New Delhi, Oct. 14 -- They rule the red carpet, but brand charts still tell a different story. India's top female celebrities may be upping the endorsement game but, not surprisingly, continue to trail behind the male counterparts. A deep dive shows the numbers are indeed changing, but just not fast enough. India's top 25 celebrities, a mix of movie stars and sportspersons, amassed brand value of $2 billion in 2024, increasing by over 8.6% from the previous year, according to Kroll, an independent provider of global financial and risk advisory solutions. But, in terms of diversity, only nine women made it to the top 25 celebrities' list, a slight improvement over last year's eight. At four, Alia Bhatt is the top ranking female celebrity with a brand value of $116.4 million, while Deepika Padukone ranks seven, with brand value of $102.9 million. The share has largely remained unchanged over the years. According to experts, a lot of it has to do with how the entertainment and sports industries, the two big feeders of celebrity equity, are structured. While both male and female sport formats boast strong talent, infrastructure, media coverage and audience scale tilt towards men's games. Similarly, Bollywood has long celebrated the "hero" as the anchor of storytelling. That directly influences their perceived box-office pull and, in turn, their brand valuations. "India has been Bollywood and cricket obsessed, with most male cricketers and actors having a huge fan following. It is imperative they dominate brand endorsements," said Ram Kishen Y., professor of marketing and international business at KJ Somaiya Institute of Management. Bollywood positioned male actors as lasting and bankable when compared to actresses, whose careers are often constrained by age and stereotypical roles, Kishen added. Sports, especially cricket, is also male-dominated and the players lead valuation tables. Further, many high-value categories such as banking, automobiles, telecom and alcohol tend to prefer male endorsers, associating them with trust, aspiration and a mass-market appeal. George Thomas, head of marketing communications at influencer marketing agency Confluencr, said it's not that a woman celebrity isn't famous. But valuation is about cold, hard math: endorsement fees, media coverage, brand retention rates and follower count. "Here's where the game gets rigged. Brands still see men as safe and less messy, less likely to be dragged for getting married, kids, aging, or speaking their mind. Risk-averse marketing teams shift budgets to a guy who may post a gym selfie and say nothing for 6 months."...