ranked fifth this
year with a
brand value of
USD 61.2 mn.
Photo Courtesy:
Cornerstone
Photo Courtesy:
Vidhi Godha
Photo Courtesy:
Dabboo Ratnani
Photo Courtesy:
Psudo
Photo Courtesy:
Rhiti Sports

5
Celebrity Brand Ranking
We present the list of our top 20 celebrity brands for 2021 below:
Celebrity 2021 Brand Rank Brand Value (USD mn) 2020 Brand Rank1
Virat Kohli 1 185.7 1
Ranveer Singh 2 158.3 3
Akshay Kumar 3 139.6 2
Alia Bhatt 4 68.1 6
MS Dhoni 5 61.2 11
Amitabh Bachchan 6 54.2 9
Deepika Padukone 7 51.6 5
Salman Khan 7 51.6 8
Ayushmann Khurrana 9 49.3 6
Hrithik Roshan 10 48.5 10
Sachin Tendulkar 11 47.4 NA
Shah Rukh Khan 12 46.3 4
Rohit Sharma 13 32.2 17
Anushka Sharma 14 29.7 13
Kareena Kapoor 14 29.7 14
Tiger Shroff 16 29.3 15
Ranbir Kapoor 17 26.7 18
Aamir Khan 18 24.7 16
Varun Dhawan 19 22.7 12
PV Sindhu 20 22.0 New
USD 1.2 bn
1
Previous rank as determined in the sixth edition of this report, titled “Embracing the new normal,” published in February 2021

Introduction
We have witnessed a complete revamp of the Indian
celebrity endorsement space in the last two years.
The word “celebrity” is no longer synonymous to
just Bollywood actors or A-league cricketers, but
also includes a wide range of sports athletes and
social media influencers under its umbrella, stemming
from the significant increase in usage of digital
platforms due to COVID-19 pandemic.
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, we
begin the report by discussing an overview of the
broader media and entertainment (M&E) industry
followed by the Segment Highlights.
“Digital has been
leading the COVID-19
recovery across
industries. Resultantly,
celebrity and
influencer-driven
endorsements continued to be in great
demand for mass as well as focused
campaigns. Market size for digital
continued to witness strong growth
and is expected to be ~40% of the
size of TV in 2021 as compared to
~20% in 2018.
—
Vibhor Nayar, CFA, Director,
Duff Phelps, A Kroll Business
”
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7
Media Entertainment Industry
ME Industry - Market Size (USD bn)
With a population of more than 1.3 billion, India
offers one of the most diverse and vibrant media
markets in the world. The media and entertainment
(ME) industry witnessed a shift in demand
patterns due to the growth of digital infrastructure.
Consequently, consumption patterns shifted and
increased across entertainment, gaming, and online
news. The supply side too transformed as companies
took the opportunity to reinvent themselves. Every
segment redefined itself across verticals by becoming
medium agnostic and embedded video, audio, textual
and experiential products to enhance their offerings.
According to the EY report, Playing by New Rules:
India’s Media Entertainment Sector Reboots
in 2020, the Indian ME sector is expected to
increase by 25.0% in 2021 to USD 23.6 bn,
driven by recovery in the television, print and
film segments and stellar growth in the digital
segment. The sector is expected to reach a
market size of USD 30.6 bn by 2023 and a
CAGR of 13.7% over the period of 2021-2023,
owing primarily to the growth in the digital,
online gaming and animation segments.
Television
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Digital Print Films Online
Gaming
Animation
VFX
Live
Events
OOH Radio
9.4
10.4
10.8
10.1
4.0
2.3
3.0
3.2
4.2
4.0
2.6
3.2
2.1
1.0
2.6
2.4
1.4
0.6
0.9
1.0
1.0
0.7
1.3
1.1
0.7
1.0
1.1
0.4
0.3
0.5
0.5
0.2
0.3
0.5
0.4
0.2
0.2
0.2
0.2
0.2
Music
2018 2019 2020 2021e
All figures are gross of taxes for calendar years

Segment Highlights
2
While television remains the largest segment in
the advertising space, digital continues to be one
of the fastest growing segments. In 2021, digital
media is expected to continue strong growth of
23.8% as compared to 6.3% increase in the
previous year.
Television
• Television’s reach accounts for a majority share
of advertising spends and continues to be the
leader in terms of media spends driven by a
strong audience.
• It is expected to be the largest earner of ad
revenues contributing around 41.0% (USD 4.2 bn)
of the total advertising revenue in 2021.
Advertising revenues are further expected to
increase to USD 4.7 bn by 2023, at a CAGR
of 6.5% over 2021-2023.
Digital
• Digital is expected to be the second largest
earner of ad revenues contributing around
32.0% (USD 3.2 bn) of the total advertising
revenue in 2021. The overall digital media
market size is expected to reach USD 5.8 bn
2
EY India ‘Playing by New Rules: India’s Media and Entertainment Sector Reboots in 2020’, March 2021
8

9
by 2023 from USD 4.0 bn in 2021, at a CAGR
of 20.9% over 2021-2023 and will become the
largest earner of ad revenues.
• Digital advertising revenues continued to increase,
led by increased allocation from traditional
advertisers who accelerated their investments
in digital sales channels. With the continued
impact of the pandemic, small and medium
enterprise advertisers also increased their
spends on digital advertising and experimented
more with online sales platforms.
Print
• Print is expected to be the third largest earner
of ad revenues, estimated to increase from
USD 2.1 bn in 2021 to USD 2.2 bn by 2023, at
a CAGR of 3.5% over the period of 2021-2023.
• The circulation revenue is expected to be
USD 1.2 bn in 2021, increasing at an annual
growth of 24.5%, and is expected to reach
USD 1.3 bn in 2023, increasing at a CAGR
of 5.7% over the period of 2021-2023.

Overview of Celebrity Endorsements
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 called
“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
available 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 the 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 a
single post on social media platform 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 or
by the post (in case of a purely digital campaign),
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 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
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11
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 in a market leading position. Endorsing
a product that 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 much higher endorsement
fees for such products.
COVID-19 and the Celebrity
Endorsement Space
In the post-pandemic era, digital marketing has
emerged as a key promotional strategy for product
brands, wherein influencers and social media
have become integral to almost every marketing
campaign. Further, the film industry is also largely
dependent on social media and digital advertisements
to promote their upcoming movies and events.
As a result, advertising spend on digital media is
expected to increase from 28% in 2020 to 34%
in 2022. Further, ad spends on digital media are
mainly led by social media with the largest share
of 29% (USD 628.6 mn) and online video with a
share of 28% (USD 597.2 mn).3
3
Source: Dentsu Aegis Network India: ‘Digital Advertising in India 2021
“Established artistes are more
sought after in the areas of digital
innovation both in terms of new
products and formats like NFTs,
bitcoins, D2C, etc. This is mainly
to establish trust and credibility
and build significant awareness
for otherwise very cutting-edge
offerings. “Traditional products”
across categories like beauty,
food, nutraceuticals, etc. are
also witnessing very interesting
communication formats which
are purpose-led, instead of
just being pure monetary
transactions.
”
— An Industry Spokesperson

4
India Influencer Marketing Report: The New Era of Intelligent Influence, GroupM, 2021
5
Mamaearth increases its marketing spends by threefold; to invest in TV and digital, Financial express, December 2020
During the COVID-19 pandemic, new-age brands and
emerging startups have been shifting their marketing
strategies from traditional methods to influencer
marketing, which in turn has proven to be an effective
way to increase brand awareness among consumers
within a brand’s limited budgets. According to GroupM
INCA’s India Influencer Marketing Report, the Indian
influencer marketing industry is estimated to reach to
USD 123.1 mn by the end of 2021. It is further expected
to reach USD 300.9 mn in 2025, increasing at a
CAGR of 25.0% throughout 2021-2025.4
Companies like Mamaearth, Nykaa and Zomato have
been promoting their brands on social media platforms.
Online food delivery platform Zomato has reported
an increase in its advertisement expense from
USD 10.9 Mn in FY18 to USD 70.6 mn in FY21,
increasing at a CAGR of 86.6%. Cosmetics and
fashion platform ‘Nykaa’ reported a 285.4%
increase in marketing and advertising expenses in
September 2021 as compared to September 2020.
D2C personal care brand Mamaearth spent about
90% of its total marketing spend on digital platforms,
including influencer marketing, and 10% on
traditional media.5
Further, new-age companies
like Licious, Pepperfry and Rapido have come up
with specific digital media campaigns like “For the
Love of Meat,” “WowWomaniya” and “Smart ho,
toh Rapido,” respectively, to ensure targeted
engagement with the potential consumer.
Display banners
Social media
Paid Search
Online video
Others, including
classiﬁeds
Source: Dentsu Aegis Network India: ‘Digital Advertising in India 2021
Ad Spends on Digital Media by Formats (2020)
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13
In an interview with the Celebrity Brand Valuation team,
Vinit Karnik, Business Head, GroupM ESP, shared his
insights on the evolving endorsement trends post
COVID-19:
During the pandemic, technology became an
integral part of our lives. With an array of content
available online and social media platforms to stay
connected, the digital segment has become quite
relevant in the last two years. And with the rise
of social media, influencers have also seen
increasing popularity in the advertising space.
In a country with more than 400 million active
social media users, most of whom follow at
least one influencer, digital marketing is a
massive brand opportunity.
We believe the following four trends will drive
the Indian endorsement industry in 2022:
• Rise of D2C brands in the Indian diaspora:
The D2C sector has witnessed a significant
uptick during the pandemic. With increased
internet penetration and niche products, we
will see more D2C companies in India emerge.
Influencer marketing will be at the core of most
D2C brand marketing strategies, which will
give rise to some exciting collaborations
between influencers and these brands.
• Influencer commerce will become integral to
a brand’s sales channel mix: We have been
witnessing the e-birth and growth of influencer-
driven commerce. This space will continue to
evolve with new business models emerging.
• Measurement of influencers’ marketing impact:
Currently, there is no standard metric to measure
the ROI on influencers’ marketing. With a general
shift towards digital marketing, metrics like cost
per engagement, cost per sales and return on ad
spend (ROAS), etc. will be the focus going ahead.
This shift is essential for influencer marketing to
grow sustainably.
• The emergence of social media platforms:
With the rise of local social media platforms
like Josh, Moj, etc. and vernacular social
platforms like Sharechat and Daily Hunt,
the industry is observing an explosive mix
of talent and reach.
Due to lower data costs and affordable devices
(like smartphones, connected TV), increased
digital consumption has led to an explosion of
digital supply in the Indian market. The unique
advantage of digital is its duality; in other words,
it acts as an independent medium as well as a
measurement tool for other traditional mediums.
This dual nature has provided an astounding yet
sustained 30% growth YoY in India. Thus, digital
platforms are gaining share in the marketing pie
by transforming its presence on the back of
advertising technology platforms such as search,
commerce, social and programmatic.
1 3
How do you think the advertising space has
evolved in the last few years, especially
during the pandemic era?
According to you, what are the trends that
will drive the advertising space in 2022?
2 Please share your thoughts on why the
digital endorsement space is expected
to have an edge over traditional
advertisements.

