Glow around celebrity brands is fading, but the big names still shine
India's top celebrity brand values crossed $2 billion in 2024, but growth slowed sharply, even as Virat Kohli, Shah Rukh Khan, and South stars drive shifts in the endorsement market.
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The luster of star endorsements is losing some of its dazzle. After years of surging growth, the combined brand value of the country’s top celebrities is slowing, according to a new report from Kroll, the global financial and risk advisory firm.
In 2024, the top 25 Indian celebrities collectively commanded an estimated $2 billion in brand value, up just 5 percent from last year. By comparison, 2023 had seen growth of more than 15 percent over the previous year, reflecting both the cooling of the endorsement market and shifting dynamics in the entertainment business.
Still, the marquee names remain firmly at the top. Cricketer Virat Kohli retained his crown as India’s most valued celebrity, with an estimated brand worth of $231.1 million, a modest 2 percent increase from 2023. Actor Ranveer Singh, despite a sharp decline to $170.7 million from $203.1 million, held on to second place. Shah Rukh Khan, meanwhile, cemented his third-place standing, riding a resurgence at the box office to boost his brand by 21 percent to $145.7 million.
Alia Bhatt followed at No. 4 with $116.4 million in brand value, while Sachin Tendulkar’s comeback as an advertising mainstay pushed him into the fifth spot at $112.2 million, up from $91.3 million a year earlier. Kroll attributed the jump to a spate of new endorsements for the cricket icon.
The report also highlighted fresh momentum among younger and regional stars. Kriti Sanon climbed to 19th from 27th, Tamannaah Bhatia to 21st from 28th, and Ananya Panday entered the top 25 for the first time at No. 25. South Indian actors, riding the wave of regional cinema’s success, also featured prominently: Rashmika Mandanna ranked 15th, Bhatia 21st, and Allu Arjun 25th.
The shifts in celebrity brand rankings mirror broader upheavals in the film and media industry. Hindi cinema’s share of the domestic box office slipped to 39.5 percent in 2024, while South Indian films surged to 47.7 percent, highlighting changing audience preferences, as per reports. Digital platforms have further altered the landscape.
Kroll noted that streaming platforms now contribute more than half of revenues for major releases, even as lavish, big-screen spectacles continue to draw crowds. A hybrid model—balancing digital reach with theatrical spectacle - is fast becoming the new normal.
In a twist, nostalgia has also become big business. Re-releases of older films like Jab We Met and Tumbbad outperformed their original runs, while Tollywood hit Ghilli attracted near-debut levels of enthusiasm in theatres.
For the country's celebrities, the message is clear: while the market for endorsements may be cooling, star power remains resilient. But with regional cinema and digital platforms reshaping the ecosystem, the very definition of stardom - and how it translates into brand value - may be entering a new era.
