And the World's Most Valuable Brand is Google!

After five years in the top spot, Google has dethroned Apple as the world's most valuable brand,  according to a new report by business valuation consultancy Brand Finance.

In a report released this week, Brand Finance said Google's band value rose from $88.1 billion in 2016 to $109.4 billion this year, while Apple's dropped from about $146 billion to $107.1 billion.

Brand Finance measures a company's brand value using a methodology that in part involves determining a brand's strength on a scale of 0 to 100 based on a number of attributes, such as emotional connection, financial performance and stability. Also included in the formula is likely future sales that are attributed to a brand, and brand-specific revenues, among other things.

"Apple was once a paragon of branding excellence," Brand Finance wrote in the executive summary of its 30-page report. "Loyalty and advocacy reached cultish proportions."

"However, Apple's evangelists are beginning to lose their faith," the report continues. "Apple has failed to maintain its technological advantage and has repeatedly disillusioned its advocates with tweaks when material changes are expected."

The report goes on to state that Apple "has over-exploited the goodwill of its customers, it has failed to generate significant revenues from newer products such as the Apple Watch and cannot demonstrate that genuinely innovative technologies desired by consumers are in the pipeline. Its brand has lost its luster and must now compete on an increasingly level playing field."