Current Celebrity Endorsements
Television Advertisements
As part of our analysis, we examined the presence
of top celebrity brands in India on television. These
celebrities endorsed over 300 product brands
across 20 different industry segments during the
12 months ending November 2021. One of the
emerging segments was new age companies
which covers startups built on digital platforms
and technological innovations. These included
segments like FinTech, EdTech, online gaming
and OTT platforms etc., sectors which have
spearheaded digital acceleration and grown
exponentially via online platforms.
Some of the key highlights of the research on television advertisements are presented below:
Top Segments Using Celebrity Endorsers
Personal Care
and Toiletries
Food and
Beverages
New Age
Companies
Clothing E-Commerce
Top Advertising Product Brands
Harpic Horlicks WhiteHat Jr Lux Flipkart
Veet Boost Byjus Relaxo Myntra
Tresemme Pepsi PhonePe Dollar Club Netmeds
Colgate Vimal Spotify App Lyra GoDaddy
Lux Soap Mountain Dew MyGlamm Paragon MagicBricks
Top Endorsers
Akshay Kumar Hrithik Roshan Shah Rukh Khan Varun Dhawan Ranbir Kapoor
Sara Ali Khan Taapsee Pannu Hrithik Roshan Akshay Kumar Kareena Kapoor
Anushka Sharma Akshay Kumar Virat Kohli Kareena Kapoor Alia Bhatt
Alia Bhatt Shah Rukh Khan Aamir Khan Salman Khan MS Dhoni
Kareena Kapoor Virat Kohli Deepika Padukone Ranveer Singh Hrithik Roshan
Source: TAM Media Data for the Period December 2020 to November 2021, Duff Phelps, A Kroll Business analysis
Rankings are Based on Secondages—The Number of Seconds the Celebrity Appears on TV for a Product Brand—on TV Channels
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15
Digital Advertisements
We also analyzed the digital presence of the India’s
top celebrities on more than 100 websites, such
as YouTube, Zee, Rediff, Yahoo, MSN, BBC, etc.
As compared to advertisements on television, the
digital advertisements space is expected to witness
an explosive growth from USD 2.2 bn in 2020
to USD 3.2 bn in 2022, at a CAGR of 22.5%,
while the growth of television advertisements
declined by 13.7% from 2020 to 2021.6
6
Digital Advertising in India, Dentsu Aegis Network, 2021
Top Segments Using Celebrity Endorsers
Personal Care
and Toiletries
Food and
Beverages
New Age
Companies
Real Estate and
Construction
Health Care
Top Advertising Product Brands
Nivea Cadburys Spotify App Lodha Group Volini
Garnier Horlicks Brawl Stars Apl Relispray
Tresemme Vimal Go Digit Polycab CureFit
Lakme Kwality Wall’s Paytm Rado Captain Cook Mankind
Colgate Lipton Disney+ Hotstar Astral Coviself
Top Endorsers
Anushka Sharma Shah Rukh Khan Deepika Padukone Akshay Kumar Virat Kohli
Sara Ali Khan Akshay Kumar Virat Kohli Tiger Shroff Hrithik Roshan
Alia Bhatt Alia Bhatt Sachin Tendulkar Ayushmann Khurrana Rohit Sharma
Tiger Shroff MS Dhoni Shah Rukh Khan Ranveer Singh Akshay Kumar
Taapsee Pannu Ranveer Singh Akshay Kumar Hrithik Roshan Ayushmann Khurrana
Source: TAM Media Data for the Period December 2020 to November 2021, Duff Phelps, A Kroll Business analysis
Rankings are Based on Secondages—The Number of Seconds the Celebrity Appears on various websites for a Product Brand
Some of the key highlights of the research on digital advertisements are presented below:

Product Brand Endorsements by the Top 20 Celebrities
Source: Duff Phelps, A Kroll Business analysis based on endorsements of the top 20 celebrities
The cumulative number of product brand
endorsements by the top 20 celebrities increased
to 376 in 2021, reflecting a reasonable recovery
and growth from 357 product brands in 2020.
This growth was driven by endorsements in
new age companies that grew to about 12% of
the total endorsements. Further, this represents
a CAGR of 8.4% over the last five years growing
from 272 product brands in 2017.
400
350
300
250
200
150
100
50
0
CAGR – 8.4%
2017
272
2018
314
2019
370
2021
376
2020
357
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17
While in 2020, we were all “Embracing the New Normal”
that the pandemic had brought upon us, 2021 set the
ground for us to enter “Digital Acceleration 2.0.” In the
second year of lockdown restrictions, companies devised
not only new marketing and promotional strategies,
but also looked at building stronger digitally-driven
business models to target the fastest growing internet
population in India, which stands at about (‘~’) 825
million internet subscribers at the end of March 2021.7
According to a McKinsey global survey of executives
in 2020, companies have accelerated the digitization
of their customer and supply-chain interactions and
of their internal operations by three to four years.
Also, the share of digital or digitally- enabled products
in their portfolios has accelerated by seven years.8
As traditional as well as upcoming industries adopted
the digital route to continue engaging with their
consumers, we observed greater traction in the
following three segments, specifically from a
celebrity endorsement standpoint:
• FinTech (including Cryptos)

– The FinTech sector is expected to reach a total
market size of USD 114.2 bn in 2026 from
USD 38.2 bn in 2021, implying a robust CAGR
of about 25.0%. It also witnessed hectic
funding activity with more than USD 7.1 bn
raised across 141 deals in 2021.

– E-payment total transactions value is expected
to grow from USD 22.2 trillion (34.1 bn
transactions) in FY20 to USD 27.1 trillion (43.7 bn
transactions) in FY21 and is expected to reach
USD 99.9 trillion (649.7 bn transactions) by
2027, CAGR of 24.3% from FY2021-2027.9
7
Internet users up nearly 4% to over 825 million in Q4 of FY21: TRAI data, Business Standard, August 2021
8
“How COVID-19 has Pushed Companies Over the Technology Tipping Point—and Transformed Business Forever,” McKinsey Company, October 2020
9
E-payment Solutions Market in India 2021, Netscribes, October 2021
10
“Social Media Day 2021: History, Significance and How it Emerged as a Ray of Hope Amid Covid,” India Today, June 2021
11
“Decoding India’s $100 bn D2C Opportunity,” Inc4, June 2021
• Social Media and OTT Platforms

– Social media platforms have seen a tremendous
growth of ~21.0 % in the user base, increasing
from 370 mn in 2020 to 448 mn in 2021.10
We also witnessed the emergence of
multiple short video and other social media
apps to capture the open space created
post the ban on Chinese apps.

– The number of paid OTT subscribers grew
from ~53 mn in 2020 to ~75 mn in 2021,
an annual growth of 41.5%. This resulted
in video, content and influencer models
becoming central to monetization plans
given the exploding active users.
• D2C Platforms

– With currently more than 800 D2C brands
in India, the total addressable market under
D2C is expected to grow from about USD
33.0 bn in 2020 to more than USD 100.0 bn
by 2025, implying a CAGR of about 25%
during 2020-2025.11

– The D2C space has also seen increasing
funding activity, with more than 97 deals
and raising more than USD 1.3 bn in 2021.
As the battle to address the next 100 mn
subscribers continues in 2022, the focus is
expected to shift to the tier 2 / 3 cities and to
the digitization of the unorganized. We see
significant funding taking place in super apps,
neo banks, digital currencies, social commerce,
and also the rise of “phygital” models with the
physical becoming digital and the digital
entering physical.

