By Leena Rao
There’s no doubt that BP’s brand value has been affected by the explosion of its Deepwater Horizon drilling rig in the Gulf of Mexico in April. And as the damaged rig has been dumping thousands of barrels of oil into the Gulf each day and causing massive environmental casualties, BP has been on a social media and advertising campaign to repair some of the damage.
Brand measurement firm General Sentiment’s Media Value Report has measured the damage made to the oil giant’s reputation from negative sentiment online. General Sentiment’s technology evaluates Twitter, Facebook and over 30 million sources of content to evaluate sentiment about a brand.
So how much is the damage to BP’s brand worth? General Sentiment says nearly $1 billion. Since June 1st, BP has lost more than $32 million a day in brand value.
To be exact, General Sentiment’s report contends that BP has lost $949,071,279 in total media value since April, with the media value cost of each gallon spilled in the Gulf at $6.66. So far, BP has released roughly 142,500,000 gallons of oil into the Gulf since April, says the brand measurement firm.
To put this in perspective, BP has lost much more than $1 billion in market value since the spill. Since April 21, BP’s market value has dropped from $184 billion to $96.5 billion, dropping by roughly $87.5 billion in a matter of two months.
You can download the report here.