India's top 25 celebs amass $2 billion brand value, Virat remains king of endorsements

Star power is paying handsome dividends. India’s top 25 celebrities, a mix of movie stars and sportspersons, amassed brand value of $2 billion in 2024, an increase of more than 8.6% from the previous year according to Kroll, an independent provider of global financial and risk advisory solutions. Cricketer Virat Kohil retained the top spot with a brand value of $231.1 million, followed by actors Ranveer Singh ($170.7 million) and Shah Rukh Khan ($145.7 million).

The results are based on brand values derived from the brand endorsement portfolios of and relative social media presence of the celebrities. While the top three positions remained unchanged when compared to last year, Singh saw his endorsements decline by 10%, leading to 16% drop in his overall brand value, even though he continues to rank among the top five stars. Meanwhile, actor Akshay Kumar slipped to rank six from four last year, his brand endorsements and social media followership has remained almost flattish, leading to 3% decline in his overall brand value, according to Kroll.

Singh, who has launched Bold Care, a men’s sexual health and wellness brand and SuperYou, a protein food and supplements brand as co-owner, besides acquiring a 50% stake in Elite Mindset, a packaged food startup, has not seen a full-fledged film release since July 2023. This was preceded by a string of box office flops. Kumar too has seen multiple films underperform at the box office post the pandemic.

In terms of diversity, not surprisingly, there are only nine women in the top 25 celebrities' list, actually an improvement from last year, when the the number was eight. In the top 10 list, actor Alia Bhatt is at number four and Deepika Padukone at seven.

As far as the big gainers go, actor Rashmika Mandanna ($58.9 million) climbed to rank 15 from 20 last year while Kriti Sanon ($44.8 million) rose to rank 19 from 27 and Tamannaah Bhatia ($40.4 million) ranked 21 as compared to 28 last year. Cricketer Jasprit Bumrah ($38.1 million) too witnessed a significant rise, from rank 41 to 22, as did Ananya Panday ($35.2 million), from 46 to 25.

“The one thing that remains consistent over the years is the emphasis that celebrities place on their digital image and the work they put in maintaining a footprint across digital platforms,” said Umakanta Panigrahi, managing director, valuation services, Kroll. That translates into constant visibility on social media and ensuring a steady stream of content in the form of pictures and reels, he added.

As far as the top rankings go, Panigrahi pointed to Kohli’s continuing relevance for brands, including the recent milestone where he became the quickest batter to score 14,000 runs in one-day internationals during the Champions Trophy clash against Pakistan in Dubai this February. Among sportspersons, Sachin Tendulkar too commands an enduring appeal, with a brand value of $112.2 million, ranking five this year up from last year's eight, thanks to partnerships with brands like Reddit, Rajhans Realty and fintech firm Kissht, among others.

Where actors are concerned, Panday is seen as a rising Gen Z influencer, having been roped in by brands like Chanel, Skechers and others.

“Social media algorithms, artificial intelligence and machine learning also make sure ads featuring stars with greater following keep appearing in the feeds of users, in turn leading to renewal of contracts for them,” Panigrahi said.

To be sure, the Kroll report points to the impact that movie celebrity brand value has on the business recoveries of their films, including the sale of rights to streaming platforms. Actors such as Deepika Padukone, Kareena Kapoor and Kartik Aaryan, with significant fan following online, have seen a chunk of overall recoveries for their projects come from OTT rights. In 2024, for films made for budgets over ₹25 crore, a substantial 54% for producers was realized from OTT rights, while the traditional box office revenue accounted for 46%, according to Kroll.

That said, industry experts point out OTT platforms and satellite channels are more selective now with what they acquire and while big star films may still find takers, small and mid-budget films have to rely more on finding traction in cinemas. In fact, cautious spending by streaming platforms is leading to challenges even for star vehicles.