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The latest Brand Finance Global 500 report has revealed that Google is the world’s most valuable brand, with a net worth of $109.4 billion, toppling Apple from the topmost position. According to a statement released on Wednesday, Brand Finance – UK-based brand valuation and strategy consultancy – said Google’s brand value increased by 24% during 2016, as the company remained largely unchallenged in its core search business, the mainstay of its advertising earnings.

Apple’s 5-year reign at the top of the Global Brand Ranking ended as the company’s brand value dropped 27%, from $145.9 billion to $107.1 billion. Google, which last occupied the position of the world’s most valuable brand in 2011, grew its advertisement revenues by 20% in 2016 as advertising budgets were increasingly geared online.

“Apple has struggled to maintain its technological advantage, with new iterations of the iPhone delivering diminishing returns, while the Chinese market is now crowded with local competitors,” said David Haigh, CEO of Brand Finance. “Apple has been living on borrowed time for several years by exploiting its accumulated brand equity. This underlines one of the many benefits of a strong brand, but Apple has finally taken it too far.”

Brand Finance also reported that Lego Group has regained its status as the world’s most powerful brand. The building blocks for Lego’s brand strength have always been present but the release of the Lego Movie in 2014 provided the final push required to make Lego the world’s most powerful brand in 2015. The first sequel, the Lego Batman Movie will be released on February 9th. Its predicted impact has helped Lego regain its top position, lost to Disney in 2016. Brand Finance noted that further planned releases will continue to build the brand for years to come, while contributing significantly to Lego’s already vast licensing income.

Brand Finance Global 500 2017 report, further highlights that China’s bank brands are now worth more than those of the United States, making the Industrial and Commercial Bank of China (ICBC) the world’s most valuable banking brand.

AT&T has overtaken Verizon to become the world’s most valuable telecoms brand, while Emirates has been toppled as the most valuable airline brand by American, United and Delta airlines.

Brand Finance also said Nokia’s brand is back from the brink and in the top 500, following takeover and rebrand of Alcatel and the launch of the Nokia 6 phone.

“Unvalued brands can lead to undervalued companies that are more vulnerable to takeover, struggle to secure adequate financing and miss market opportunities. Meanwhile a powerful brand can protect a company’s value during turbulent market conditions, create new market opportunities and increase profit margins. All companies should therefore not just know the value of their brands, but also understand what drives that value and how it can be harnessed to benefit the business as a whole,” Haigh added.