In an interview with the Celebrity Brand Valuation report team,
Jayesh Kishanchandani, Associate Vice President, Talent
Management Brand Partnerships, Yash Raj Films Pvt. Ltd.
shared his insights on the evolving endorsement trends:
One change that I have observed is that established
celebrities have a lot more opportunities for brand
promotions/engagement on their social media. Also,
traditional brands have increased their digital media
spends substantially in addition to their earlier mass
media spends i.e., TV, print, outdoor, etc., to engage
with these established celebrities. The upcoming
celebrities, on the other hand, were always involved
with promoting brands on their social media, and
primarily, the spends were across digital for the
brands they endorsed.
I think different A-league celebrities use different
strategies. The ones who usually have multiple releases
a year are engaging with OTT platforms for different
reasons. Some could be to prevent a financial strain
on the films’ budgets and some also do films whose
content would ideally appeal to the OTT audience.
On the other hand, there are some A-league celebrities
who have chosen to wait it out during the pandemic
and be a part of only films with a theatrical release.
But one thing is certain that most A-league will engage
with OTT platforms for films, series or other formats
sooner than later to stay relevant in today’s digital age.
I think it’s become a default that established
celebrities have a mix of traditional and new
age companies. These new age companies,
backed by large funds, have large media budgets,
and hence, engage established celebrities to
enhance their marketing activities. This is also
beneficial for these celebrities as most of these
new age brands communicate with the youth,
and hence, create communication that explores
different facets of the established celebrities.
It has helped celebrities endorse categories
that earlier did not exist as part of their
brand portfolios.
1 3
How would you summarize the changes
in the pre- vs. post- COVID-19 era for
established celebrities vis-à-vis other
upcoming celebrities, particularly from
an endorsement perspective in the
current era of digital acceleration?
Further, what has been the box-office
strategy of A-league celebrities, given
the continued slow pickup of large
budget Bollywood movies? Are they
actively targeting OTT platform movies
to stay relevant in today’s digital age?
2 In today’s digital age, how important is it
for established celebrities to have a diverse
endorsement portfolio, involving established
as well as new age companies?
While both will have their own distinct spaces and
opportunities to explore, established film actors will
have certain brands that will plan digital/social media
campaigns that normally are the specialty of social
media influencers. Established stars will need to
adapt to this and explore such opportunities where
the media is primarily digital and uses the celebrities’
social media reach. In addition, the content creation
for such campaigns is done by production teams
who specialize not in traditional advertising but
in this digital format. These celebrities add a lot
of star value and generate organic PR buzz,
which helps these brands.
4 How do you see the evolution of established
film actors in the current era, with increasing
competition from social media influencers
who are laser-focused with niche audiences?
18

19
FinTech – Revolutionizing Digital Payments
FinTech is one of the fastest growing industry
verticals with the total market size of USD 38.2 bn
in 2021 and is expected to reach USD 114.2 bn
by 2026, growing at a CAGR of about 25.0%
during 2021-2026.12
The market has also seen increase in funding
activity with more than USD 7.1 bn raised across
141 deals in 2021 as compared to USD 0.9 bn
in 2020. The funding rounds were led by Acko
BillDesk, BharatPe, Cred, among others.
12
FinTech Market in India 2021, Netscribes – September 2021
Source: Private Circle database, Duff Phelps, A Kroll Business analysis
All figures are converted into USD using the Bloomberg Exchange Rate as of March 31, 2021
FinTech Funding Overview
USD
Mn
No.
of
Deals
Quarter 1 Quarter 2 Quarter 3 Quarter 4
6,000.0
5,000.0
4,000.0
3,000.0
2,000.0
1,000.0
0.0
60
50
40
30
20
10
0
375.9
48
44
29
26
33
39
32
25
318.2
109.0
282.0
123.2
5,600.4
293.6
908.8
Funds Raised in 2020
No. of deals 2020 No. of deals 2021

FinTech startup ‘Khatabook’ featured MS Dhoni
for its “Dhande Ka Doctor” campaign urging
Micro, Small Medium Enterprises (“MSMEs”)
to adopt the company’s user-friendly digital
solutions. Policybazaar.com highlighted
“procrastination for insurance” through
their campaign, featuring its brand
ambassador Akshay Kumar.
PhonePe launched its latest brand campaign
“Tension chhodo, Insurance lo,” featuring
Aamir Khan and Alia Bhatt as brand
ambassadors aimed at making customers
aware of how insurance can make life easy.
The company has over 325 million registered
users on its platform.13
Crypto trading platforms also actively engaged
with celebrities to promote bitcoins and altcoins.
Ayushmann Khurrana was roped in by CoinDCX
for its “Future Yahi Hai” campaign focusing on
addressing doubts and dispelling myths related
to crypto investments from the perspective of
young Indians.
Similarly, CoinSwitch Kuber launched its
“Kuch Toh Badlega” campaign, featuring
its brand ambassador Ranveer Singh.
The campaign included three ad films
highlighting the potential of cryptocurrency
as a preferred choice of investment.
CoinSwitch Kuber became a unicorn in 2021,
valued at USD 1.9 bn serving more than
10 million customers.14
13
PhonePe’s new campaign featuring Aamir Khan and Alia Bhatt
showcases the ease of buying insurance on the platform,
Business Insider, October 28, 2021
14
Gully Boy’s Ranveer Singh is back; raps for CoinSwitch Kuber
in its latest ad, Business Insider, October 11, 2021
Photo
Courtesy:
Ravindu
Patil
20

21
Several FinTech companies as well as crypto platforms signed on celebrities as brand ambassadors to attract
consumers and increase brand awareness.
21
Brand Celebrity Brand Endorser
Funds Raised in
2021 (USD mn)
Comments
Cred Neeraj Chopra, Ranveer Singh 552.9 Signed in 2021
BharatPe Jasprit Bumrah, KL Rahul, Rohit Sharma 462.3 Endorsing since 2020
PhonePe Aamir Khan, Alia Bhatt 348.8 Endorsing since 2019
CoinSwitch Kuber Ranveer Singh 306.0 Signed in 2021
Fino Payments Bank Pankaj Tripathi 164.1 Signed in 2021
CoinDCX Ayushmann Khurrana 91.6 Signed in 2021
Khatabook MS Dhoni 47.9 Endorsing since 2020
Policybazaar Akshay Kumar 34.2 Endorsing since 2019
UPI chalega Saina Nehwal - Signed in 2021
Source: Private Circle database, Duff Phelps, A Kroll Business analysis

Period Celebrity Description
Dec-21 Rajinikanth
/Diginoor.io
Digital assets from three blockbuster Rajinikanth movies
including Sivaji, Chandramukhi and Kabali.
Dec-21 Salman Khan Expected to launch collection of NFTs from the Dabangg franchise
produced by Arbaaz Khan Productions, starring Salman Khan.
Nov-21 Amitabh Bachchan Organized by Beyondlife.Club, NFT included Amitabh Bachchan’s
autographed vintage posters, a recital of his father’s famous poem
Madhushala, seven autographed posters from his iconic movies and
other items associated with his career.
Nov-21 Sunny Leone Launched Misfitz by Sunny Leone - a collection of 9,600 NFTs
minted in Ethereum blockchain.
Nov-21 Sonu Nigam Sonu Nigam’s single “Hall of Fame”- his first official
English track.
Oct-21 Manish Malhotra NFTs collection had the sketches and GIFs of five couture pieces,
worn by models and actresses such as Lisa Ray, Deepika Padukone,
Kareena Kapoor Khan, and Alia Bhatt.
Several celebrities launched their own non
fungible tokens (“NFTs”). NFTs are tokens that
are used to represent ownership of unique items
such as art, collectibles, etc. They are designed
to have one official owner at a time and are
secured by the Ethereum blockchain ensuring
authenticity. We analyzed the launches of a
few NFTs in 2021:
Source: Duff Phelps, A Kroll Business analysis
22

23
Emergence of New Age Social Media/OTT Platforms
The world today is accessible through a click on
the screen and every event can be experienced
“live” today, whether it’s an important news event,
a sports tournament, a conference. The list is endless.
And owing to this versatile digital technology, the
world was not quite shutdown even amidst the
global lockdowns.
Social media platforms garnered significant
funding with more than 36 deals and raising more
than USD 800 mn in 2021. New age social media
platforms like Chingari, ShareChat, SocialSwag, etc.
raised significant funding in the last year. Chingari
emerged as a prominent social media app and as
a strong contender to Instagram Reels with more
than 32 million active users.15
Furthermore, ShareChat with 180 million monthly
active users aims to promote talented creators and
help them become social media champions.16
USD
Mn
No.
of
Deals
350
300
250
200
150
100
50
0
16
14
12
10
8
6
4
2
0
15
9
13
11
5
6
7
8
3.3
232.0
247.3
314.1
21.2
62.0
23.3
2.5
Source: Private Circle database, Duff Phelps, A Kroll Business anaylsis
15
Chingari Ranks as India’s Top Social Media App on Google Play, Market Insider, December 23, 2021
16
Neeraj Chopra is brand ambassador of ShareChat Mega Star Season 2, Exchange4media, September 29, 2021
Social Media Funding Overview

