(Finance) – The European Antitrust and national competition authorities are cracking down on influencers. In a statement, the EU Commission notes how “influencer marketing has become a pillar of the digital economy, which is expected to reach a global value of 19.98 billion euros in 2023”. For this reason, in the coming weeks the Commission and the national authorities of the consumer protection cooperation network “They will review online posts for testimonials and endorsements that may mislead consumers.” “Influencers involved in regular commercial activities, such as collaborations to advertise products or services, are considered commercial operators under Union law on consumer protection, and are therefore required to communicate advertising in a transparent way – warns the Commission.
The outcome of this social media sweep will feed into the fitness check of digital equity, which will help assess whether new legislation is needed to make digital markets as safe as offline ones.”
The European Commission has also launched the “Influencer Legal Hub” platform, where influencers and content creators can find information on EU legislation on fair business practices, which will “help them comply with the rules”, adds the European Commission. community executive. The Influencer Legal Hub provides animated training videos and a catalog of resources developed in collaboration with academic experts.
Influencers, the press release reports, can inform themselves about their legal obligations, in particular regarding when, where and how they must declare their advertising activities on social media, what they must do in relation to the due professional diligence and what rights consumers have when purchasing a product or service directly from them.