Facebook(FB) has broken into BrandZ's Top 10 for the first time after its brand valuation shot up by 44% over the past year.
Cheung said the company has grown its brand by entering new areas.
For example, Facebook recently unveiled Bots for Messenger, which will help users access everything from weather updates to shopping notifications and personalized news.
"People are becoming less brand loyal ... to tackle this, you have to build an ecosystem around consumers' day-to-day life," said Cheung. "It's not just about connecting friends, but the rest of the world."
Facebook also owns Instagram and WhatsApp, but BrandZ considers those separate brands and they do not count towards Facebook's valuation.
First published June 7, 2016: 8:49 PM ET
Methodology: The 2016 BrandZ ranking of the most valuable brands in the world was carried out by Millward Brown, part of advertising firm WPP. It calculates brand value by using in-depth financial data and interviews with over three million consumers around the world.
