Monday 26 September 2016 5:48 am

Netflix, Spotify and Instagram chase Apple’s coolest brand title

By: Lynsey Barber

Apple's troubled year has failed to topple it from the top spot among the world's coolest brands, retaining its reputation as a must-have for the fifth year in a row.

A half decade holding the title in the CoolBrands Index which is based on authenticity, desirability, innovation and originality comes as its tries to prove it can continue to dominate the world of smartphones it created with the newly launched iPhone 7.

Read more: Apple Vs Google: Here's who's won the latest title of most valuable brand

It also faces competition from up-and-coming tech brands – Netflix, Spotify and Instagram are among those climbing the ranking in pursuit of Apple's crown. New top 20 entries include Airbnb at number 12 and GoPro at number 18.

Fashion brands fell, er, out of fashion, with Alexandra McQueen, Chanel and Ray-Ban taking a tumble, however the strength of the sports luxe look helped Nike and Adidas buck that trend and climb the index.

“While Apple is still perceived by influencers and the public alike to be the UK’s coolest brand, a concerted wave of fast-growing, entrepreneurial businesses are building momentum to seriously challenge its position," said Stephen Cheliotis, chairman of the CoolBrands Council which also counts top chef Mar Hix, singer Labrinth and actor David Harewood among its members.

"Disruptive brands like Netflix, Spotify, Instagram, Airbnb and GoPro (proving Apple no longer has a monopoly on cool tech) continue to boost their credentials, consolidating their positions by either moving further up the Top 20 or entering for the first time. These rising stars have hit a sweet spot, retaining a positive reputation with influencers, while building their awareness and lustre among consumers," Cheliotis continued.

"These challenger brands are utilising new technologies, new business models and new ways of thinking, while remaining accessible and useful; conversely many premium brands are falling, as evidenced by the significant drop in performance of the luxury fashion brands surveyed”.

Read more: These are the top 10 most valuable brands in the world

Apple was pushed into second position in Millward Brown's annual BrandZ index this year by Google but made it to the top of Forbes' annual ranking of most valuable brand in the world as the two tech giants tussled it out on the markets in a year where Apple experienced its first ever slowdown in iPhone sales and revenue.