Celebrities Endorsing Social Media/OTT Platforms
We analyzed recent celebrity endorsements for
social media/OTT platforms. With increased internet
penetration, subsidized tariffs and a plethora of
content to scroll through, Indian audiences were
hooked to digital media through the years 2020 and
2021. Accordingly, several OTT giants such as
Amazon Prime and Disney+ Hotstar and upcoming
platforms like Chingari and Voot partnered with
Bollywood and sports celebrities as endorsers.
Another effective marketing strategy adopted by
these platforms was to rope in regional celebrities
to target a vernacular audience.
Social Media / OTT
Platforms
(USD mn)
Celebrity Endorser Comments
Moj India 618.2 PV Sindhu Signed in 2021
Amazon Prime 450.0 Pankaj Tripathi Signed in 2021
MX TakaTak 100.0 Anushka Sharma, Virat Kohli Signed in 2021
Chingari 19.1 Salman Khan Signed in 2021
Planet Marathi - Madhuri Dixit Signed in 2021; Regional
Disney+ Hotstar VIP -
Ajay Devgan, Ram Charan
(Regional), Tamannah Bhatia
Signed in 2021
Spotify App - Deepika Padukone Signed in 2021
Voot App - Ranveer Singh Signed in 2021
Duff Phelps, A Kroll Business analysis, Private Circle analysis
24
24

25
Brand
Campaign
Name
Campaign
Description
Results
Brand Owner’s
Viewpoint
Close Up Freedom to love
Close up, wanted to
increase salience during
valentine’s day with
their campaign. For the
marketing initiative they
had developed the content
that showcased personal
stories of love beating
conventional norms
like age difference,
unconventional lifestyle
etc. The videos were
targeted to the age
group of 18-40 years.
• 4.4 points lift
in Ad Recall
for the
campaign,
driven by 6.0
points lift for
Males
• 6.6 points lift
among 18-24s,
their core
target
audience
The overall experience
helped them to generate
much needed, authentic
conversations around
real stories and further
amplify Closeup’s take
on celebrating all kinds
of love that is free
from self-doubt and
societal barriers.
myBageecha
First Brand
Campaign
myBageecha, with their
first brand campaign on
Instagram using celebrity
Kareena Kapoor Khan,
showcased 5 different
plants that could be used
for gifting during Diwali.
This campaign ran for 45
days targeting the 18-54
years age group.
• Reaching
14.7 mn
people
• 3.5 points
lift in Ad
Recall
Kareena helped to
add a lot of credibility
to their brand, and
with Instagram’s
reach they could
connect with a lot
of people who were
unaware of their
brand in metro as
well as Tier 2 cities.
Red Label
Let’s
unstereotype
India
Red Label wanted to make
India more inclusive with
their campaign. The
creators addressed
different stereotypes.
Five different assets
tackling ageism, gender,
mental wellbeing,
language, etc.
• 8.7 points
in Ad Recall
• 3.8 points
lift in
Message
Recall
NA
Several brands also extensively leveraged
Instagram to promote their campaigns through
celebrities and influencers. The Celebrity Brand
Valuation Team interviewed Instagram team and
discussed results of some of these campaigns, as
summarized below:

Brand
Campaign
Name
Campaign
Description
Results
Brand Owner’s
Viewpoint
Spotify Listen with
the world
Through their campaign,
Spotify worked with
creators to develop
content that showcased
how diverse playlists on
Spotify inspire their work.
The campaign ran for 30
days targeting the age
• 23% lift in
India DAUs
• 22% growth
in streams
• Lift of 1.8
points in action
intent among
those who
were exposed
to the
campaign
Helped them to build
awareness in India
for one of their global
flagship playlists.
Swiggy Genie Keep calm and
let Swiggy
Genie do the
kaam
Swiggy Genie wanted
to showcase their product
benefit, so they showcased
how creators used the
Genie service for everyday
tasks getting their hot
lunch picked up from home.
The campaign ran for 21
days targeting the age
• 6.9 points
lift in Ad
Recall
• 3.6 points
lift in Top-
of-Mind
Awareness
• 1.5 points
lift in
Message
Association
The hyperlocal
delivery category
(apart from food
delivery) is still fairly
nascent in the country
and they wanted to
try and go the
influencer route to
showcase how Genie
can be relevant in
consumer lives.
Source: Facebook India
26

27
D2C – The Next Level of Shopping
The online retail sector in India has been flourishing
consistently though COVID-19 times, and with the
growing adoption of technology, the D2C sector is
poised to scale new heights. India added 80 million
online shoppers in the last three years to reach 130
million in 2021, reflecting a CAGR of 37.5%, and is
further expected to increase to ~200 million by 2025.
Further, online spending in India is expected to grow
at a CAGR of ~35.0% from USD 39 bn in 2021 to
USD 200 bn in 2026.17
D2C has also seen increasing funding activity with
more than 97 deals and raising more than USD 1.3 bn.
D2C companies such as boAt, Licious, Mamaearth,
Melorra, MyGlamm, Wakefit, among others, witnessed
multiple rounds of funding, which helped them continue
to grow their reach and popularity amongst consumers.
Several D2C companies signed on celebrities as
brand ambassadors to attract consumers and
increase brand awareness.
17
D2C Brands: Disrupting the Next Decade of Shopping, Avendus
Source: Private Circle database and Duff Phelps, A Kroll Business analysis
D2C Funding Overview
USD
mn
No.
of
Deals
700.0
600.0
500.0
400.0
300.0
200.0
100.0
0.0
35
30
25
20
15
10
5
0
21
20 22
26
32
18
22
18
62.0
192.0
84.9
293.6
57.7
244.5
136.8
603.7

Indian celebrities and their growing affinity for D2C
Some of the notable celebrity-brand associations in the D2C space is presented below:
Product
Brand
Celebrity Brand
Ambassador
Investor
Funds Raised in
2021 (USD mn)
Beauty and Personal Care
Mamaearth Sara Ali Khan Sofina, Sequoia Capital India, Others 27.7
MyGlamm Shraddha Kapoor
Ascent Capital Advisors India,
Alteria Capital, Others
151.6
Consumer Durables
boAt
Hardik Pandya,
Kiara Advani,
KL Rahul, Others
Warburg Pincus 96.1
Wonderchef Kriti Sanon Godrej Family Office, Malpani Group 20.4
Fashion
Bewakoof
Rajkummar Rao,
Siddharth Malhotra
Investcorp and IvyCap Ventures 8.2
Wrogn Virat Kohli Spark Alternative Investment Trust 4.1
Food and Beverages
Country Delight
Naturals
Neeraj Chopra
Orios Venture Partners and
Matrix Partners India
22.3
Licious
Anil Kapoor,
Arjun Kapoor
Akshay Ghulati, Kunal Shah, Others 221.3
Jewelers
Giva Anushka Sharma Ananyashree Ashish Goenka, Others 4.1
Melorra Shraddha Kapoor
Symphony International Holdings,
Param Capital
24.7
28

29
D2C brands such as Mamaearth and Nykaa have
also turned to social media influencers for several
one-time/ festival-driven campaigns. As of March 31,
2021, Nykaa had a network of 1,363 influencers,
including beauty, fashion and lifestyle bloggers,
makeup artists and celebrities. Recently, boAT,
a lifestyle brand, roped in Punjabi actor and singer,
Diljit Dosanjh, as its regional brand ambassador.
Similarly, men’s grooming brand Beardo roped in
South Indian actor Yash to endorse its brand in
addition to Hrithik Roshan and KL Rahul.
—
Arun Pandey, CMD,
Rhiti Sports Management (P) Ltd.
“With online business
models requiring
adequate digital
presence, the D2C
sector is gaining a
lot of momentum in
India. Rising D2C brands are looking
to associate with the right celebrity
brand for targeted outreach of their
products. Today, not only Bollywood
stars but also cricketers, sportspersons
and other social media influencers are
being roped in as brand ambassadors.
Their strategy is to associate with the
endorser who can ensure better and
higher engagement with the product’s
potential consumers. Therefore, with
the emergence of the D2C sector, we can
also expect to witness greater diversity
in “celebrity brand endorsers” companies
deem fit for their product.
”

#Starvestors in the D2C Sector
In addition to endorsing, several celebrities have
also invested in D2C brands. Recently, Alia Bhatt
invested in the D2C brand Phool.co, which is
an innovative startup focused on the circular
economy and helps to convert floral waste into
charcoal-free luxury incense and other wellness
products. Similarly, Ayushmann Khurrana turned
investor-cum-ambassador for the men’s grooming
brand, The Man Company. Some other notable
examples where celebrities have turned key
investors in D2C brands in 2021 are:
Date Product Brand Key Investor
Funds Raised
(USD mn)
April 7, 2021 Nua Women Deepika Padukone 6.6
July 10, 2021 MyGlamm Shraddha Kapoor 0.6
July 19, 2021 LetsBeco Dia Mirza 0.6
October 7, 2021 Phool Alia Bhatt Undisclosed
October 26, 2021 Shumee Dia Mirza Undisclosed
November 12, 2021 Nykaa Alia Bhatt, Katrina Kaif 0.7
30

