Facebook loses spot in top-ten on list of most valuable brands
- Omnicom brand consultancy Interbrand just released its "Best Global Brands 2019" report.
- The list is topped by Apple, Google, Amazon and Microsoft.
- Facebook fell off the top ten list this year, which had to do with consumer privacy and security concerns, Interbrand New York CEO Daniel Binns said.
Interbrand's top ten brands for 2019 is dominated by tech companies, with one notable departure: Facebook.
The Omnicom Group-owned brand consultancy measures brand valuation on the financial performance of branded products and services, the role a brand plays in a consumer's purchase decisions and the brand's competitive strengths and ability to create loyalty. This year's report marks Interbrand's 20th "Best Global Brands" report.
Daniel Binns, Interbrand's New York CEO, told CNBC's "Squawk Box" Thursday morning that Facebook's departure had to do with privacy and security driving consumer choice. Facebook first entered the Best Global Brands report in 2012 at #69, and peaked in 2017 at #8, the company said in a release. Facebook sits at #14 on the 2019 list.
"They've obviously had a tough year," Binns said. "Something like an Apple has done a really great job of doubling down on [privacy], as has Microsoft."
Facebook continues to grapple with its privacy practices and scrutiny over how it uses consumers' personal data. It's also the subject of antitrust probes. It's not the only big tech company that's being scrutinized for anticompetitive behavior — Google, Amazon and Apple are being examined too. But it seems Facebook's consumer reputation has taken more of a ding than its counterparts.
Why Google's own privacy concerns weren't as much of an issue for its involvement on the list, Binns said it had to do with consumers still seeing high value from the tech giant's products.
"It's basically a tradeoff … between utility and handing over your consumer data," he said. "Right now, utility is winning."
Disney's placement in the top 10 says something about consumer anticipation around what Disney is doing in the media space.
"The Disney+ promise is really powerful," Binns said.
Google plans to buy New York office building for $2.1 billion
U.S. Treasury sanctions cryptocurrency exchange for alleged role in ransomware attacks
Delta variant outbreak infects highly vaccinated prison population, but few hospitalized, CDC says
How much your Social Security check will be if you make anywhere from $30,000 to $100,000 per year
A prolonged stock market pullback can pose a big risk early in retirement. Here's what to know