Influencers: from a social phenomenon to a regulated industry
In this article, published in Byte magazine, our partner Javier López examines how influencers have evolved from being a social phenomenon to operating fully-fledged businesses subject to legal and tax obligations.
A summer of controversy
The summer of 2026 has been particularly tough for some of the most well-known names on social media. In July, Burger King announced the end of its commercial collaboration with streamer El Xokas, alleging that his controversial comments about Ester Expósito did not reflect the brand's values. Then, in August, influencer Fabiana Sevillano lost thousands of followers due to her comments about the burnout she felt after her appearance at 'La Velada del Año' by Ibai Llanos. Her complaint that “people have had three months of summer, like every year” led to an avalanche of criticism, as it was perceived as being disconnected from the working reality of most people.
The video published by popular Carlos García about the eclipse on August 12, 2026, which numerous users cited as an example of the growing disconnect between influencers and the reality perceived by their own followers, was also controversial. The straw that broke the camel's back came at the end of August, from content creator Erola Jones, due to her peculiar coverage of La Vuelta a España, which was deemed sexist and resulted in her being banned from direct access to the cyclists; and streamer Aruberuto Makoto, with a video showcasing the harassment of a young, intoxicated woman in Japan and the subsequent racist insults directed at the man who defended her.
From reputational damage to follower loss
Far from being a series of viral anecdotes, each of these controversies has had a direct impact on reputation. In August 2026, an unusual phenomenon began to emerge in the content creation sector: mass follower loss for some of the most popular profiles. This highlights a growing erosion of the reputation of certain influencers, whose followers appear to show less tolerance towards messages perceived as arrogant, disconnected from reality, or excessively artificial.
And this is not simply a matter of popularity. Influencers have long ceased to be mere content creators, transforming their channels and profiles into fully-fledged businesses that generate millions in revenue through monetization and advertising. In fact, the tax obligations arising from these revenues have led to bitter complaints from some influencers, which, in turn, have generated a negative reaction from many of their followers, who have become aware of the figures at stake and the lack of empathy shown towards them.
A springboard to other media
Content creation on social media is also becoming a springboard to television and streaming platforms. This is the case of María Pombo, who started sharing personal content on Instagram just over a decade ago and, in 2023, starred in a 'docu-reality' series about her family and businesses for Amazon Prime Video. Or take the case of Juls Janeiro, who began to thrive as an influencer independently from her famous parents and has since been pursued by tabloid press on traditional television after several public confrontations with Belén Esteban.
A sophisticated business model
The business model of an influencer is much more sophisticated than it might seem. Besides the revenue generated directly through monetization, there are advertising agreements, sponsorships, affiliate programs, in-person events, personal branding, the sale of their own products, image licenses, audiovisual productions, and all kinds of commercial collaborations. All of this is managed through professional structures: representatives, communication agencies, and production teams.
'Finfluencers', in the spotlight
In recent years, the figure of the so-called 'finfluencers' has also emerged; these are people who offer advice on investments, financial markets, cryptocurrencies, savings products, and wealth management strategies. Their economic influence has grown exponentially: a recommendation published on TikTok, Instagram, YouTube, or X can, within hours, reach a wider audience than many traditional media. The problem is that a large part of their followers do not have the necessary knowledge to assess the information, and their decisions are based more on trust in the influencer than on a rational analysis of the risks associated with the recommended product.
For this reason, organizations such as the European Securities and Markets Authority (ESMA) and the National Securities Market Commission (CNMV) have been warning for years about the risks posed by certain practices of 'finfluencers': a lack of transparency regarding potential conflicts of interest, the covert promotion of financial products, investment recommendations made without the necessary authorizations, or even possible cases of market manipulation.
It is not a grey legal area
Although for years there was a perception that 'influencers' operated in a kind of legal limbo, this is not the case. Regulations on advertising, unfair competition, consumer protection, personal data protection, and intellectual property have always been fully applicable to them. The same applies to tax regulations, which years ago prompted some digital celebrities (AuronPlay, El Rubius, TheGrefg, Lolito FDEZ, etc.) to relocate to Andorra and other countries with more favorable tax regimes.
Despite this, work has begun to establish a specific regulatory framework, particularly through Royal Decree 444/2024, of April 30, which develops the General Audiovisual Communication Law and establishes the requirements for content creators to be considered users of particular relevance. The regulation is based on the following premise: when a content creator reaches a level of economic importance (€300,000 gross annual income derived from their activity on videosharing platforms) and a level of influence comparable to that of certain traditional audiovisual operators (one million followers on a single platform or two million in total, with sustained activity of at least 24 videos a year), it is reasonable to impose similar obligations on them.
In summary, influencers can start with just a mobile phone in their room. But when their activity generates millions of euros, drives markets, influences consumer decisions, and impacts millions of people, it ceases to be an innocuous youthful pastime and becomes a business subject to mandatory legal and tax obligations.
Read the full article here.
