Brand Finance’s first-of-its-kind research notes the world’s top 50 marathons raised an estimated $425 million for charity in 2024
TOKYO, 20th May 2025 – Among the Abbott World Marathon Majors, the Tokyo Marathon ranks as the fifth most valuable marathon brand valued at USD100 million, according to the to the first-of-its-kind Marathons 50 report by Brand Finance, the world's leading brand valuation consultancy.
As Asia’s sole representative in the Abbott World Marathon Majors, Tokyo Marathon’s brand value was largely driven by high commercial and royalty revenues. It also ranked as the sixth strongest brand among the world’s top 50 marathons. With a Brand Strength Index (BSI) score of 80.0/ 100, Tokyo Marathon is the only Asian marathon brand featured among the top 20 strongest marathon brands for 2025.
According to Brand Finance’s research data, this performance is attributed to the brand’s substantial domestic familiarity, as well as its high levels of reputation for effective management and ethical governance.
In terms of economic impact, Tokyo Marathon ranks eighth among the world’s top 50, estimated to contribute USD163 million to its economy, while collectively, the world’s top 50 marathons contribute USD5.2 billion to their host cities, according to Brand Finance’s research.
Alex Haigh, Managing Director Asia-Pacific, Brand Finance, commented:
“As the only Asian marathon recognised as an Abbott World Major Marathon, the Tokyo Marathon stands out on the global stage. Its ability to drive substantial commercial value while maintaining high levels of reputation in Japan makes it a global benchmark, proving that brand strength is built not just through economic impact, but through credibility and community engagement."
Hugo Hensley, Valuation Director at Brand Finance, commented:
“Marathons are simultaneously elite athletic competitions and public mass participation events, and usually also major charity initiatives. This unique position is evident in the strength and value of marathon brands, as well as the USD5.2 billion economic impact they have on the cities where they run. Marathons are extremely attractive and effective sponsorship opportunities for brands that genuinely align with the events’ values of community, charity, and competition.”
The Kobe Marathon (ranked 29th with a BSI score of 65.4/100), Osaka Marathon (ranked 30th with a BSI score of 65.2/100), Nagoya Women’s Marathon (ranked 38th with a BSI score of 60.9/100), and Kyoto Marathon (ranked 48th with a BSI score of (57.3/100) also featured among the world’s top 50 marathon brands.
Global insights
Brand Finance data reveals that the London Marathon is the strongest marathon brand, with a BSI score of 90.1/100, while the New York City Marathon is the most valuable marathon brand (USD292 million) among seven Abbott World Marathon Majors.
Tokyo Marathon ranks as the sixth strongest marathon brand among the world’s top 50 with a BSI score of 80.0/100 and stands out as Asia’s leading marathon, being the only Asian brand in the top 20.
The Abbott World Marathon Majors’ collective brand value is USD937 million. They also collectively raised USD276 million for charity in 2024, more than half of the total charitable funds raised by the world’s top 50 marathons at an estimated USD425 million.
Brand Finance launched its inaugural Marathons 50 report, in partnership with Tata Consultancy Service (TCS), at the London Stock Exchange Group on 24th April 2025.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