31
After a delay of over a year, the Tokyo
Olympics 2020 was hosted in July 2021,
with India sending its largest-ever contingent
of 127 athletes who competed in 18 sports.
Following India’s best performance in Olympics
history, brands were seen chasing the medal-
winning athletes for several endorsement deals.
While Indian cricketers have always grabbed
the majority share of the ad spend amongst
sportspersons, post the Olympics the
landscape opened with several advertisers
choosing to associate with non-cricketers
as well. Further, the sporadic lockdown
restrictions, including the shutting down
of cinema halls and the delay in major cricket
tournaments, led to non-cricketing sports
athletes becoming social media influencers
on various platforms.
Medalists as Endorsers
Post Tokyo Olympics, we saw athletes
like Bajrang Punia, Devendra Jhajharia,
Neeraj Chopra and PV Sindhu add major
endorsement deals to their brand portfolio.
We observed that the majority of the
endorsements were done in the financial
services and the food and beverages
segments. These included brands such as
Apis Himalaya Honey, Mobil India,
Natural Ice Cream, among others.
Photo
Courtesy:
JSW
Sports
Key Trends in the
Celebrity Endorsement Space
Brands Shoot for Olympic Stars
Some of the major brand associations
with the medalists are presented on the
next page:

—
Toshan Patil, Co-founder Director,
Meraki Sport Entertainment
“ The interesting thing
about para-athletes
is that every single
para-athlete has a
powerful story. This
allows them to explore
certain brand associations that might
not be relevant for able-bodied
athletes. Therefore, a large aspect
of such collaborations is when these
athletes bring inspiring conversations
on board. Another aspect to this
is brands wanting to communicate
diversity and inclusion. So, they
should be looking at this multifaceted
approach to sports marketing.
Product Brand Athlete Sport Medal
Automotive
Bridgestone PV Sindhu Badminton Bronze
Mobil India Bajrang Punia Wrestling Bronze
Financial Services
Citibank Devendra Jhajharia Paralympic javelin throw Silver
TATA AIA Life Insurance Neeraj Chopra Javelin throw Gold
Food and Beverages
APIS Himalaya Honey PV Sindhu Badminton Bronze
Country Delight Naturals Neeraj Chopra Javelin throw Gold
Health Care
Amrutanjan Healthcare Saikhom Mirabai Chanu Weightlifting Silver
SmartValue health care products Ravi Kumar Dahiya Wrestling Silver
Photo
Courtesy:
Meraki
”

33
Women athletes scored big!
Indian sports have seen a massive rise in the number
of female athletes in the recent past. With their
magnificent on-field and off-field performance, they
are emerging as the primary choice as endorsers in
certain industries, like banking, fashion and health
related products. In 2016, after winning the Rio
Olympics, PV Sindhu turned to be the brand
ambassador for product brands like Bank of Baroda,
Bridgestone and Yonex. Similarly, after the Tokyo
Olympics in 2020, she bagged endorsement deals
for multiple brands including Moj, Natural Ice Cream
and Spinny.
Not only Sindhu but Indian weightlifter Saikhom
Mirabai Chanu who won the silver at the Olympics in
the 49-kg weightlifting category was roped in as a
brand ambassador by multiple brands, including
ExxonMobil Lubricants, Mastercard and RBL Bank.
Also, Lovlina Borgohain who won a bronze medal in
the women’s boxing 69-kg category, has been roped
in for the TVC campaign by Shyam Steel and for the
digital campaign by ICICI Prudential Life Insurance.
“ The world of
endorsements for
athletes is a lot
different today than
it was a few years
ago when the
advertisements industry was majorly
dominated by Bollywood celebrities
and cricketers. Winning medals for
the country across other sports
especially in major sporting events like
the Olympics, has had a significant
impact on partnerships for non-
cricketing sportspersons. A huge
contribution to grow the popularity
of non-cricket sports athletes in
India comes from linear TV- which
broadcasts live sports to a wide
audience. These athletes are slowly
becoming household names, attaining
a celebrity status and creating a niche
for themselves. Hence, it is no surprise
that brands are turning to these
athletes to ensure a successful
targeted market reach. Especially,
after the Tokyo Olympics feat, there
is a positive trend in brands
associations with the Olympic athletes
for long-term partnerships which are
expected to run till the 2024 Paris
Olympics. Brands see the upside in
long-term investment and believe in
being a part of these non-cricket
athletes’ journey.
—
Yashwanth Biyyala, Director,
Baseline Ventures
”
Photo
Courtesy:
Baseline
Ventures

Medalists with a strong brand identity became overnight stars as their followers continued to increase
on social media:
Evolution into social media influencers
We further looked at the growth registered in followers on various social media platforms for some of the sports
athletes pre- and post-Olympics:
Medalist Sport
Instagram
Followers
(mn)
Facebook
Followers
(mn)
Twitter
Followers
(mn)
Engagement
Rate %
Neeraj Chopra Javelin throw 5.2 0.5 0.7 20.5%
PV Sindhu Badminton 3.0 3.1 3.1 9.3%
Bajrang Punia Wrestling 0.5 0.8 0.3 7.4%
Saikhom
Mirabai Chanu
Weightlifting 0.8 0.3 0.3 3.6%
Duff Phelps, A Kroll Business analysis, Hypeauditor analysis
Medalist Sport
Pre-Olympics
(k)
Post-Olympics
(k)
Growth %
Neeraj Chopra Javelin throw 133 3,700 2682.0%
Saikhom Mirabai Chanu Weightlifting 90 858 853.3%
Lovlina Borgohain Boxing 20 146 630.0%
Ravi Kumar Dahiya Wrestling 25 165 560.0%
Parattu Raveendran Sreejesh Hockey 30 125 316.7%
Manpreet Singh Hockey 29 82 183.8%
Bajrang Punia Wrestling 249 461 85.1%
PV Sindhu Badminton 1,800 2,600 44.4%
Increased Popularity, Rise in marketability, more endorsements: India’s Tokyo Olympians are now celebrities, Times of India, August 29, 2021
Thus, with a strong social media presence, a reliable on-field and off-field persona and a powerful recall capacity among the
Indian audience, we can expect these sports athletesto emerge as active celebrity brand endorsers in the coming year.
34

35
Television marketing swept the advertising
industry in the early 2000s. Now, as the world
turns digital, social media marketing is the next
big thing. Throughout all this, one thing remained
constant: celebrity campaigns. Nowadays,
celebrities and influencers play a pivotal role in
advertising, and post-COVID-19 have become
the most preferred form of advertising for the
corporate world. According to GroupM INCA’s
India Influencer Marketing Report, the Indian
influencer marketing sector will be about
USD 123.1 mn by the end of 202118
. As there is
an accelerated shift towards digital marketing,
it’s necessary to have appropriate guidelines
under which companies should advertise to
prevent consumers from being misled. In India,
the Advertising Standards Council of India
(ASCI) lays down these guidelines that have
been tweaked from time to time to ensure
relevance with the changing times.
Marketing in The Digital Era
18
India Influencer Marketing Report: The New Era of Intelligent Influence, E4M, 2021

Celebrity Endorsements and the related Guidelines
It was in 2017 when the advertising regulator ASCI
released a set of guidelines on celebrity endorsements.
As per these guidelines, celebrities from all
industries endorsing products must conduct due
diligence ensuring that the claims made in their
endorsements are not misleading. It also stated:
Endorsers must ensure that all claims made in their
ads must be capable of being objectively ascertained;
especially for products/services, which can cause
serious financial and physical loss. Celebrity
testimonials must be based on their adequate
knowledge/experience of the product/service
being sold. Celebrities are also barred from
promoting any products, which are prohibited
from being advertised or carry a health warning.
The Central Consumer Protection Authority (CCPA)
has the authority to give orders to withdraw or
amend the content of inaccurate advertisements
as well as impose a penalty of rupees ten lacs on
both the manufacturer and the endorser. If the
given guidelines are not followed, ASCI can issue
a ban on the celebrity for endorsing any products/
services up to 1 year, extendable to 3 years in
case of subsequent contravention.
Celebrity
Brands/Products
Endorsed
Month/
Year
Comments
Akshay Kumar Dabur
Chyawanprash
April 2021 Endorsed a product claiming to protect against
COVID-19; got COVID-19. Got mocked, and
ASCI asked Dabur to modify/ withdraw the ad.
Sourav Ganguly Adani Wilmar's
Fortune rice
bran oil
January
2021
Endorsed product claiming to improve heart
health. However, Ganguly got a heart attack in
January 2021, which raised doubts about oil's
usefulness, while also questioned the brand
endorser’s credibility.
Priyanka Chopra Beauty products
like fairness
creams
January
2021
Chopra expressed regret on possible racism
on account of the color of skin.
Yami Gautam Glow Lovely September
2020
Continues to endorse the rebranded
Glow Lovely.
However, despite these guidelines, there have been various cases in the recent past where ASCI guidelines may not
have been followed in toto. Some of these instances are presented below:
36

