Social media and influencer marketing play a huge role in today’s society. Once valued at $17.4 billion in 2023, the current global influencer marketing platform market size is projected to nearly triple in the next decade, growing from $20.24 billion in 2024 to $71.04 billion by 2032.
The ever-widening acceptance of social media as the primary source for brand promotion is a large contributor to the growth. Merriam-Webster defines an influencer as a person who is able to generate interest in something by posting about it on social media. From YouTube, Instagram, and TikTok to fitness, fashion, and lifestyle, influencers and influencer marketing can be found in all communities on all social media platforms.
With the rapid growth of social media and influencer marketing come many potential legal issues for both the influencer and the influenced. This multi-part series will touch on some potential issues, including types of social media income and tax implications, bad tax/financial advice, and government agencies’ use of social media posts.
If you have any questions regarding potential social media-related tax issues, Freeman Law can help. We offer value-driven legal services and provide practical solutions to complex tax issues. Click here to schedule a consultation, or call our office at (214) 984-3000.
[1] https://www.fortunebusinessinsights.com/influencer-marketing-platform-market-108880
[2] https://www.merriam-webster.com/dictionary/influencer