Several authors have shown that Kusuoka’s measure κ on fractals is a scalar Gibbs measure; in particular, it maximizes a pressure. There is also a different approach, in which one defines a matrix-valued Gibbs measure µ, which induces both Kusuoka’s measure κ and Kusuoka’s bilinear form. In the first part of the paper, we show that one can define a ‘pressure’ for matrix-valued measures; this pressure is maximized by µ. In the second part, we use the matrix-valued Gibbs measure µ to count periodic orbits on fractals, weighted by their Lyapounov exponents.