37
Celebrity and Influencer Endorsements in the Digital Era
With the pandemic shaking the entire world, the
entertainment industry too has been deeply impacted.
While the shift to digital media has been a boon
for many, celebrities now need to build a personal
connection with the consumers as well. Many
influencers, in direct contact with their niche audience,
are being preferred for focused ad campaigns. Even
upcoming actors like Sara Ali Khan and Janhvi Kapoor
owing to their appeal to the younger audience
have signed various deals with A-list brands
despite being early in their careers.
ASCI saw the need to establish certain guidelines to
ensure that influencer marketing is more accountable.
The distinction between influencers’ personal and
paid content was blurred and nearly indistinguishable
from non-paid content. To tackle that, the new guidelines
by ASCI came into effect from June 14, 2021:
A disclosure label clearly stating posts as
advertisements is a must and it must be put in
a prominent location. The imposition of disclosure
labels is based on the material connection between
the advertiser and the influencer. This “material
connection” would also include the issuance of free
products or unsolicited gifts, discounts, contest,
and sweepstake entries, trips or hotel stays,
media barters, coverage, awards, or any family or
employment relationship between the advertiser
and the influencer in addition to the typical benefits
and incentives such as monetary or other compensation.
The label is to be included in the title above the photo/
beginning of the text on Instagram. For content
that is not accompanied by any text (for example,
Instagram or Snapchat stories), the guidelines
mandate superimposing the disclosure label upon
the photo/video in a manner clearly visible to the
average consumer. A virtual influencer has also
been directed to disclose to the consumers that
their interaction is not with a real human being. The
placement, duration, visibility, and method of the
disclosure should also be stated to ensure that
the disclosures are prominent. Allowed disclosure
labels include ‘Advertisement,’ ‘Ad’, ‘Sponsored,’
‘Collaboration,’ ‘Employee,’ and ‘Free Gift’. Other
than that, influencers should not apply any filters
to the products they are endorsing on social media
sites and are obligated to conduct due diligence
before participating in promotional advertising.19
19
The Advertising Standards Council of India (“ASCI”), Indian Broadcasting Foundation

It’s not just India, but multiple countries in the world
have been regulating paid material on social media,
including the US (Federal Trade Commission (FTC))
and the UK (Advertising Standards Authority). The
FTC works closely with the advertising fraternity to
regulate promotions.20
ASCI’s new guidelines have enhanced the
accountability of promotions and encouraged
genuine recommendations. However, one loophole
is that while direct promotions get regulated, several
brands (especially those that promote gambling or
alcohol) often leverage profiles of influential people
for promotions by paying them to “reshare” their posts.
Since the contours of advertising have changed
drastically, there’s also a need for influencers to
be careful while resharing content as that can also
be seen as an endorsement even if that may not
be their actual intention.
Recently, with cryptocurrency gaining momentum in
India, Subhash Kamath, Chairman of ASCI, stated that
celebrities should conduct their due diligence before
promoting cryptocurrency companies, as they might
be held liable for misleading claims. They should be
extra cautious about endorsing financial instruments
and investments. Amidst the various crypto platform
ads being aired like that of CoinSwitch Kuber, CoinDCX,
especially during the T20 World Cup, it has sparked
debates online about their claims. In a meeting related to
cryptocurrency chaired by Prime Minister Narendra Modi,
Modi also expressed his concerns that these ads
would mislead the youth through over-promising
and non-transparent advertising.
To protect consumers, ASCI and the Blockchain
and Crypto Assets Council have announced that
they would soon introduce a set of crypto
advertising guidelines after consulting with
various stakeholders.21
20
Law governing Endorsements: The Global Perspective and
its Emergence in India, Bar and Bench
21
The Advertising Standards Council of India (“ASCI”),Indian
Broadcasting Foundation
38

39
The new era of “responsible advertising” also aims
to protect consumers against ads that are deemed
socially irresponsible. Despite the ASCI’s opposition
to surrogate advertising, several actors like
Ranveer Singh, Ajay Devgan, Shah Rukh Khan,
and others, have endorsed brands like Vimal,
Signature, and Pan Bahar. However, after receiving
criticism, Amitabh Bachchan recently disassociated
himself from Kamla Pasand pan masala brand stating
he was unaware that the ad was surrogate advertising
while it was being filmed. He also returned the money
he was paid for the endorsement. Amitabh Bachchan
also halted the advertisement deal with CoinDCX
until the legitimacy of cryptocurrency in India is
established. A few years ago, even Virat Kohli
dropped Pepsi after endorsing it for several years,
claiming that he had become more fitness conscious
and did not want to endorse a cola since he found
it to be unhealthy. He also stopped endorsing
fairness products because of its association with
racism. Such awareness is necessary as it sets a
standard for other celebrities and influencers to be
more socially self-aware and responsible as well.
ASCI has also recently launched an “advertising advice”
service to assist advertisers in incorporating
responsibility into creative efforts early on. It has
been launched as pre-production counselling, as
a form of risk reduction and due diligence. It has
a panel of technical specialists who can assess the
facts needed for claim substantiation, ensuring
that advertising claims are not deceptive.21
While still in the development stage, recent changes
by ASCI seems to be a progressive step, and one
can hope to see advertising get more transparent
and accountable. It’s also pertinent to maintain that
while ASCI guidelines are transformational, it
doesn’t take away the responsibility of influencers
and advertisers to be more accountable for their
endorsements. With progressive ASCI guidelines
and accountable celebrity endorsements, it can
pave a way for responsible advertising.
21
The Advertising Standards Council of India (“ASCI”),Indian Broadcasting Foundation

Industry Speaks
40

41
Mr. Nikhil Bardia
Head of Sponsorship
Sales Talent,
RISE Worldwide Limited
Over the years, the brand endorsement landscape has
evolvedsignificantly.Traditionally,brandslookedathaving
one celebrity as their face and utilizing an athlete’s IP,
in-person offline appearances at launch events, shoots
and fan engagements. Social media engagement was
generally bundled as an add-on value. But the pandemic
and its restrictions led to a dynamic shift, with brands
opting for multiple athletes focused on digital and
campaign-based associations. Leveraging the social
media platforms of athletes has opened a wider ground
for brands to target demographics suited to their
objective; this also helps them reach a regional audience.
For example, the recent Dream11 Dream Big campaign,
which featured four of our talents for our partner
Dream11. The campaign was a roaring success;
Dream11 leveraged the evolving trend of multiple
cricketers for one campaign, something that was
adopted increasingly given the pandemic.
Sportscelebritiescommandanemotionalbondwithfans,
withasenseofownershipandloyalty,whichenables
brands to leverage that connect. Today, a large share
of our population is the youth, and the brand universe
acknowledges and addresses it in their partnership
andendorsementchoices.So,sectorswheretheprimary
consumer is the youth, look at communicating their
brand narrative through sports celebrities.
New-age industries like FinTech, EdTech, services,
health and wellness have certainly identified the
importance and impact of having a sports personality
associated with them. And with the emergence of NFTs
and businesses keeping sustainability at their core,
partnering with a sports celebrity to tell their story
makes more sense in terms of availing the benefits
of relatability and ownership for a brand.
Furthermore,theconsistentengagementandfollowership
across digital media enables fans to know the cricketer
off-the-field; this makes the cricketer more relatable
and human. This transparency and insight into the lives
of sports celebrities strengthen the emotional connect,
amplified by the increasing usage of social media,
making it more economically viable for a brand.
1
2
How has the pandemic changed the brand
endorsement landscape for celebrities?
Are there specific sectors/products
that brands like to associate with sports
celebrities, especially for cricketers? Why?
A sportsperson undergoes a brand journey across his
career, basis his performance on the field along with his
persona off-field. A lot depends on what perception
the active sports personality has left behind. If he/she
has built his/her brand well during his/her career keeping
a long-term horizon, I don’t see a significant diminishing
value post retirement.
In my opinion, one can see a cricketer’s journey in three
phases:Phase1,wheretheygetintotheIndianteamand
stay focused on cricket. Phase 2 is when they are at the
peakoftheircareerandgame,signingbrandsandbuilding
strong visibility. And with Phase 3, the cricketer moves
towards becoming a mentor, holding a senior leadership
role. The work they do in this phase is what carries on
till retirement and beyond. It depends on how well the
sportsperson has positioned oneself towards the last
phase of his/her career to carry on the brand image
post retirement. Preparation along this usually begins
three to four years prior to retirement which accounts
for the value he will be able to generate post retirement.
3 How does the brand value of a cricketer
get affected once they retire?

Rohit Sharma is considered as one of the batting
greats of the modern era. He is in that phase of his
brand journey where we are leveraging his interests
and passions, all that he stands for at this point in
time. We have been continuously building a brand
wagon for him that has the capacity to sustain and
grow. His brand portfolio reflects and leverages
the aspects of his persona with its array of sectors,
including health and wellness, finance, lifestyle,
accessories, technological and consumer goods and
services, sportswear, etc. He has also commanded
the stature of a global icon with international
brands like Adidas, Oakley and La Liga striking
multi-year deals with him.
He has a well-defined set of values and ambitions
he wishes to be associated with off the field, pitch.
And he chooses brands accordingly. Brands that can
problem solve and have an impact on society. Like,
say Dr Trust, a leading global home healthcare and
wellness brand , which deals with medical instruments
(glucometers, BP monitors, oximeters, etc.), or
Financepeer, which deals in school fee financing.
These are brands that make a difference in the lives
of people; brands built on trust that deliver value.
4 Please share your views/thoughts on how
brand Rohit Sharma will emerge in the near
future? What are the long-term prospects
for Sharma?
Sachin Tendulkar is the best example of brand
management. In the initial years and into his peak,
Tendulkar dominated the endorsement spectrum with
a heavy brand wagon, where he was part of the era as
a superstar that saw globalization and the evolution of
television. But he has sustained his brand appeal
walking into his fourth decade as a sports celebrity.
The simple reason being his evolution, choice in brand
partnerships and emotional connect with the audience.
Photo
Courtesy:
Mumbai
Indians
42

43
• Digitization: As mentioned earlier in the responses
here, the combination of athletes and social media
has created personal broadcast platforms for many
of today’s top sports’ stars. In kind, many athlete
influencers have used the opportunity to speak out
about the issues that are important to them. Today,
an athlete’s social influence is no longer strictly tied
to their success in sports. Increasingly, an athlete’s
engagement, attitude toward fans and social
relevance are upping their value in the eyes of
fans, consumers and brands.
• Innovative content: Usage of social media and
tools has further empowered brands to have a
better understanding of how creative content
works. For instance, Reels, an IP launched by
Instagram during the lockdown, has become
one of the most engaging avenues along
with promoted yet organic video content by
athletes to connect with the audience,
establishing a sense of transparency and
emotion between the fan and the athlete.
The immediate future will see more organic
and innovative content utilizing
new tools for fan engagement.
• New faces: The young brigade in Indian
cricket has certainly seen an upswing in brand
partnerships owing to the paradigm shift in the
endorsement ecosystem. Now, while the likes
of Rohit Sharma, Virat Kohli and MS Dhoni
will continue to be the big three in the cricket
celebrity bucket, youngsters like Jasprit
Bumrah, Hardik Pandya and Shreyas Iyer will
also increasingly find a larger share in the
endorsement market.
• Disruptive fee structures: With the increase
in digitization and growing weightage to online
deliverables, athletes will have to restructure
their fee structure leading to more dynamic
brand-athlete partnerships.
In an evolving sports business industry, the new
normal will have an unlocking and injection of more
value-based deals, where the highlights would be:
5 What is the future of the sports marketing
and sponsorship business when it comes to
athlete engagement?

Divyanshu Singh
Head of Sales and Marketing,
JSW Sports
Every four years, during the Olympic year, we
see a big jump in endorsements primarily driven
by medal winners. The endorsement game
changes for athletes who have strong human
angle stories of overcoming and breaking
stereotypes, but it majorly changes after winning
a medal. A lot also depends on the personality of
the athlete and the popularity of the sport.
We saw a lot of corporate interest from brands
willing to associate with the Olympic movement
in general, ranging from individual athletes to team
India, through the Indian Olympic Association (IOA)
and not-for-profit programs such as the Inspire
Institute of Sport.
While cricket is the number one sport in India and
will remain so, there is a growing appetite and
market for non-cricket sports. Globally, the Olympics
has always been the world’s most appealing sport
and entertainment property, and Tokyo 2020 was
followed by three out of four people, with record-
breaking viewership on digital platforms (a 140%
jump from the Rio Olympics).
In India, Tokyo 2020 was viewed by more than 100
million viewers, clocking 5.8 billion viewing minutes
and three times more viewership on Sony Liv; it is
testament to the growing popularity of non-cricket
sports in India and the impact of performance, as India
has had its most successful Olympic campaign ever.
1 How has the endorsements scene changed
for sports professionals outside of cricket?
Are brands more motivated to bet their
marketing dollars on such sports
professionals too? What are the
factors driving this change?
Sports embodies the values of performance, integrity,
teamwork, efficiency, perseverance, authenticity, hard
work, grit and leadership so brands seeking these values
in personalities have conventionally included categories
across sports apparel, automotive, consumer electronics,
men’s grooming, apparel, banking and FMCG, etc.
While we are more passive consumers of sports, there
is growing traction for sports athletes in nutrition,
wearables, fitness, Edtech, pharma, and health care
who are partnering with these athletes. For instance,
Neeraj Chopra recently announced a three-year
association with GoodDot, a plant-based meat and
nutrition company.
2 Are there specific sectors/products
that brands like to associate with
sports celebrities, especially for
the non-cricket athletes? Why?
During the Olympics, Neeraj Chopra was the most-
mentioned athlete on Instagram globally and featured
in the top 10 searches by Indians on Google; he was
the only athlete to feature in the list, which was
topped by the Indian Premier League (IPL).
The Gold not only put India on the global map, but
also sparked a sporting revolution, making Chopra
a household name in India. Chopra’s rate card has
increased ten times pre- vs. post-Olympics, and we
are trying to build his brand the right way ensuring
he associates with aspirational, youth-centric and
legacy brands, which currently include Byjus, Cred,
Tata AIA, Gillette, Muscleblaze, Good Dot and more
to be announced in the next few weeks.
3 Can you share examples of Neeraj Chopra
and other athletes on how the Olympics
has impacted their endorsements deals?
44

45
Chopra and Sindhu are already surpassing some of
the cricketers and film celebrities in terms of their
endorsement fee. For others, it changes only after
winning a medal, and it also depends on the athlete’s
personality, their fanbase, popularity of the sport and
it’s broadcast to the masses. But as more and more
brands market these athletes as ambassadors and
influencers, validation grows and sets in a cyclical effect.
The biggest strength that they have is in their
genuine inspirational story of excellence; because
to be an Olympic champion, one must be the best
in their field and there is no other way out. Second
aspect that works in favor of sport athletes is their
pan India fan following; clean, controversy-free
image; and authenticity, which people relate to.
So, if brands are looking for inspiration and bringing
people together, then there is nothing better than
sport as a marketing platform that ticks all these
boxes. In my opinion, from an aspirational perspective,
sports stars are at the top of the pyramid.
At JSW Sports, the philosophy is to support and
promote young talent. We had the youngest IPL team,
and two of the youngest and biggest talents in the
country today are Rishabh Pant and Neeraj Chopra.
The philosophy is catch young talents, groom them
and enable them to become the best – on and off the
pitch. This approach brings about a balance between
sports and commercials. When bringing sports
athletes on board, sporting and marketing potential
is something companies look for.
4
5
Do you think a Chopra and Sindhu moment
has the capacity to elevate endorsement
fees for Olympic stars to reach the same
level as that of cricket or film celebrities?
What are the factors/attributes you
consider while sponsoring a sports
celebrity (specific to JSW Sports)?

Arjun Vaidya
Ventures Lead - India,
Verlinvest
In 2016, D2C was relatively a newer sector and hence
didn’t command a substantial hold in the Indian market.
Back then, D2C business was difficult to establish as
there were not so many tools, expertise, or brands
available. Customers themselves were not ready to
buy D2C and so our job was to convince them on the
authenticity and convenience of the channel. However,
with the digital acceleration witnessed in the pandemic
era, D2C has emerged as a promising sector. Many
brands like Mamaearth, MCaffeine, Myglamm, etc.,
have witnessed a tremendous upsurge in the customer
base over the last 1-2 years. We saw this with our
experience at Dr. Vaidya’s as well. The online/ website
presence has given these niche-product brands the
boost to attract the right audience. Not only that,
these brands have also raised significant capital. With
the correct strategy, some D2C companies are also
establishing offline presence. For instance, Mamaearth
and Oziva Now built deep offline vaisibility and occupy
space next to traditional FMCG brands in stores!
Overall, D2C is a large market going forward, and is
expected to be close to an addressable market size
of USD 100 bn by 2025.
Customers were already shopping online pre-pandemic
– this numbers has now grown exponentially. While
some of them may go back to purchase offline only –
a large amount will stay. For me, quite clear that the
number of people pre- and post-pandemic would be
fundamentally different as customers find it convenient
to buy online vs. buying offline.
I find this entire model of roll ups exciting because it
Funding is happening across the board; it is not that
investors are leaning towards a certain category in
the D2C segment. This entirely depends upon the
synergies between the D2C product brand and the
investor’s vision. Some of the notable acquisitions
beyond the personal care space include acquisition
of seven food brands by D2C cloud-kitchen startup
Curefood to expand its cloud kitchen footprint in India
in 2021 and even our brand Dr. Vaidya’s by RPSG.
Overall, I am seeing a huge interest towards D2C and
people are understanding that this is not just a fad
but a movement that is here to stay.
1
2
4
3
We have witnessed the emergence of the
D2C industry in India during the pandemic.
What are your views on the future of this
sector? Talk about short-term/ long-term
growth prospects.
Do you think that going forward online
retail/ digital platforms are going to be
critical to the success of the D2C startups?
As third-party aggregator model is coming
up, wherein multiple platforms will come
up and aggregate 40-50 or even 100
brands, creating a large brand portfolio,
and eventually find exits by selling those
brands which have achieved a certain
scale, what are your viewpoints?
We have witnessed major D2C startups
in the personal care industry like Nykaa,
Myglamm, Mamaearth, etc. gain significant
foothold among the Indian consumers.
Also, the D2C startups in personal care
sector had some major MA and funding
transactions like Myglamm-Mom Co,
Nykaa-Dot Key, etc. Which are the
other sectors in your view that have similar
potential to attract consumers soon?
46

47
furtherincreasesinterestinthesectorandgivesfounders
outcomes. With aggregation comes portfolio synergies
as well which may not be so easy as a standalone brand.
Iamnotgoingtosaythereareonlyadvantagesbutoverall
it gives founders options! Currently, there are already 10+
such models in India like: GlobalBees, Mensa, Upcalio,
10 club, Powerhouse91, Evenflow, among others.
47
Many D2C brands are being endorsed by celebrities.
Based on the brand positioning of the brands and
their subsequent hold on the Indian audience,
celebrities are willing to endorse these brands as
they see potential. I have seen deals that are cash
only, cash + equity and equity only as well. We must
remember though that a celebrity is a catalyst and
cannot be the sole way to bring sales to a brand. if
a brand is unable to establish its product-market
fit (PMF), roping in a brand ambassador may not
contribute as the sole driver of sales. On the other
hand, if a brand achieves PMF, roping in a celebrity
endorser will ensure a greater visibility among the
Indian audience, while also establishing a higher
credibility and trust factor in the minds of potential
customers. Thus, a celebrity should be viewed as
a way to build top of funnel recall and boosts sales!
5 We witnessed many Indian celebrities
endorsing D2C startups. Few examples
being Oziva (Deepika Padukone), Chumbak
(Sara Ali Khan), Beardo (Hrithik Roshan,
KL Rahul), etc. In your opinion, how critical
is the celebrity association for these D2C
startups to gain consumers’ attention?

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
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 their names and likeness
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 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. These would
include full-fledged endorsements, purely
digital and one-time campaigns, and
website appearances.
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 (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.
48

49
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. In 2021, social
media/digital platforms played an even bigger
role in connecting celebrities with their followers
during the COVID-19 pandemic.
Our celebrity social media rankings are based on
the number of Twitter, Facebook and Instagram
followers as of November 2021 and the
engagement rate provided by Hypeauditor.
As per Hypeauditor, the engagement rate is
computed by considering all forms of engagement
on Instagram since the inception of the account
and dividing it by the number of posts.
Top 5 Celebrities’ Social Media Following accross Facebook,
Twitter and Instagram Over Last 3 Years (mn)
2019 2020 2021
Virat Kohli Ranveer Singh Akshay Kumar Alia Bhatt MS Dhoni
300
250
200
150
100
50
0
112.8
165.0
185.7
265.2
51.6
61.9
185.7
66.7
90.9
133.4
185.7
148.4
59.1
73.8
185.7
86.2
45.9
62.4
185.7
72.5
53.3%
CAGR
27.8%
CAGR
20.8%
CAGR
25.7%
CAGR
13.7%
CAGR

The table below shows the social media presence
for the top celebrities in India as of November 2021.
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).
Source: Hypeauditor and Duff Phelps, A Kroll Business analysis
Engagement Rate: Percent of the audience who like or comment the posts (engage with the content) on the Instagram page
Estimated Reach: Estimated number of people who see the influencer post on the Instagram page.
Rank Celebrity
Twitter
Followers
Facebook
Followers
Instagram
Followers
Total
Followers
(in mn)
Engagement
/Post (%)
Estimated
Reach
(mn)
1 Virat Kohli 45.1 49.1 171.0 265.2 1.9 % 15.0-65.0
2 Ranveer Singh 14.0 15.4 37.3 66.7 0.7 % 2.5-15.0
3 Akshay Kumar 43.1 48.0 57.3 148.4 1.6 % 4.0-20.0
4 Alia Bhatt 21.1 7.9 57.2 86.2 1.6 % 4.0-20.0
5 MS Dhoni 8.4 27.4 36.8 72.5 10.5 % 3.0-15.0
Average Annual Endorsement Revenue
Average annual endorsement revenue is computed
as the product of average endorsement fee and
the normalized number of endorsements for each
celebrity. Further, the number of endorsements
for each celebrity is primarily based on actual
advertisements on television and digital platforms
including 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.
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51
Adjusted Celebrity 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, 79-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,
YouGov rankings, 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 the sports celebrity. The factor has been
adjusted keeping in mind the COVID-19
lockdown- which led to almost no box office
releases this year for many celebrities.
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.
51

Valuation Conclusion
The total brand value of the top 20 celebrities in India is USD 1.2 bn, which represents a growth of
about 12.9% as compared to last year.
Virat Kohli claimed the throne yet again with a brand
value of USD 185.7 mn. His stupendous on-field batting
performance and ever-growing fan base connected
him with the several new brand endorsements in 2021
including Digit Insurance, Hyperice, Lux, Vivo, among
others. Also, his social media following has shown
tremendous growth, increasing by more than 60%
resulting in ~265 million followers in 2021 as compared
to 165 million in 2020. The Indian skipper continues
to hold more than 30 brands in his portfolio spread
across industries. With his resignation from the ODI
and T20 captaincy and associated exchanges with
BCCI, and recent on-field outcomes, brand Kohli
faced a decline in the brand value compared to last
year. However, we believe that with the reduced
workload after stepping down from captaincy, Kohli
can focus now on what he is known for – his batting
– and continue his journey on becoming the world’s
best batsmen. And with the right on-field outcomes,
brand Kohli might be able to maneuver through
these speculative tracks ahead.
Ranveer Singh, jumped up to the second rank, with a
brand value of USD 158.3 Mn. With his several new
endorsements in 2021, he holds around 35 brands
in his portfolio spread across various industries. The
much awaited Bollywood release of 83 based on
Indian cricket’s most illustrious chapter, the 1983
World Cup, performed extraordinarily well at the
box office. Recently, the versatile actor has been
made the brand ambassador of CoinSwitch Kuber,
operating in the crypto space, and Cred, operating
in the FinTech payments space. Also Bike taxi app
Rapido has announced him as a brand ambassador
to acquaint potential users about solving India’s
intra-city commuting problems.
Akshay Kumar has been endorsing brands ranging
from food beverages to clothing, health care and
financial services. In the current age of digital
acceleration, Kumar is also endorsing brands like
Cuemath.com, GOQii and PagarBook, among other
new age companies. He holds the third rank with a
Brand Value of Top 5 Celebrities (USD mn)
2018 2019 2020 2021
250
200
150
100
50
0
Ranveer Singh
63.0
93.5
102.9
158.3
Akshay Kumar
67.3
104.5
118.9
139.6
Alia Bhatt
36.5
45.8
48.0
68.1
MS Dhoni
26.9
41.2
36.3
61.2
Virat Kohli
170.9
237.5
237.7
185.7
52

53
53
brand value of USD 139.6 mn. The smart tech-
enabled preventive healthcare company GOQii
is targeting a growth of 150% for 2021-2022,
leveraging new launches and partnerships22
.
Also, with him as brand ambassador, PagarBook,
announced its goal to gain 10 million users by
the end of FY2021, currently having the base of
5.0 million users.23
Alia Bhatt climbed the ladder to the fourth spot
with a brand value of USD 68.1 mn. The youngest
celebrity among the top 10 has now the most valued
brand amongst female Bollywood actors. She has
grown exponentially as an actor and playing several
challenging roles. Therefore, varied brands like
Blenders Pride, JSW Paints and Kopiko others
have roped her as a brand ambassador. Also, the
ethnic wear brand Aurelia from TCNS Clothing
has launched “Be Your Own Beautiful” campaign
featuring Bhatt across social media platforms.
Bhatt has also been balancing her skyrocketing
career with investments in diverse ventures,
including D2C wellness startup Phool.co,
wherein she invested an undisclosed amount
in October 2021.
MS Dhoni has seen a huge spike in his brand value
to reach USD 61.2 mn in 2021. Dhoni continues
to enjoy a huge mass following and has brilliantly
transitioned himself out of his pure cricketing
image. While on the field, he also successfully
led his IPL team Chennai SuperKings to yet another
champions’ title in 2021. Even post his retirement
from international cricket, Dhoni continues to hold
more than 25 brands in his portfolio spread across
industries. One of his notable endorsements in
2021 included entering into a three-year strategic
partnership with HomeLane.com both as an equity
partner and a brand ambassador.
22
GOQii eyes 150% growth for 2021-22, Pharmabiz.com, April 2021
23
7-month-old PagarBook aims for 10 million active users by FY2021
after its first mass campaign with brand ambassador Akshay Kumar,
Business Insider, December 2020
—
Aviral Jain, CFA, Managing Director,
Duff Phelps, A Kroll Business
“We are in the
midst of ‘Digital
Acceleration 2.0’
phase across
businesses and
brands. The
endorsements have evolved to stay
relevant in today’s environment
requiring improvisation and scale.
Amongst celebrities, while Virat
continues to rule the brand value
charts, Ranveer, Alia and Dhoni seem
to have hit the right chords with the
audience in 2021 given the stellar
jump in their brand values.
”

Limitations to 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. 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, A Kroll Business 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.
54

55
Credits
Star Cast
Writing and
Direction
Marketing and
Distribution
Production
and Quality
Bindiya Aggarwal
Varun Gupta
Sarthak Dua
Disha Hoskote
Gary Roland
Aditi Sharma
Harsha Gupta
Aviral Jain
Kinjal Solanki Ghanshyam Talreja
Vibhor Nayar
Scanning
the Market
Production
Leader
Working with
Numbers
In-talks
with Industry
Directing
the Show
Designing
it All
Cordinating
with Design
Writing
the Script
Capturing
the Trends
Spreading
the Word
Censor
Board
Special mention to Vedant Rathi (former colleague) and Navya Jindal (summer trainee) for their contributions to the report.

Celebrity Brand Valuation Study by Duff & Phelps, A Kroll Business

Celebrity Brand Valuation Study by Duff & Phelps, A Kroll Business

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Celebrity Brand Valuation Study by Duff & Phelps, A Kroll Business